In response to COVID-19, the Vietnamese government called for regional and national lockdowns and social distancing measures. This prevented many people from working, studying and socialising as they normally would, which led to a strong current value sales decline for hosiery in 2020.
Both sheer and non-sheer hosiery performed well over most of the review period, despite the fact that the category is starting to mature. Indeed, hosiery is deemed an essential product in Vietnam.
Hosiery in Vietnam remains highly fragmented, with unbranded products imported from neighbouring countries such as China and Thailand enjoying a very high level of popularity. Consumers can easily purchase unbranded products from residential areas as they are sold widely across Vietnam for lower prices, offering diversified designs and materials.
As a result of the impact of COVID-19 on average incomes, Vietnamese consumers are spending less on unnecessary goods like clothes and footwear and focusing on savings. In the next few years, there is expected to be an increase in the movement from brands to counterfeits, unbranded, unauthorised, small and economy brands due to lower average incomes among Vietnamese consumers.
Non-sheer hosiery has benefited from the growing popularity of sport and gym workouts among Vietnamese consumers. In comparison with sheer hosiery, non-sheer products are able to serve various consumer segments for a wide range of different purposes.
While non-sheer hosiery sales are rising rapidly, demand for sheer hosiery continues to be limited by Vietnam’s tropical climate and humid weather. In addition, the athleisure trend is resulting in women opting for sports footwear rather than pump heels.
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Understand the latest market trends and future growth opportunities for the Hosiery industry in Vietnam 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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