In 2023, household expenditure on footwear in Belgium stood at 1.72 billion Euros. Over the past decade, the expenditure has demonstrated fluctuations, reaching a peak in 2018 at 1.91 billion Euros before a significant drop in 2020 due to unprecedented circumstances, which resulted in an expenditure of just 1.44 billion Euros. Year-on-year variations in the subsequent years showed a slow recovery, with moderate increases and occasional declines. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 averaged -2.07%, reflecting an overall shrinkage primarily influenced by the sharp decline in 2020. Forecasts from 2024 onwards project gradual growth with a 5-year CAGR of 0.8%, suggesting a slow but consistent recovery trend up to 2028.
Future trends to watch for:
- Potential impact of economic fluctuations on consumer spending habits.
- Emerging preferences for sustainable and eco-friendly footwear.
- Technological advancements and innovation in footwear design and production.
- Influence of e-commerce expansion on consumer purchasing behavior.
