The untapped 50+ segment presents significant growth opportunities in the highly competitive UK womenswear market, according to a report by Verdict Retail.
Titled 'UK Womenswear Market 2016-21', the report provides insights on how retailers have ignored this lucrative segment.
The womenswear market has not registered significant growth since the 2008 recession and this year was the toughest period with rise in inflation. As a result, volume growth is not projected to increase to the pre-recessionary levels between this year and 2021.
Despite these challenges, lucrative growth opportunities are present in the 50+ womenswear segment, which remains significantly unexploited. Existing retailers provide only limited choices and those who do cater to mature consumers focus more on occasionwear and ignore casualwear, says the report.
According to Verdict Retail senior analyst Kate Ormrod, retailers need not make a major shift in proposition or create a new sub-brand to establish themselves in this segment. The preferences of consumers aged 50 and over are similar to those of younger females.
Retailers only need to adopt marketing campaigns that emphasise the suitability of their clothing range for this segment. Incorporating mature and stylish models in their marketing campaigns will also help in reaching this segment, Ormrod adds.
Gaining a better understanding of the 50+ consumers’ preferences, lifestyles and hobbies will further help retailers in creating age-appropriate and appealing clothing lines.
The report also reveals that quality was a major criterion for 50+ consumers in selecting a retailer and suggests that demonstrating quality through editorial content, consumer service and product design will help retailers establish themselves in the segment.