PMR: Growth of clothing and footwear market in 2020 is lowest in years
Wpis dostępny jest także w języku: polski
Although the increase in salaries and social schemes in recent years has translated into a significant rise in Poles’ disposable income, and consequently into higher spending, especially on non-food products, a negative market growth is to be expected in 2020. PMR forecasts a 9% y-o-y decline in the market value, according to the data contained in the report “Clothing and footwear retail market in Poland 2020. Market analysis and development forecasts for 2020-2025”.
This year will be one of the worst for the clothing and footwear retail, while in recent years (2015-2019) the market has been growing on average by more than 5% YoY. What is more, the prolonged crisis following the epidemic will make consumers give up unnecessary purchases. The spending will be more thoughtful and less impulsive. In addition, no significant market rebound is to be expected when the epidemic is over.
Despite the decline in the market value, there are distribution channels that will take advantage of the situation, with online sales among them. COVID-19 has had a positive impact on this channel of the clothing and footwear retail, especially during the first months of the epidemic when internet attracted customers who did not want to or could not visit offline shops due to the business lockdown. It is to be expected that the pandemic will prove to be a positive factor for the development of C&F online sales in the long term as well. Some consumers may get used to shopping online and continue to make purchases this way.
See the recent update in the PMR article (2021):
A rebound in the fashion market in 2021 will not make up for the losses