In 2023, the actual sold production of footwear with leather uppers in the UK stood at 205.78 million euros. The forecast from 2024 to 2028 signals a declining trend in production, with a steady decrease each year. From 2024's forecasted production of 200 million euros to 176.42 million euros by 2028, the year-on-year decreases average around 3% annually. Over the five-year period from 2024 to 2028, the compound annual growth rate (CAGR) reflects this negative trend, indicating challenges for the sector.
Future trends to watch for include:
- Potential shifts in consumer preferences towards more sustainable and non-leather footwear.
- Impact of economic factors such as inflation and interest rates on luxury goods consumption.
- Technological advancements in material alternatives and manufacturing processes.
- Changes in trade policies and their impact on export and import activities.
