The footwear turnover in Finland has shown variability over the past decade, with significant fluctuations. The year 2023 saw a value of 201.6 million Euros, reflecting a 4.73% increase from 2022. From 2013 to 2019, turnover witnessed both decreases and substantial increases with a notable drop in 2018, followed by a 16.55% rise in 2019. The largest decline occurred in 2020 due to the pandemic, with a turnover decrease of 21.01%. Recovery has been gradual since, evidenced by year-on-year growth rates of 9.48% in 2021 and 7.54% in 2022. The 5-year compound annual growth rate (CAGR) leading up to 2023 stands at 2.57%.
For the forthcoming years from 2024 onwards, the footwear market is forecasted to maintain a slower but steadier growth, with the estimated CAGR over the next five years being just 0.14%. By 2028, the turnover is expected to be around 203.5 million Euros, indicating cautious optimism in market stability but modest growth.
Future trends to watch for include:
- Consumer behavior shifts toward sustainable and eco-friendly footwear brands.
- Technology integration such as smart footwear and e-commerce advancements.
- Economic factors and their impact on disposable income and spending patterns.
- Potential disruptions from global supply chain challenges.
