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Albany, NY -- (SBWIRE) -- 09/18/2014 -- A shoe has much more to offer than just to walk, perfectly sums up the Indian Footwear story. Last decade or so has witnessed a sea change in the footwear industry, from a basic need based industry to a fashion, style, quality and performance focused industry. These changes have been driven by a host changing of demographics and economic factors like growing young and working population, increasing disposable incomes, increased discretionary spending, growing fashion consciousness, increased media exposure etc.
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Around XX of India’s population lives in rural areas. Though the number is gradually decreasing with increasing urbanization, a sizable population still stays in rural India. As per our estimates, an average rural consumer spends around Rs. XX per annum on footwear as compared to an urban consumer which spends around Rs. XX per annum on footwear.
Indian footwear retail is mainly an unorganized market with around XX% market share. The size of the organised market which was around Rs. XX billion in XX increased to ~Rs. XX Bn in XX growing at a CAGR of ~XX% every year since 2008. The market is expected to reach Rs. XX billion by XX growing at a CAGR of ~xx% p.a.
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