Increased household income, increasing brand consciousness among users, growing popularity of online shopping and use of credit cards will thrive the Indian Footwear market”, Says RNCOS
India is standing on the threshold of a retail revolution and witnessing fast changing retail landscape, with footwear market is set to experience phenomenal growth in coming years. The Indian footwear market is largely unorganized which is evident from the fact that branded footwear constitutes approximately one third of the total market size.
India is the second largest footwear producing country (after China) and is third largest consuming country (after China and the US). It has been found that the major production centers are located in few selected cities like Chennai, Ranipet and Ambur in Tamil Nadu, Mumbai in Maharashtra, Kanpur and Agra in UP, Jalandhar in Punjab, and New Delhi.
With rising brand consciousness among Indian woman compared to the past state of being product-conscious, more and more internationally renowned players are expected to enter the Indian market. Further, given India’s young population, the market for children footwear is also attractive for new organized players to enter and earn supernormal profits. The London based British luxury men’s footwear and accessories brand Harrys is planning to open its first outlet in Delhi, followed by Mumbai by early 2018 and the Russia based Kid’s clothing, footwear, and accessories brand Acoola has opened their first store Logix City Center Mall, Noida (U.P).
Speculating the growth prospects of Indian Gold Loan industry, Shushmul Maheshwari, Chief Executive, RNCOS said the footwear retail market will continue to see growth in future and is expected to grow at a CAGR of around 11% in the period 2017-2022. Increasing household income, shifting consumer behavior from saving to spending and growing brand and fashion consciousness will drive this market during the forecasted period.
To tap the growing market, numerous major players such as Bata, Reebok, Nike, Adidas, Puma, Paul & Shark etc are continuously innovating and developing their brands to best suit the Indian market. Indian footwear industry might exhaust its full potential and grow exponentially.
With over a decade of experience in providing business solutions/ market research and consultancy, RNCOS acts a growth partner to venture into and understand business environment better by providing solutions in all the business endeavors of our customers, be it product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help the business prosper by providing our customers with actionable market intelligence and insights by studying the market dynamics, collating with the business and devising the right strategies.
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