Indian shoe sector puts best foot forward
According to market research firm, the Indian footwear retail market is set to rise at a compound annual growth rate of more than 20% in the period 2008-2011. Its report, entitled ‘Indian Footwear Industry Analysis’ claims that growing brand and fashion awareness, in addition to better living standards, will help to accelerate growth within the sector in the next few years. Per capita disposable income rose almost 14% to approximately $793, on average, between 2002 and 2007. There is an increasing trend towards casual footwear in India, and younger consumers are having a significant impact on the sector. As a result, the casual footwear market grew to approximately 860 million pairs in 2007, up 8.4% compared with 2006 figures. The casual shoe sector now accounts for around 60% of the country’s total footwear market.
