UK: Footwear market will step up after the recession – research
The slowdown in the UK footwear market as consumers rein in their spending during the recession is likely to be short-lived, new research shows - with faster sales growth expected in the following years.
According to Footwear, a new Market Report Plus from market intelligence provider Key Note, consumers who curb their spending in 2009 are likely to purchase replacement shoes when the recession is over.
The value of the UK market for footwear reached a record high of just over GBP7bn (US$11.3bn) in 2008, with spending on footwear up by 17.7% between 2004 and 2008, as consumers reaped the benefits of declining prices on the high street.
In the current recession, however, consumers are cutting back on non-essential purchases, and this is likely to have a short-term negative impact on the market for footwear.
Consumers are less likely to buy additional footwear items due to concerns over the downturn and rising rates of unemployment.
Key Note forecasts that the value of the UK footwear market will contract by 0.3% in 2009, but will recover well in 2010, and show overall growth of 17.9% over the period from 2009 to 2013.
The report also identifies future trends in the UK footwear market, and predicts that market leader Clarks is likely to continue performing well, despite downturns on the high street.
Industry comments suggest that Clarks' investment in designers is paying off, adding an element of style to the company's established reputation for comfort and reliability.
The coming years are also likely to see a more serious approach to innovative, functional footwear that tackles specific medical problems; while the 'green' message is likely to get louder too.
Click here for more information on Key Note's Footwear Market Report Plus.
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