Original article published in InsideRetail
The footwear industry might have lost its footing in recent years, but a new IbisWorld report promises new hope for the future.
As the global economy stabilises and consumer sentiment and expenditure improves, industry revenue is expected to grow by 0.8 per cent in 2013-14 to reach $3.3 billion.
The industry has faced increasing competition, both internally and externally.
It is also facing intensifying competition from online retailers. Many industry players have started their own online stores to launch themselves into the growing internet market. Despite this, the strength of the Australian dollar over the past five years has meant that well informed customers could easily turn to overseas retailers that provide cheaper alternatives.
Over the next five years, IbisWorld expects some improvement in conditions as Australians loosen their purse strings and consumer sentiment recovers. Nonetheless, pressures from online and other retailers are expected to intensify.
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