What are the factors influencing the Footwear Market in India?
India is currently the second-largest manufacturer of footwear in the world, ranking right after China. With the evolution of time, footwear has evolved from being something we use to protect our feet to becoming a style statement. With the newer fashion trends coming in every weekend, there is a new style of footwear to add to the closet all the time. The footwear market consists of various companies that deal with the manufacturing, marketing and selling of different types of footwear and also caters to all sections of the society, namely, men, women and children.
With the changing lifestyle and the growing popularity of the retail market, India is on the verge of a retail boom. The footwear market in India is all set to see extensive growth in the subsequent years. With the evolution of fashion trends and the growth in the fashion and lifestyle sector in India, footwear has now evolved to become a style accessory for the consumers.
Furthermore, the increasing internet penetration and the growing user base of smartphones providing access to social media has also worked as an impetus for the consumer to change their shopping behaviours. The growing brand and fashion consciousness among consumers and the huge propensity to consume has been one of the main driving factors of footwear consumption.
There has also been a shift from the limited variety of footwear in the Indian market to the expanding variety of the same for different occasions to cater to the increasing needs of the fashion-conscious population. Nowadays people do not wear the same pair of shoes to the market, to the office or for doing other chores. Now consumers prefer to have a specialized pair of shoes for various events. For example, now a consumer would require running shoes for exercising, formal shoes for office and trendy shoes for parties. Additionally, these days the players of the footwear market are launching numerous styles for changing seasons, at least three times a year. This marketing strategy of the big brands has been working magic since the consumers see an extensive variety of shoes when shopping and consequently tend to buy more.
Furthermore, with the rise in the demand for the traditional footwear available in in the Indian market, be it the leather kolhapuris, the juttis of Jodhpur or the indo-tibetan felt boots of Sikkim, the small and medium enterprises of the footwear market are also gaining popularity.
The thriving internet penetration, the growing affluence and the escalating disposable income among the consumers are influencing the growth of the footwear market in India. The Indian footwear industry is gearing up to leverage its strength towards maximizing the benefits. The escalating significance of the footwear among the consumers and the ample availability of resources in the form of skilled manpower and materials is a comparative advantage in the country, among other things. The easy availability of diverse styles and types of footwear in the recent times have also been driving the growth of the footwear industry. Though India is a price-sensitive market, with the availability of better, trendier and comfortable pairs of footwear, the consumers do not hesitate to spend money for higher quality, more sustainable products.