Sales of hosiery were already in decline in 2019. Both sheer hosiery and non-sheer hosiery registered double-digit retail volume declines in 2019, with non-sheer hosiery declining the least.
Non-sheer hosiery showed somewhat greater resilience than sheer formats in 2020, boosted by performance-style socks from sportswear brands as many Hong Kongers opted for these types when performing outdoor fitness activities during the pandemic. The performance of socks was also supported by the athleisure and fitness trends, particularly around performance wear, as consumers sought the perfect performance wear socks to complement their performance apparel and footwear.
Local players such as Giordano International and Bossini International Holdings continued to record weaker performances than the international fast fashion giants in 2020. Their weak figures in 2019 were partly due to disruptions caused by the protests in Hong Kong, China and also due to the intense competition from the many lower-cost offerings available from hawker stores, in markets, and online (for example through successful online shopping website, Taobao).
Hosiery is expected to record strong double-digit constant 2020 retail value growth in 2021, followed by declining single-digit growth rates as the forecast period progresses, with actual value sales coming close to pre-pandemic levels as early as 2021.
E-commerce sales of apparel in general boomed during the COVID-19 pandemic and this included sales of hosiery. These items are ideally suited for online sales as they tend to be inexpensive and consumers are generally aware of the styles and sizes they wish to purchase.
Higher-priced sock specialists are likely to continue to face challenges in Hong Kong, China, as evidenced by Tutuanna recently closing its last stores in the Langham Place and The ONE shopping centres. Despite the success seen in unique and colourful sock designs, as per John’s Crazy Socks in the US, Happy Socks, Custom Sock Shop and Stance Socks, the trend is towards higher online sales and physical specialist sock stores will find it increasingly difficult to compete in this environment – particularly in the higher-priced segment.
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Understand the latest market trends and future growth opportunities for the Hosiery industry in Hong Kong, China 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.
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This report originates from Passport, our Hosiery research and analysis database.
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