Research On Global Markets

Footwear is considered as one of the most important accessories and the market for footwear in India has long been a flourishing one, not only contributing significantly for generating employment in the country but also in terms of bringing in foreign currency through export and driving economic growth of the country. In 2018, India emerged as the second largest producer of footwear, second only to China, and the largest exporter of footwear in the world. Favorable government policies coupled with rising global demand for footwear are providing impetus to the expansion of footwear industry in India.

Evolving shopping behavior is Driving Growth

Growing awareness and aspirations for the latest footwear trends with the advent of technology is gradually transforming the shopping behavior of consumers. The last few years has witnessed a drastic change in the way consumers are spending their money on various items. Increasing penetration of the internet and social media are significantly influencing the purchasing behavior of Indian consumers, and the footwear market in India is placing itself favorably to benefit from this.

Rapid urbanization across the country is also influencing the life style and buying behavior of the consumers. The emergence of plush shopping centers and lifestyle stores is providing an array of choice under one roof, which in turn is affecting buying behavior and drawing customers to the shopping centers. The growth of shopping arcades, retail outlets and multi-brand stores bears testimony to the favorable consumer behavior, which is in line with the emergence of an organized retail industry in the urban locales.

The Indian footwear industry is expected to witness further expansion owing to the rise in fashion consciousness among the youth in India and evolving lifestyle in urban locations in the country. Moreover, organization of the footwear retail sector, coupled with the rise of e-commerce in India are also expected to further boost the performance of India’s footwear industry in the foreseeable future.

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