The Fashion Budget: What you'll be buying this year and how much it's going to cost you

Research by Lyst reveals how will men and women spend their money on fashion this year.

Parody of George Osborne holding a red Proenza Schoulder handbag - This image has been photoshopped by Lyst to accompany its Fashion Budget findings (EPA/Lyst.com)

As George Osborne delivers the UK Budget today, new research predicts how and when we will be spending money in 2015.

The research by online fashion retailer Lyst reveals how much key purchases such as dresses, shoes, handbags and lingerie will cost in the next 12 months and when we'll be buying them.

The predictions are based on UK-specific averages across more than a million fashion products, over $100m (approx. £68m) annual sales, three million monthly shoppers and nine thousand partner brands and retailers.

Dresses

British women will spend 43% more on dresses this year than they did in 2014. The average amount of money spent on a dress has increased from £172 to £245 in the past 12 months.

Shoes

Men’s sport lux shoes currently cost around 25% more than designer high heels for women. Women are spending on average £245 on a pair of lux heels, while men’s sneakers by Balenciaga and Guiseppe Zanotti come in at more than £312 for a pair.

Jewellery

Good news for jewellery; prices will remain relatively flat in 2015. Women are spending only £1 more than the average £210 which women spent on necklaces.

Coats

Put aside at least £250 for November, which is the most popular month to buy a new coat. You’d probably want to recycle your old coats or invest in a timeless design this year as a coat will cost you 27% more than it did in 2014.

Handbags

If there’s something women don’t mind spending on it is handbags and the average value spend on one design is £248, with American labels such as Michael Kors, Tory Burch and Marc by Marc Jacobs gaining popularity. August seems to be the most popular month to browse bags online, but shoppers buy them the most from October onwards into the sales season.

Lingerie

British shoppers will spend 41% more on lingerie this year. Whether it’s a luxury gift or a well-deserved self-treat, £95 is the average cost for a luxury lingerie order right now.