Hosiery moved from slow but stable retail volume and current value growth during most of the review period to significant declines in 2020. A lockdown was implemented to stop the spread of COVID-19, which involved the closure of all non-essential store-based retail outlets, which contributed to decline.
Sheer hosiery saw stronger retail volume and current value declines than non-sheer hosiery in 2020. Less socialising during the year due to COVID-19 led to fewer occasions on which to wear skirts and dresses, which contributed to decline, as did the trend for choosing leggings in the colder months instead of sheer hosiery.
Despite rising price-consciousness amongst many consumers due to the negative economic impact of COVID-19, this is not the case across the board, with some consumers maintaining their incomes. More retailers are therefore offering consumers luxury brands of hosiery, as the premiumisation trend and the growth of the luxury segment are even impacting wardrobe basics such as socks.
Hosiery is set to see dynamic retail volume and current value growth in 2021, offsetting some of the decline seen in 2020. The expected better control of COVID-19 due to vaccination will lead to returning consumer confidence in leaving the home and spending money.
In the early forecast period Canadians expected to spend more time outdoors, due to the desire to reduce the amount of time spent in gyms over concerns about the spread of COVID-19 in indoor environments. This will support the demand for sports socks and winter socks in the forecast period, as more Canadians exercise and engage in activities outdoors.
Womenswear is set to see demand in the plus-size segment, and this includes hosiery. This segment is expected to maintain demand over the forecast period as plus-sized women look for fashionable, on-trend hosiery that suits their body type.
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Understand the latest market trends and future growth opportunities for the Hosiery industry in Canada with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Hosiery research and analysis database.
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