The sock market is growing as the everyday accessory becomes a speciality fashion piece.
Socks used to be commodity products, only given a second thought when in need of replacing. But in recent years, they’ve transformed into specialty or luxury pieces meant to make a fashion statement. Sales are reflecting the transition, with the growth of the sock market outpacing the overall growth of the apparel industry, according to a study by Reportlinker.
The report names growth in the men’s apparel industry as a main driver—since almost 50 percent of men wear socks every day. Also contributing is the retail network expansion in developing economies in China, Brazil and India, where disposable income is expected to further drive the retail sector.
In terms of segmentation, the biggest opportunities for the market growth come from improved fashion trends funded by rising income and specific customization, particularly with applications in healthcare and athletics. Cotton materials continue to hold the largest market share, with polyester and nylon socks forecasted to grow in the next ten years.
Children’s retailers recommend taking advantage of the growing trend by adding mommy-and-me or daddy-and-me sock offerings to next year’s inventory. Simply place them near the register for the perfect impulse buy.
Leave a Comment: