The market for footwear with uppers of leather in the UK has seen significant fluctuations over the past decade. The actual data from 2013 to 2023 shows an initial growth followed by a downward trend. The value peaked in 2014 and 2015, with a substantial drop thereafter, particularly noticeable in 2016. The market declined further in subsequent years, hitting the lowest point in 2020, likely impacted by the COVID-19 pandemic. A moderate recovery was observed in 2021, but the market remained relatively flat through 2023.
- Year-on-year variations from 2022 to 2023 were -1.22% indicating a slight decline. - The 5-year compound annual growth rate (CAGR) since 2018 stands at -1.02%, reflecting an overall downward trend over the recent half-decade.- For future forecasts, from 2023 to 2028, the market is expected to decline at a CAGR of -1.05%, leading to an estimated growth rate of -5.16% by 2028.
Future trends to watch for include shifts in consumer preferences toward sustainable and synthetic materials, which may further impact leather footwear sales. Additionally, economic conditions, fashion trends, and changes in consumer spending power will play critical roles in shaping the market dynamics.
