FOCUS: SUPPLY CHAIN
Footwear
retailers must closely manage supply chains as consumer
spending contracts
Almost a third of consumers say they will cut back spending on clothing and footwear as the cost of living crisis hits households, but better supply chain data can help footwear brands stay in control
T
he cost of living crisis is already putting considerable pressure on consumer spending, and with further cause for concern over rising energy bills after the government announced the price cap will end in April 2023, understandably, shoppers are looking at where they can make savings.
Retailers are already seeing evidence of this change in consumer behaviour. Advanced Supply Chain Group (ASCG) surveyed 100 UK retailers in September 2022 and found that 65% of respondents said the soaring cost of living is already having a negative impact on their sales. Looking at fashion accessories and footwear specifically, 47% of retailers identified these categories as areas they expect consumers will be most likely to cut back in 2023.
10 • FOOTWEAR TODAY • MARCH/APRIL 2023
This is backed up by the findings from ASCG’s accompanying survey of more than 1,000 UK shoppers, which showed 72% of consumers plan to spend less than usual on clothing, accessories and footwear in 2023. However, there’s opportunity for footwear brands to continue to engage consumers during challenging times and build on the growth from 2021 – during which UK households spent approximately £10.95 billion on footwear alone – by diversifying their sales approach in response to the ways in which consumers are now choosing to shop. ASCG’s research found that one in five shoppers now waits for sales to buy the products they want, while just over one in 10 (12%) have swapped high street non- food shopping for online shopping to save money on
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