The UK consumer market for footwear was worth £5.13bn in 2003, showing a healthy 7.1% rise in value over 2002 and passing the £5bn barrier for the first time. Against the background of a confident consumer economy, purchasers are not afraid to 'trade up' to more expensive footwear. Consumption is also encouraged by very low inflation on footwear; in fact, average footwear prices in the shops are now less than they were in 2000.
These lower prices are a direct outcome of the trend towards sourcing footwear from countries with low labour costs. Domestic factories can no longer compete in the mainstream footwear market and import penetration is now estimated to stand at 95%. However, this stark characteristic of the market is mitigated by the fact that although produced overseas, most footwear is still sold under UK brands (leading examples of this include Clarks, Dr Martens and Hi-Tec).
UK manufacturers are also surviving by producing specialist footwear such as safety and industrial footwear (worth some £250m in the UK) or by positioning themselves at the top end of the market, manufacturing designer shoes, 'quirky' styles and traditional, hand-made formal shoes. These market sub-sectors can still prove profitable, whereas mainstream footwear is a globalised market centred in the Far East (Vietnam and China are the leading sources of UK imports, although Italy remains significant).
The league table of footwear brands features integrated manufacturer-retailers like C & J Clark Ltd ('Clarks') and Stylo PLC. However, the list is dominated by international leisure or designer brands such as Nike, adidas, Reebok, Timberland and Skechers. More than ever, consumers are choosing their footwear based upon brand rather than retail outlet. This branding trend offers the opportunity to categorise the market more profitably. However, expenditure on such a basic commodity as footwear is unlikely to increase rapidly. Key Note forecasts that the consumer market will grow by an average of less than 3% over the next 5 years (2004 to 2008), reflecting strong price competition in the High Street.
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