Hosiery suffered a dramatic decline in demand in 2020. This was primarily due to the effects of COVID-19, which saw the closure of retail outlets across Russia and also shook up consumers’ lifestyles as consumers faced long periods of home seclusion, especially during the national lockdown period in April and May.
Sheer hosiery reported a much more dramatic decline in demand than non-sheer hosiery in 2020. This pattern can be explained by the fact that products in sheer hosiery are more commonly bought for formal occasions than for casual occasions.
Private label products continued to attract consumers who are price-sensitive and who prefer to purchase hosiery while doing their grocery shopping in hypermarkets and discounters in 2020. This trend was also supported by the fact that, during the COVID-19 pandemic, consumers were more likely to visit supermarkets and hypermarkets than retail outlets dedicated to apparel or, more specifically, to hosiery.
Hosiery faces a long road to recovery in the forecast period as consumers will be less likely to spend money on products in this category in the aftermath of the COVID-19 health and economic crisis. The category is not expected to record retail current value sales to match the 2019 sales within the forecast period, even with the expected price increases.
Companies in hosiery will continue to expand their online presence in the forecast period. The experiences of the COVID-19 pandemic have highlighted the importance of strong e-commerce platforms and digital communication strategies for companies in hosiery.
Informal, unorganised retailing and illegal sales are expected to threaten the development of both sheer and non-sheer hosiery over the forecast period. In terms of the economic slowdown, consumers are likely to favour cheap options that are wildly offered in the grey market.
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Understand the latest market trends and future growth opportunities for the Hosiery industry in Russia 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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