Published on : Apr 20, 2016
The increasing purchasing power of youth and the rising fashion consciousness for footwear products are the prime factors fuelling the Europe footwear market. Europe is the storehouse of a number of fashion capitals and this is why the fashion and apparel industry is on the boom within this region. The Europe footwear market was valued at US$42,941.3 mn in 2014 and is predicted to touch US$47,625.8 mn by 2021, by expanding at a 1.5% CAGR from 2015 to 2021.
The prime trends prevalent in the Europe footwear market are as follows:
- Rebirth of Disposable Fashion: Though the expenditure expended on footwear in Western Europe is becoming less owing to the recession, still Eastern Europe is exhibiting an exponential growth within the footwear market. Some years ago, the clothing market within Europe gained momentum owing to the rising concept of disposable fashion. Though this trend has slowly withered away from the segment of clothing, still it has gained pace within the Europe footwear market.
- Increasing Fast Fashion Competition: The Europe footwear market has been working hard for attaining an equilibrium in the structure of pricing. Consumers within the market are preferring luxury commodities and utilitarian designs and this has enabled manufacturers in adopting a middle path in their product pricing. In addition, a number of business entities within the fast fashion chains are preferring the Europe footwear market. This is predicted to make the competition even more intense within the market.
- Emergence of Private Label Brands: In the past some years, the private label brands within the Europe footwear market have displayed an exponential development in their operations. A number of market surveys have shown that this segment has registered a high demand in the past. However, owing to the evolution of fast fashion, the segment of private labels might lose some of its share within the market
- Online Retailing to Highly Benefit Market Growth: The increasing online retailing as well the changing preferences of consumers are predicted to fuel the growth of the footwear market in Europe. This is owing to the fact that online retailing is extremely convenient to customers as compared to visiting the stores, thus fuelling the growth of the market in Europe.