Clothing & footwear Retailing in Denmark, Market Shares, Summary and Forecasts to 2022, a report published by Ken Research, contains market insights of the clothing and footwear retail in Denmark. It provides a detailed analysis considering each of the market factors such as consumer preferences, demographics, consumer trends, technology and changing economic factors. Further, the report also contains analysis based on the historic market data. It also discusses the business environment and country risk in Denmark.
Denmark is one of the wealthy economies of Europe, with its GDP per capita being among the highest in the world. The 5.7 million population of Denmark enjoy high living standards in a modern economy with all the social and technological advancements in place. The unemployment rate is lower than the European average. The country promotes open business practices and has implemented many reforms in regulations and investment policies. It is recovering well from the effects of the European economic slowdown which had hit it hard which was mainly due to its open business and trade policies with the foreign countries. According to the forecast 2017-2022, the retail sector in Denmark is expected to grow at a CAGR of 2.3%.
The clothing and footwear segment of the retail sector is the third largest in terms of value sales. The sales had reached Kr 40.6 billion in 2017 and is expected to reach Kr 43.9 billion by 2022. Danish fashion brands are famous globally for their modern design styles. Many factors have contributed to the growth of this segment. There has been an increase in the awareness of the global fashion trends and the global exposure to the native brands. The consumer set enjoys good living standards and with rise in incomes, the disposable income has increased. The largest demand in the segment is still for the female fashion and footwear. An increase in the number of working women and social media exposure have been the contributing factors to this demand.
However, the market is witnessing a shift of sales from the physical stores to the online markets. Although the brick and mortar- particularly the specialist stores, are still ahead of the online stores, the gap between both is closing fast. There are a few major factors driving this shift. The first is the broad range of products available on a single platform. More and more major global brands are merchandising online to reach out to the largest audience. Their marketing strategies are also planned around the online sales. Other is the pricing factor, huge discounts and competitive pricing are a benefit for the consumers; and lastly the convenience offered through the extra services provided by the online sellers. Also, with the increasing Smartphone’s the penetration of online markets has increased and is expected to have a good growth during 2017-2022 periods. But, for now the specialist stores are having their foothold in the market, though there has been a decline in the total channel sales.
The major players in the market for clothing and footwear retail in Denmark and are covered in the report are: H&M, Debenhams (Magasin), Intersport, Sportmaster, Din Tojmand, Mr Hunkemoller, Skoringen, Salling, Tojeksperten. H&M is currently the market leader, with the largest share of clothing and footwear sales in 2017.
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Ankur Gupta, Head Marketing & Communications