Industry Analysis & Industry Trends
Over the past five years, the Footwear and Leather Goods Repair industry has struggled. An improving economy and rising level of imports have led to consumers opting for replacements over repairs. The increasing availability of cheap and imitation leather products has also supported the replacement trend. Nevertheless, as disposable income has risen, the potential market for high-value repairs has expanded, which has limited revenue decline. This has provided valuable, albeit limited, opportunities for participants specialising in the repair of high-value goods. Over the five years through 2016-17, revenue is forecast to contract at a compound annual rate of 1%, reaching £66 million.
In 2016-17, the industry is projected to grow... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Footwear and Leather Goods Repair industry is in the decline stage of its life cycle. Industry value added, which measures the industry's contribution to the overall economy, is forecast to decline at a compound annual rate of 2.7% over the 10 years through 2021-22, while UK GDP is projected to increase at a compound annual rate of 2.3% over the same period, indicating that the industry is expected to account for a declining share of the overall economy.
The growing replacement trend can account for the industry's decline over the past decade. Increased price competition and increasing numbers of imports of low-cost footwear and leather goods have supported the trend of replacement over repairs, hampering industry revenue. Wit.. purchase to read more