Footwear industry is one of those few industries, which were constantly growing since past few years. However, in 2016, United Kingdom saw some radical changes. The economy was seeing slowdown. The Brexit vote also added to the uncertainty of consumers. This has resulted in the slowest annual retail volume growth in the footwear industry in United Kingdom.
According to the market research report “Footwear in the United Kingdom“, because of United Kingdom deciding to exit the European Union, the economy of UK is struggling. Most of the industries are witnessing slow growth and some are even seeing fall in revenue earned. Almost all the industries are struggling, and it is true for the footwear market in United Kingdom. Many of the old players are losing ground and new players are emerging as market leaders. In 2016, Nike overtook Clarks as the market leader in British footwear market. Nike did much collaboration with various other brands like Louis Vuitton to provide consumers with various designs and products in different categories. New products like retro-styled footwear and special athletics footwear helped Nike to expand its consumer base and become the market leader. With people becoming more aware about their health, Nike gained ground as its focus is on producing footwear for sports and other such activities. The footwear market in United Kingdom is seeing intense competition and old players like Clarks are struggling. Consumers these days are moving towards fashionable footwear and demand for formal office shoes is reducing. The market can be segmented into footwear for children, footwear for men and footwear for women. For distribution channel, Hypermarkets and Supermarkets are leading. Internet retailing is also gaining grounds. Online sale of footwear is seeing some significant growth. Especially youth in United Kingdom is making most of their purchase via online medium. Therefore, many brands are now selling their products via physical retail stores as well as online.
Sports wear can be predicted to grow significantly in near future. Since sports wear represent athleticism and comfort, many consumer are expected to move towards these products and hence, sports footwear in United Kingdom are expected to see some exponential growth which will drive the sales for whole industry.
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