Apparel and footwear retailing is benefiting from the upbeat mood of consumers, as fashion-conscious Hungarians continue spending on new clothing and shoes as long as their budget allows. Demand remains strong as growth of wages in real terms and positive sentiment meet with a wide range of affordable products – mostly from international fast fashion retailers that are concentrated in shopping centres and plazas.
Most apparel and footwear specialist retailers put an emphasis on getting customers for seasonal wardrobe refreshment, as not just stock clearance sales are promoted. Season-opening shopping days are always highly anticipated events.
The growing popularity of internet retailing is forcing more and more apparel and footwear retailers to open their own websites as well. The multichannel approach is a must to reach key customers, mostly women aged 16-45 who quickly learn about novelties and look for the latest fashion items.
Smaller, independent retailers are recording a declining share of sales, while those competing within the value- and mid-priced ranges are being forced to close as maintaining a profitable operation becomes even more difficult amid increasing operational expenses. Retailers away from high-traffic locations and far from populated districts or modern grocery retailers are affected the most, as they miss sizeable foot traffic and can rely only on occasional customers.
As of 2018, the period of intensive expansion had stopped, as most operators reached a critical size of outlets. It is mostly shopping centres, shopping plazas and other retail complexes for shopping, dining and recreation that are the preferred locations, but the available retail space is limited and further new openings are rare.
There are several clothing brands in the cluttered retail marketplace that appear to be international brands, but in fact are owned and run by local retailers or manufacturers. They are emerging as alternatives to multinational fast fashion brands as their communications, the visuals in terms of store design and the look and feel of their clothing suggest trendy, cool brands.
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Discover the latest market trends and uncover sources of future market growth for the Clothing and Footwear Specialist Retailers industry in Hungary with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our Retailing market research database.