Delhi, Delhi India (PressExposure) August 13, 2008 -- RNCOS, a leading market research firm, says in its new report, "Indian Footwear Industry Analysis" that the Indian footwear retail market is anticipated to surge at a CAGR of more than 20% during 2008-2011.
As per the report, rising brand and fashion awareness along with the improving living standard are expected to accelerate growth in the Indian footwear industry.
The Indian footwear market is gradually turning into a brand-driven market with rising income of people (as branded products are more expensive than local products). Per head disposable income of Indians during 2002-2007 surged at a CAGR of nearly 14% to reach an estimated US$ 793.
The report also says that the taste of Indian consumers is gradually inclining towards casual, cleaner and younger styles. With rising global traveling and increased media penetration, awareness about international trends and lifestyles has increased among domestic consumers. Besides, workplace actualization has also popularized the use of casual footwear and led to a higher demand in this segment. This trend is as popular among working women as in the men who are also now giving equal importance to broad range of fashion accessories to distinguish themselves from their co-workers. This resulted in the expansion of the casual footwear market to an estimated volume of 860 Million pairs at the end of 2007 against 2006, representing a straight growth of nearly 8.4%. Now this segment has a share of more than 60% in the overall footwear retail market in India.
"Indian Footwear Industry Analysis" provides an exhaustive research and rational analysis on Indian footwear market. This extensive research will help the clients to identify market trends and evaluate the leading-edge opportunities critical to the success of the footwear market in the country. This study gives an overview on the various factors driving the footwear industry, together with the forces that are blocking the growth of the industry.
The RNCOS research gives forecast on vital factors for the industry, including per head disposable income and footwear retail market.