The economic crisis is expected to continue in the early forecast period, especially 2023 and into the start of 2024, with real recovery not expected to be seen until 2025. This will put downwards pressure on the consumption of apparel and footwear, with a year of current value decline expected for apparel and footwear specialists in 2023, before returning to slow growth for the rest of the forecast period.
Despite the return to growth expected from 2024, apparel and footwear specialists is expected to see continued competition from e-commerce over the forecast period. For this reason, the channel is not expected to return to the pre-pandemic level of sales at any point in the forecast period, especially as e-commerce is also expected to put downwards pressure on prices.
One of the impacts of the economic crisis is likely to be that the apparel and footwear industry will become more split, with brands and products at the cheaper end expected to perform better than more expensive brands. The same goes for apparel categories, whereby categories with the most basic and essential items are likely to perform better than less essential categories, such as party dresses or expensive suits.
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Understand the latest market trends and future growth opportunities for the Apparel and Footwear Specialists industry in Denmark with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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If you're in the Apparel and Footwear Specialists industry in Denmark, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
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 DefinitionsThis report originates from Passport, our Apparel and Footwear Specialists research and analysis database.
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