As a result of the COVID-19 outbreak, Spanish authorities declared a national lockdown for the country for eight weeks, although the country would still be faced by further social distancing measures for a much longer period lasting much of 2020. As such, the country underwent a slow return to normal activity.
In Spain, the acquisition of products in designer apparel and footwear (ready-to-wear) is largely dependent on consumers’ social schedules. Consumers are more likely to purchase products in this category when there are special events or occasions to attend.
As is the case for many categories in luxury goods, designer apparel and footwear (ready-to-wear) suffered from the drastic reduction of tourism due to travel bans and restrictions in Spain and around the world. Tourists are key consumers of products in this category, as they are often more inclined to indulge in treats whilst on holiday.
The severe economic ramifications of the COVID-19 pandemic is expected to lead to a serious economic crisis in Spain. The country’s struggling economy will have a negative impact on the already poor economic forecast for the country.
The category relies heavily on tourism for its success, with wealthy international consumers making up a large portion of the category’s target consumer base. As such, the category will depend on the return of tourists to Spain for its recovery.
E-commerce channels saw a strong increase in value share in designer apparel and footwear (ready-to-wear) in 2020 during the closure of retail outlets in COVID-19 national lockdown. Despite the fact that the channel is gaining in popularity, however, the rise in online sales is not expected to absorb all of the sales lost from economic uncertainty and a reduction of tourism in the first half of the forecast period.
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Understand the latest market trends and future growth opportunities for the Designer Apparel and Footwear (Ready-to-Wear) industry in Spain with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Designer Apparel and Footwear (Ready-to-Wear) industry in Spain, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Designer Apparel and Footwear (Ready-to-Wear) research and analysis database.
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