So many of us love to ‘shop till we drop’. However, this is mainly for the things which we feel passionate about and have very strong opinions on.
New York, NY -- (SBWIRE) -- 02/22/2017 -- How many of us can say the same for their socks? Unfortunately, socks and thereby the entire socks market can be classified as a commodity which people will buy only because they need, and not want. They are not unlike toothpaste or tonic water, where demand doesn't radically change from one year to the next but remains consistent. It becomes challenging for clothing apparel company executives to dramatically improve growth rates for socks. The only way to increase sales is to justify higher prices with a new or unique style proposition or get people to buy more. Since the latter is quite difficult, companies involved in the global socks market have ventured into luxury socks and socks meant for a specific application. They have helped to transform socks from a commodity into a fashion statement with some pairs even selling for more than $1500!
The global socks market can be classified on the basis of use case, type and geographic region. Athletic and trouser socks are the two main variants out of which the former occupies the largest market share. The reason for this is their diverse application. They are primarily used within the gym or any other sport, but they can easily morph into casual wear with informal footwear. Trouser socks are preferred with formal footwear and can be used by both men and women. Cotton, nylon and polyester are the main materials used to produce socks out of which the former accounts for nearly a third of the entire market.
Rapid expansion of retail stores in the BRIC nations like Brazil, China and India is anticipated to be one of the critical drivers of the global socks market. A large, increasing population coupled with rising disposable incomes is expected to boost the overall retail sector, thereby giving a fillip to the socks market as well. A greater focus on healthcare due to a sedentary lifestyle will ensure that people look at the athletic socks market to satisfy their requirement. Sportspersons and athletes frequently face different kinds of injuries and they turn to compression therapy for relief. Obesity and knee surgeries required by a geriatric population in western countries will boost the demand for therapeutic socks. According to the WHO, cases of obesity have nearly doubled since the year 1980.
Another key socks market driver is the push towards making socks a fashion statement. Manufacturers have begun offering socks made of rare materials like animal tuft or fur and are marketing it as the ultimate comfort. Even mainstream brands have begun pushing higher-end socks to coax their customers into looking at them as a style statement, and not a commodity. They have also tried to make their clients buy more socks by opting for a noticeable pair, just to spice things up. For e.g. – A man may be able to wear lime-green socks with his custom stitched grey suit once, but certainly not every day. That is why he would need to buy regular pairs along with this one. Loud socks have been a trend for several years now, and it doesn't seem to be slowing down in the slightest. They have even begun to command respect since they represent an enormous focus on personal care and grooming!
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Asia-Pacific was the largest socks market in the year 2015 and it is expected to remain so for the forecast period. This is due to having the largest population by a substantial margin and also relatively high growth rates. Rising penetration of retail outlets and e-commerce platforms in countries like China, India, Thailand, Singapore & Malaysia will drive the socks market forward. Europe is anticipated to lose market share going forward even though it is still indisputably the fashion centre of the world. North America is predicted to show a moderate growth while Brazil, Saudi Arabia and the rest of MENA are the region to bet on in the long term.
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The key market players in the global socks market are Nike Inc., PUMA, Adidas, Thai Socks, ASICS Corp.
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