Manufacture of footwear revenue in the United Kingdom 2011-2023
The revenue of footwear manufacturers in the United Kingdom (UK) demonstrated a gradual annual increase between 2011 and 2018, a trend that is likely to be replicated over the next few years as well. According to estimates by Statista, the market is expected to reach 826.3 million U.S. Dollars by 2023, up from almost 743 million U.S. Dollars in 2018.
Consumers prefer imported footwear
Although, the annual spending on footwear in the UK is on the rise, there is a decline in the number of manufacturing enterprises in the corresponding years. Consumer preference towards imported footwear has seemingly led to this decline. Around 50% of the footwear sold in the UK in 2018, was imported from Asia and Oceania and countries in the European Community.
Decline in retail stores
The Footwear and clothing segment accounts for nearly one sixth of the total retail sales in the UK, however, a constant decline in the number of retail stores for footwear is of significant concern. During 2008-2017, more than 800 retail stores selling footwear and leather goods in the UK closed their operations. The share of retail sales made online in this segment is seemingly the primary reason for the decline in retail stores.
Consumers prefer imported footwear
Although, the annual spending on footwear in the UK is on the rise, there is a decline in the number of manufacturing enterprises in the corresponding years. Consumer preference towards imported footwear has seemingly led to this decline. Around 50% of the footwear sold in the UK in 2018, was imported from Asia and Oceania and countries in the European Community.
Decline in retail stores
The Footwear and clothing segment accounts for nearly one sixth of the total retail sales in the UK, however, a constant decline in the number of retail stores for footwear is of significant concern. During 2008-2017, more than 800 retail stores selling footwear and leather goods in the UK closed their operations. The share of retail sales made online in this segment is seemingly the primary reason for the decline in retail stores.
