The UK's market size value per capita for footwear with upper straps or thongs assembled to the sole by means of plugs showed a decline from 2013 to 2023, decreasing from $2.21 to $1.69. The year-on-year variation indicates a continual drop in recent years, with a -3.5% decrease from 2021 to 2022 and -3.9% from 2022 to 2023. The compound annual growth rate (CAGR) over the last five years further underscores a consistent downturn, averaging at -1.2% annually.
Future trends to watch for include:
- Post-pandemic shifts in consumer behavior influencing purchase patterns.
- Increased emphasis on sustainable and eco-friendly materials, affecting product offerings.
- The impact of economic conditions on discretionary spending, possibly leading to further consolidation in the market.
