In 2020, consumer demand for hosiery was negatively affected by the COVID-19 pandemic and related restrictions in Malaysia. For example, work from home policies significantly lowered demand for hosiery as consumers had minimal chances to wear shoes and therefore socks in 2020 under the movement restrictions.
In 2020, hosiery players compete with materials that improve performance to attract consumers. For example, second leading brand Uniqlo, launched Heattech Socks that provide consumers with moisture-wicking, insulating, self-deodorizing, and anti-microbial features.
Despite the pandemic, demand remained considerably high for hosiery from sports brands. In fact, non-sheer hosiery from sports brands is one of the most popular choices of local consumers.
While hosiery is set to return to strong positive growth in 2021, it may take until 2022 for current retail value sales levels to return to what was seen pre-pandemic. Since the pandemic is likely to extend into 2021, and along with it national restrictions, consumer opportunities to wear hosiery will remain low.
During the forecast period, players are set to continue using discounts to stimulate sales. Discounts in the format of bundle pack promotions will likely remain popular in hosiery in Malaysia.
E-commerce platforms are expected to surge in the forecast period. Third party websites such as Shopee became especially popular among local consumers during the pandemic, and will continue to be used in the forecast period.
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Understand the latest market trends and future growth opportunities for the Hosiery industry in Malaysia 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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