In 2020, footwear faces a negative impact from the COVID-19 pandemic. Children’s footwear was negatively impacted by the fact that infants and babies did not go out as much due to the dangerous potential of the virus.
The Newtro fashion trend continues gaining momentum in 2020, alongside luxury footwear. Luxury footwear brands continue to perform well in 2020, as seen by the expected double-digit current retail value growth of fifth leading brand Gucci.
Sportswear brands like adidas, Nike, Fila, and New Balance continue leading footwear in South Korea in 2020. In fact, Fila is set to post double-digit current retail value growth in 2020, likely benefiting from offering a Newtro design which is very popular among millennials.
Footwear is set to return to positive current retail value growth in 2021, although it is set to gradually decline over the forecast period. Casual style footwear is set to prosper in the forecast period as the casualisation trend continues accelerating among local consumers.
Mass brands that grew through online platforms during the pandemic are set to expand into new channels and launch brand extensions in the forecast period. For example, Sappun, a popular e-commerce focused footwear brand, already opened a pop-up store in Lotte World Mall.
Unbranded footwear is set to enjoy a strong performance in the forecast period. Consumers will continue to be drawn to unbranded footwear since it satisfies quality requirements.
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Understand the latest market trends and future growth opportunities for the Footwear industry in South Korea 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 Footwear industry in South Korea, 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 Footwear research and analysis database.
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