Sales of footwear plummeted in 2020 as COVID-19 placed a huge strain on Thailand’s economy. Tourism is integral to the success of many businesses and as such unemployment rocketed as the country closed its borders to control COVID-19.
In these challenging times many players looked to adjust their strategies in order to best weather the storm. Many turned their attention e-commerce and increased their digital marketing.
Performance footwear and sports-inspired footwear performed slightly better than formal footwear and outdoor footwear in 2020. Due to the lockdown and other COVID-19 restrictions many people’s priorities changed during 2020 as they adjusted to the new normal.
The economic impact of COVID-19 is likely to continue being felt in Thailand, at least in the early part of the forecast period, with tourism not expected to significantly recover until at least 2022. Nevertheless, footwear is projected to see a gradual recovery as the forecast period progresses, although sales are not expected to return to pre-COVID-19 levels before 2025.
Another way in which players could look to attract consumers and drive sales is through the offer of greater personalisation options, with these being particularly popular among younger generations looking for a more individual look. For example, as part of the Future Lab Volume 1: Sneaker event consumers could use the Hyper-Personalize Powered By Converse booth.
As consumers become more concerned about the environment and issues of sustainability this is having a growing influence on the way brands conduct themselves and how they produce and market their footwear. As such, there is a groundswell of support for new ethically-minded footwear that is sustainably produced using ethically-sourced or recycled materials.
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Understand the latest market trends and future growth opportunities for the Footwear industry in Thailand 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 Thailand, 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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