New Market Research Report: Footwear in the Philippines
Affordable footwear is preferred by consumers leading to a decline in value growth in 2012 compared to 2011. Volume growth for 2012, meanwhile, was at 4% which was marginally higher than in 2011. Affordable footwear such as Payless is preferred as it gives consumers the ability to purchase several pieces which they can pair with varying outfits. Lower-priced footwear allows consumers to own several pairs that would cost the same as buying one expensive pair, leading to better volume growth.
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