Published on : Dec 29, 2015
The footwear market in Europe is still stagnant owing to the still weak economy in this region. The factors below discuss the market’s evolution even in the condition of economic uncertainty, elaborating on the prime geographies and channel drivers along with the prevalent trends. The prime market developments and the effect of fast-fashion chains have also been emphasized below:
The footwear sales have suffered a lot recently within Western Europe due to consumers opting for cheaper and more affordable retail channels and brands. On the other hand, within Eastern Europe, though there are a number of geo-political tensions along with financial turmoil exhibited the highest growth rates in the past few years.
- Volume more than Value owing to Shift of Consumers to Cheaper Brands: Even if the value growth has decreased in majority of the Western European markets, still footwear purchases have outperformed on the basis of volume as consumers residing within this region are willing to pay more and aren’t willing to compromise on the quantity.
- Swift Expansion in Fashion also Emphasizes on Footwear: Brands such as Primark, Zara, and H&M within Europe have registered a strong growth rate in the past few years and have emerged as prime drivers of footwear within Europe. Value-driven chains are constantly expanding the footwear portfolios in order to present an extensive product portfolio beyond clothing.
- Sports Footwear Segment Leads: The segment of sports footwear will remain as the most prominent segment in the footwear market, thus exhibiting favorable volume and value growth. The rising appeal of items that are sport-inspired owing to the athleisure trend will continuously fuel the growth of this segment.
- Shopping and Distribution Experience Reshaped by Internet: The channel of internet retailing is witnessing the most exponential growth and have risen from 1% sales in 2002 with a whopping sales value of 12% by 2014. The omnichannel model has been adopted by the prime players in order to improve the overall purchasing experience.
Thus, the retail expansion and the enhancement in the shopping experience by Internet are amongst the prime things that may positively impact the footwear market in Western Europe in the coming years.