Do you realize that your shoes are the first thing that people notice about you subconsciously? Thus, it’s no surprise that the phrase ‘wear nice shoes’ is used often. Can you imagine your life today without shoes? Without a doubt, the answer is a resounding no!
They’ve evolved from a bare necessity to a crucial accessory for upping our fashion game. Shoes are an extension of one’s personality or a symbol of social standing in practically every culture. As a result, investing in a nice pair of shoes is critical.
After all, the perfect shoes can make or ruin your whole appearance in an instant. The Indian fashion and lifestyle market has provided a boost to the footwear business. As the new year is around the corner, let’s take a closer look at how the industry is progressing toward a bigger and brighter future:
The overall market landscape of the sector
Regardless of whether it is men’s or women’s, footwear has always been an important style statement for every one of us. The market landscape of the footwear business in India is constantly attracting attention. According to a report by Invest India, India is the world’s second-largest buyer and producer of footwear, with an 8-fold rise expected by 2030.
Due to the obvious increase in their disposable and per capita incomes, end-user purchase behaviors have been substantially altered and revolutionized. It’s interesting to notice that a lot of Western influence has led people to gravitate toward styles like full-grain Argentinian leather Derbys, dependable Oxfords, and more.
There are two types of footwear in the market: organized and unorganized. While the former serves almost 33 percent of the market, the latter is provided by the remaining industry participants, which are classified as SMEs and MSMEs. According to Statista, the footwear sector is expected to rise by 24.73 percent a year (CAGR 2021-2025).
Such studies provide sufficient proof that the demand for footwear items in the country is increasing with time. As per another report by Statista, the footwear market is anticipated to rise by 56.2 percent in volume next year, i.e., 2022. Furthermore, with the pandemic’s onset and the government’s ‘Make in India’ drive, many industry professionals believe there is a better potential to make a more solid case for Indian-made footwear on an international level.
Factors influencing the growth
Several factors influence the industry’s development potential. The business is booming thanks to the government’s liberal venture laws. The government has taken the easy road and permitted 100 percent foreign direct investment (FDI). Furthermore, the industry has been de-licensed and de-reserved.
The possibilities for the footwear industry have improved as a result of rapid digital advancements, innovation, and infrastructure, workforce accessibility, e-commerce development, and changing customer behaviors. Make-in-India, Self-Reliant India, and Start-up India are examples of government efforts that have paved the road for scaling up.
The bottom line
Over the years, the Indian footwear industry has come a long way. The items on the market presently are quite inventive, and they are designed to meet the demands and tastes of consumers.
In terms of colors and patterns, there has also been a tremendous improvement. Several factors are responsible for this expansion, including growing internet penetration, a shift in customer preference from brands to quality, economies of scale, the rise of the fashion and lifestyle sector, and the rising importance of cost as a factor affecting consumer demand.
The industry’s future appears to be bright, as demand in the country continues to rise. It’s because when it comes to comfort and style, customers in this country don’t think twice.
(By Ambud Sharma, Founder, Escaro Royale]