Boston, MA -- (ReleaseWire) -- 06/27/2014 -- Around 80% of footwear is imported. The process to import raw materials as well as finished goods is complicated and delays production causing shortages of certain items. Access to foreign currency is the most important factor closely followed by the process to obtain a certificate of "No National Production" required to import raw materials. The Venezuelan Chamber of Footwear and Components (CAVECAL) estimates that sales of local manufacturers have fallen to 20% in value terms since 2000.
The leading brands in women?s footwear were Basinger, Vic Mati? and Gran Turismo with value shares of 13%, 12% and 12% respectively in 2012. In men?s footwear, the Massimo Dutti and Inglese brands secured value shares of 7% and 3% respectively, while adidas and Nike held 2% and 1%. However, Venezuelan footwear is fragmented with a diverse range of independent outlets nationwide, selling imported and locally-produced shoes.
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The entrance of Venezuela into MERCOSUR (Mercado Com?n del Sur) is expected to impact the category in two ways. Firstly, the impact is negative for industry that is protected with strong elements to compete in an international market. According to CAVECAL (Venezuelan Chamber of Footwear and Components) in a published interview, the category is not protected or able to compete with Argentina and Brazil. The inclusion into MERCOSUR may lead to problems down the line as there are many economical inconsistencies with the other members such as inflation and price indices. The annual average inflation for the other members is in the order of 6%, while Venezuela is above 25%, which constantly raises the cost and makes the industry less competitive. Secondly, the impact is positive for importers because products from Brazil and Argentina will have preferential duty or zero tariff, which will make the footwear more affordable for consumers and could stimulate sales in the category.
Discover the latest market trends and uncover sources of future market growth for the Footwear industry in Venezuela with research from Euromonitor's team of in-country analysts.
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If you're in the Footwear industry in Venezuela, our research will save you time and money while empowering you to make informed, profitable decisions.
The Footwear in Venezuela market research report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- What is the market size of Footwear in Venezuela?
- What are the major brands in Venezuela?
- How dynamic is the growth of clothing and footwear internet sales?
- What is the performance of women?s clothing vs men?s clothing?
- What % of clothing and footwear sales goes through grocery retailers?
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Product coverage: Children's Footwear, Men's Footwear, Women's Footwear.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
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