Apparel and footwear were hugely impacted by the lockdowns in 2020, with outlets closed for much of the year, consumers could only buy apparel and footwear online. In 2021, despite outlets opening up again, the picture was still bleak, with a second year of current value decline.
Due to the many competitors present in apparel and footwear, there is a fairly high level of fragmentation, with no one player holding a double-digit value share. Global players have large foothold and the strong growth of the leading players, especially the top company ITX Hrvatska, over the review period has come at the expense of smaller ones and bringing about more consolidation.
The pandemic has accelerated the shift to online sales and apparel and footwear are one of the most commonly bought products online in Croatia. This does not bode well for the long-term future of high street outlets in particular, where rents can be very high.
Apparel and footwear will register moderate constant value and volume growth over the forecast period. Growth is not expected to be as high as over the review period, as the economic toll of COVID-19, along with inflation, leads to lower disposable incomes.
Brick-and-mortar outlets will continue to be under threat. Now that many people, including many of the older generation, have shopped online for apparel and footwear, they will be happy to do so again.
the economy will take time to recover from the pandemic and in addition, inflation will be increasing problem. As a result, Croatian consumers will favour the global fast fashion, cheaper brands and local brands, with higher prices and higher quality, will find it difficult to compete.
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Apparel and footwear specialists are chained or independent retail outlets with a primary focus on selling one or more of the following categories: clothing, footwear, and/or fashion accessories (costume jewellery, sunglasses, belts, hats, gloves, handbags, scarves, etc.). Apparel specialists include specialty apparel like wedding dress shops. Example brands include Primark, TJ Maxx, and Zara. Sportswear retailers, such as Adidas and Nike, are excluded from this channel and are included in Sports Goods Stores; this is due to the companies considering themselves sports companies as opposed to apparel companies.See All of Our Definitions
This report originates from Passport, our Apparel and Footwear Specialists research and analysis database.
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