Europe is home to many of the celebrated fashion capitals in the world, hence it is no surprise that the fashion and apparel industry flourishes in the region. The footwear market constitutes one of the most significant segments of the fashion and apparel industry in Europe. The market has exhibited greater resilience and has remained less vulnerable to macroeconomic impacts compared to the other segments of the apparel industry owing to its reputation as an “affordable luxury” and its perception as a better investment. However, this does not make the European footwear market immune to market fluctuations.
Navigating through the ebb and tide of the European economy, the footwear market in the region is projected to exhibit a 1.5% compound annual growth rate between 2015 and 2021. Compared to its market value of US$42,941.3 million in 2014, the Europe footwear market will reach US$47,625.8 million by 2021. The information and statistics are taken from a report on the Europe footwear market published recently by Transparency Market Research, a U.S.-based market intelligence firm.
Browse Market Research Report of Europe Footwear Market:
The facts and factors mentioned below will provide a snapshot of the trends prevalent in the Europe footwear market:
- The East-West Divergence
While expenditure on footwear in Western Europe is getting dampened by recession and austerity measures, Eastern Europe is registering unimpeded growth in the footwear market.
- The “Disposable Fashion”
A few years back the clothing market in Europe drew momentum from the concept of “disposable fashion”. Whilst the notion is slowly withering away from the clothing segment, it has started to gain significance in the Europe footwear market.
- The Pricing Complications
The footwear market in Europe is struggling to attain an equilibrium in its pricing structure. Consumers in the market have shown an inclination towards utilitarian designs and luxury commodities alike and this has forced manufacturers to adopt a middle path with regards to pricing their products.
- Growing Competition from Fast Fashion
An increasing number of business entities in the fast fashion chains are turning their attention to the Europe footwear market. This is likely to intensify the prevailing competition in the market.
- Private Label Brands Exhibits Robust Growth in the Market
In the last couple of years, the private label brands in the Europe footwear market have exhibited significant growth in their market operations. Market surveys reveal that the segment is most likely to continue chalking a rising demand curve in the next few years. However, with the advent of fast fashion, the private label segment could slowly lose its foothold in the market.
- Influence of the Latest Fashion Trends
Evolving fashion trends, coupled with an increase in the number of working women, are expected to fuel the demand from the Europe footwear market.
- Market to Benefit from Online Retailing
Rise in online retailing and changing consumer preferences are expected to positively impact the Europe footwear market, since online retailing is more convenient for customers than visiting brick-and-mortar stores, which helps boost demand.
- Rising Demand for Sports and Athletic Footwear
The Europe footwear market is segmented into two broad categories, namely athletic and non-athletic footwear. The non-athletic footwear segment leads the market presently and is also expected to showcase the fastest growth during the forthcoming years. However, the sports footwear segment has exhibited an impressive growth rate, attracting an increasing number of consumers.
Browse Press Release of Europe Footwear Market:
Some of the leading players operating in the Europe footwear market are Nike Inc, Adidas AG, Deichmann SE, and others.