- Guest Contributor |
Friday Podcast - In this Fashion Friday podcast series by Euromonitor International, we will have a closer look at affordable fashion in the South African apparel and footwear market.
Currently estimated to be worth R184,375 million, South Africa’s apparel and footwear market has been slowly declining in volume terms leading up to 2018 but continues to grow in value terms. This growth is attributed to the rising cost of commercial goods, whilst the decreasing volume is due to declined purchases of apparel and footwear by consumers.
The continuing weak state of the South African economy has placed pressure on South African consumers’ disposable incomes. This has challenged the apparel and footwear market as consumers look to spend less where possible and get the most value out of their money. This has led to consumers becoming more aware and selective of their shopping habits. Similarly, retailers have employed different business strategies to fuel market growth. These strategies include, brands moving into bigger departmental retailers, intense promotional activity, increased promoting of store accounts and retailers offering lay-buy payment options.
Threats to the apparel and footwear market of the country include the high rate of sales coming from account payments, and the high level of cheaply imported apparel and footwear items, which has placed an immense pressure on local manufacturers and retailers.
The South African apparel and footwear industry’s growth is expected to remain subdued over the midterm with growth picking up thereafter. The sector sees a growing number of opportunities such as athleisure, streetwear and ethnic apparel. Other opportunities to tap into are apparel and footwear catering to plus size consumers. The opportunities within this market are vast and exciting as it is one that speaks to an individual’s sense of style and self-expression.
Written and created for FashionUnited by Euromonitor. Euromonitor International is the world's leading independent provider of strategic market research.