The Footwear sector in Belgium has experienced a significant decline in hours worked by employees over the past decade. From 2014 to 2023, there was a marked reduction, with the most noteworthy drops happening in 2015 (-23.99%) and 2019 (-34.58%). The sector showed brief periods of recovery, notably in 2017 (15.47%) and 2018 (27.33%), but these were insufficient to reverse the overall downward trend. By 2023, the hours worked had decreased to 103.78 thousand hours, reflecting a year-on-year reduction of -13.36%.
The last five years exhibit a sharp decline with a Compound Annual Growth Rate (CAGR) of -16.89%. The forecast from 2024 to 2028 projects further reductions, with a five-year CAGR of -21.53%, indicating an estimated 70.26% decrease by 2028.
Future trends to watch for include potential technological advancements leading to increased automation, shifts in consumer preferences towards sustainable and locally produced footwear, and economic factors impacting purchasing power and discretionary spending. Regulatory changes and trade policies may also influence the sector's employment dynamics.
