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India's footwear industry India's footwear industry stepping towards a bigger and brighter future Indian footwear market is really confident about it's growing awareness of latest trends and consciousness among consumers.
What has motivated such thinking? Footwear has evolved from being just a mere necessity as a protection for your feet to an important accessory that ups your fashion game right away.
According to Businesswire, India is the second largest global producer of footwear after China, accounting for 9 percent of the annual global production of 22 billion pairs. Presently about 90 percent of the footwear produce in the Footwear retail outlet is consumed by the domestic market and the rest is exported.
The growing Indian fashion and lifestyle market has given an impetus to the footwear industry as well. Market Scenario Footwear industry in India is very optimistic right now with growing awareness about the latest trends and consciousness among consumers.
A lot of western influence can also be noticed these days where people are inclined towards styles like Oxfords taken from Europe and Brogues from Ireland. The demand for footwear products in India is increasing with each passing day. And this can grow up to percent by next 5 years provided the right policies and tax structure.
This market is shared between organized and unorganized segment. The organized segment caters to about one third of the market while unorganized players fetch the remaining 75 percent market which essentially falls under micro, mini, small and medium enterprises.
Rising incomes, advent of globalization, improved employment and living standards in the country has led to the expansion in the size of this market. Secondly, due to the ever increasing internet penetration and adoption of internet and the overall ecosystem for e-commerce falling in place, the last decade has been the best for this industry.
The category is anticipated to register a retail value CAGR of 7 percent at constant prices, with sales reaching Rs. With the ever-increasing penetration of internet and social media, the purchasing behaviour of Indian consumers has changed dramatically.
Urbanization is taking place in India at a dramatic pace and is influencing the life style and buying behaviour of the consumers. The factors that affect buying behaviour and draw customers to the shopping centers include space, ambiance and convenience and moreover an array of choice under one roof.
The growth of integrated shopping malls, retail chains and multi-brand outlets is evidence of consumer behaviour being favourable to the growing organized segment of the business in the metros.
Also, global fashion and lifestyle brands have suddenly started betting big on small cities of India. It can make or break an outfit. The consumer in the present era is no longer the same simple, subtle and single- minded consumer he used to be a decade ago.
Now, they prefer having a variety of footwear options. There has been a shift from being constraint to only a few types of footwear styles to a craze of owning different types of footwear for different occasions. For example, a fitness enthusiast would need running shoes for jogging or exercising, formal shoes for office, trendy and stylish shoes for parties and casual shoes for a casual outing, etc.
Secondly, with trends changing very fast, brands are offering varied collections for varied seasons. So, when people visit shopping centers, they see a wide variety of footwear from different brands and that induces them to buy more.
Furthermore, promotional offers, discounts, etc. Footwear is not just a part of wardrobe but has become a huge status symbol these days. The Indian footwear industry is gearing up to leverage its strengths towards maximizing benefits.
Resource strength of India in the form of materials and skilled manpower is a comparative advantage for the country, among other things. The easy availability of varied styles is also increasing brand loyalty amongst the customers.
The advent of such huge varieties of footwear is growing the potential of footwear industry even in tier-II and tier-III cities as the people are becoming more and more brand centric in these cities as well.
The organized sector has definitely realized that and is now moving towards the hinterlands of India. Approximately two-third of the consumer market is dominated by the urban market and rest is located in the rural areas.
It is something that needs to be worked upon. The market has evolved and there is a lot of potential. But today consumers do not hesitate in paying more for quality, innovation and technology. We offer tech footwear which are water proof, anti- microbe shoes, non- skid shoes, etc. If you look at the millennials, they are the first generation who is willing consciously to spend more for better quality, for sustainability, for traceability.
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