Footwear in Venezuela

PROSPECTS

Import restrictions reshape footwear in 2017

Similar to all apparel subcategories, footwear suffered lower sales in volume terms in 2017. Sales contracted from the supply side, because companies are facing shortages of foreign currency to import final products and raw materials; and from the demand side, as households’ budgets lost purchasing power to inflation.

Casual trend drives footwear

In general, men and women dress casually, and footwear matches this style. Men and children wear sport shoes for their everyday routines.

Major players in footwear continue to adjust to consumers’ budgets

On the supply side, importers and manufacturers will continue to adjust to consumers’ budgets by increasing the supply of basic, more affordable items as long as the recession lasts. As a result, domestic brands are likely to increase their share as local manufacturing facilities take advantage of their position and knowledge of the market.

COMPETITIVE LANDSCAPE

Major players in footwear will try to substitute imports with local production

Local brands increased their share in 2017 due to obstacles to imports and high price differentials between local and imported brands. Local manufacturers have taken advantage of the adverse legal environment regarding the importation of final goods while foreign brands have become too expensive for the majority of households due to exchange rate distortions.

Calzados Basinger claims first position

Calzados Basinger occupied first position in footwear in 2017. This firm owns 30 exclusive stores located in the most visited shopping malls.

Innovation remains weak in footwear

Innovation remains weak because global brands have problems introducing their most recent collections in the Venezuelan market. Domestic firms are choosing simpler models, such as sandals for women or driver shoes for men.

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