Alongside the decline in sales of footwear in 2020, hosiery, which includes socks, also recorded a dramatic reduction in retail current value sales as a result of the COVID-19 pandemic. This is primarily due to the national lockdown and social distancing measures in the Philippines, which left many consumers facing extended periods of home seclusion.
Hosiery was severely affected by the closure of schools in the Philippines in 2020. This was particularly noticeable when it came to sales of white socks, which are most commonly used by school children in the Philippines.
Second and third ranked hosiery brands Burlington and Darlington both lost value share in 2020, falling behind the brand leader Uniqlo as all companies in the category suffered reduced demand for hosiery during the COVID-19 crisis. Despite the growing presence of fashion brands in hosiery in response to soaring demand, these department store brands have maintained a strong position in the category due to their having huge stores offering a wide range of options, special promotions and convenience.
As footwear recovers and consumers return to their pre-COVID-19 routines, demand for hosiery is also expected to pick up in the forecast period. As the threat of COVID-19 subsides in the coming years, consumers will be able to return to their workplaces, classrooms and usual social calendars.
Non-sheer hosiery will continue to account for the largest share of value sales by far in the forecast period, with socks and other sports-orientated non-sheer hosiery projected to record the highest value growth as well. As the disruption from COVID-19 subsides, hosiery is projected to see strong growth around the world and in the Philippines over the course of the forecast period, with active participation across countries and rising growth for smaller players with regional popularity.
Small players in hosiery increasingly use e-commerce as a convenient means of selling their products. Usually, small online players offer more unique designs to appeal to consumers, who are exposed to wide selections of hosiery in malls.
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Understand the latest market trends and future growth opportunities for the Hosiery industry in Philippines 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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