The slowdown in the UK footwear market is expected to have faster sales growth expected in the following years after the current global recession.
According to market intelligence provider Key Note, consumers who have cut their spending in 2009 are likely to purchase replacement shoes when the recession is over.
The footwear market in the UK reached a record high of over GBP7bn (US$11.3bn) in 2008, with spending on footwear up by 17.7% between 2004 and 2008 due to the thriving high-street retailers.
Key Note forecasts that the value of the UK footwear market will contract by 0.3% in 2009, but will recover well in 2010. The overall growth will reach 17.9% over the period from 2009 to 2013.
The report also identifies future trends in the UK footwear market such as a more serious approach to innovative and functional footwear as well as "green" products, and predicts that market leader Clarks is likely to continue performing well, despite downturns on the high street.
