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What Are The Current Trends In The Footwear Market In India?

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By Author: Andrew Thomas
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India is the second largest producer of footwear in the world after China, and accounts for 13% of global footwear production. India produces 2065 million pairs of footwear, of which about 115 million pairs are exported. Thus, nearly 95% of its production goes to meet its own domestic demand.

Indian footwear industry poised for growth

India possesses a number of state-of-the-art manufacturing plants that have helped the footwear market in India to mature from manual footwear manufacturing method to the automated footwear manufacturing systems. Footwear production units are installed with world class machines, and these are manned by skilled technicians to turn any new innovative idea into reality. Also, the support systems created for the sector have come in handy for the footwear industry well. India boasts of a well-developed footwear component manufacturing industry as well. The future growth of the footwear industry in India is expected to be oriented towards European and US markets. With technology and quality of the footwear improving year after year, the Indian footwear industry is stamping its class and expertise in the global footwear ecosystem.

Evolving shopping behavior playing a key role

Growing awareness about the latest global trends, thanks to the advent of technology, has resulted in changing shopping behaviour of consumers. With the ever-increasing penetration of internet and social media, the purchasing behaviour of Indian consumers has changed dramatically. Urbanization too is playing its part and influencing the life style and buying behaviour of the consumers. The advent of integrated shopping malls, retail chains and multi-brand outlets also testifies the fact that consumer behaviour is favourable for the growth of the organized segment of the footwear business in the metros. Also, global fashion and lifestyle brands have suddenly started betting big on small cities of India, which bodes well for the overall growth of the footwear industry in India.

Growth opportunities

The Indian footwear industry is gearing up to leverage its strengths towards maximizing benefits. The abundance of resource in India in the form of materials and skilled manpower is a comparative advantage for the country, among other things. The increasing significance of footwear is leading to an upsurge in the demand of footwear with each passing day, and this is further leading to higher growth prospects of the Indian footwear industry. The availability of a variety of styles is also increasing brand loyalty amongst the customers. The advent of such huge varieties of footwear is expanding the potential of footwear industry even in tier-II and tier-III cities as the people are becoming more and more brand centric in these cities as well.

Also, with a considerable rise in consumption of trendiest and most comfortable pair of footwear, consumers today do not mind paying higher for quality products as they now understand that ‘higher price definitely means better quality’. While the footwear industry is set for an exponential growth in the times to come, there are many challenges that are continuously erecting roadblocks in the process, but the industry is already working towards consolidating the growth.

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Written by a content marketer who keeps updated on industries for market research purposes and studying them.

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