Belgium's retail market for clothing is estimated to grow at a CAGR of 1.79% over the next five years, to reach EUR6, 6.9 billion by the end of 2020.
Ken Research has recently announced its latest publication “Clothing & Footwear Retailing in Belgium-Market Summary & Forecasts; Comprehensive overview of the market, consumer, and competitive context, with retail sales value and forecasts to 2020” which seeks to provide information about Key market trends of clothing and footwear industry of Belgium. It also gives Comprehensive analysis of economy of Belgium, key macroeconomic and consumer trends in market in forecast period (2015-20). It further provides global market Quantitative and qualitative analysis of all the segments of industry. Detailed discussion of leading domestic and players and their strategies are also included in the report.
Overview of clothing and footwear sector of Belgium
Being a strong nation of Europe, Belgium has shown remarkable comeback in European economy despite immense economic downturns in European and global economy. Manufacturing and service sector has shown amazing growth and expansion to bring out economy out of recession. Agriculture sector though has only a meagre contribution to economic growth but is performing well according to European standards.
Belgium’s culture and tradition has always admired fashionable clothing and footwear. This sector witnessed superb craftsmanship and extraordinary production skills which is improving even more in recent past. Not only sales of domestic firms is increasing but international brands who ventured into Belgian market also experienced overwhelming demand for clothing and footwear. JBC, Benetton Group S.p.A. Inditex and ZEB are the leading market players of the industry in Belgium. Sales in all the segments of industry i.e. men, women and kids is escalating but largest growth is observed in sales of women clothing and footwear retail. Industry is expected to experience compound annual growth rate of 1.79% in the forecast period.
Key drivers of demand in the sector
This significant expansion and expected growth in forecast period is demand-led. Consumers are increasing their demand for footwear and clothing due to the following reasons:
• Economic prosperity
Since Belgian economy has witnessed positive growth and rapid expansion in the recent past, it has contributed significantly to rising income of all the strata of society. This has led to massive rise in consumption demand in Belgium. Demand for luxury clothing and footwear brands is also extraordinary.
• Technological considerations
In this world of gizmos and gadgets smartphones and laptops are accessible to all. This has given a boost to online shopping laden to rapid increase in sales.
• Social media influence
With rising impact of social media fashion blogs are becoming immensely popular and it has huge effect on latest fashion trends which are changing every day. This is leading to rise in sales volume.
• New channels of sales and distribution
Earlier sale of clothing and footwear was limited to shops in local markets but now new modes of sales have been introduced which gained popularity really quickly. Online sales, sales in hypermarkets, supermarkets, specialized retail shops, luxury retail shops, etc. have been introduced which resulted in sky rocketing of sales in the sector.
Future of Belgian clothing and sales industry
It is quite evident that Belgian footwear and clothing industry will grow significantly in the forecast period. Retail sales in clothing sector is expected to rise in the forecast period and per capita spending on clothing is predicted to experience Compound annual growth rate of 1.14% by 2015-20. However, the market is expected to face the following challenges:
• Entry of numerous foreign players are driving local players out of market.
• Local players posing threat to small scale industries.
• Economic recession which is leading to demand deficiency.
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Ankur Gupta, Head Marketing & Communications
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by Ankur Gupta (few months ago!)