At present, socks are being considered as a style statement amongst youngsters and they are no more considered as an essential wardrobe accessory. Socks have emerged as a fashion accessory owing to colorful patterned socks amongst millennials and can be seen on social media websites like Facebook, Instagram, Twitter, and other social media pages. In addition, the growth in this market has resulted in the emergence of many startups that provide colorful patterned socks for children, men, and women. A New York-based company Bombas LLC designs, produces, and markets socks for kids, men & women in colorful patterned, athletic, and dress socks.
With the augmenting penetration of the Internet and smartphones, customers are more interested in the peer review of products prior to making a purchase. This has led to increasing awareness about allergies linked with synthetic fibers. Due to this factor, consumers prefer natural fibers to synthetic fibers. They also compare the prices before buying. The surging footfalls at supermarkets or hypermarkets plus increasing use of online retail services are boosting the sales of socks and related products in the Asia Pacific region. Such formats are enabling expediency in terms of making purchases plus choosing from a broad variety of socks. Customers, in particular, the working class, opt for online retail compared to offline retail due to their busy schedules. This trend is likely to continue in the future
The leading players in the global socks market are signing sponsorship contracts with athletes and major associations of sports events around the world to enhance visibility and brand awareness amongst consumers. This has led to the brand endorsement of trendy athletic brands like Adidas to promote their products by popular American football players and basketball players, which is anticipated to drive the athletic and sports socks segment. Furthermore, brands like Puma, Nike, and Adidas are strategizing on increasing awareness with the advertisement and promotion of their products through sponsorship contracts with different football clubs and popular athletes. For example, Puma sponsors Arsenal Football Club; Adidas sponsors Real Madrid C.F. and Manchester United; while Nike sponsors A.S. Roma and Barcelona.
Global market players are supposed to introduce enhanced features to the development of new #socks. Companies are also investing heavily in research and development in order to gain a competitive advantage over their competitors. Read: https://t.co/vd2fT1lzWq#marketresearch pic.twitter.com/AcRWmgeiKg
— Syndicate Market Research (@Syndicate_SMR) August 2, 2021
The socks market globally is expected to be extremely consolidated. With a large number of prominent market players in the global socks market, there are several local and regional market players. The global players in the market are projected to bring advanced facets to develop new socks. Companies are also significantly investing in research & development activities to have a viable edge amongst their contenders. Market players have persisted to dominate the altering backdrop of the socks market with their proficiency in providing high-quality product collections with various ranges. The planned partnerships and mergers & acquisitions are major aspects that advance product offerings and market growth in the global socks market.
The augmenting fashion trends globally have motivated major players in the market to introduce socks in different lengths such as liner socks, anklets, and no-shows. The socks market is gaining popularity exponentially. The requirement for luxury and premium socks is surging from emerged regions like Europe and North America. Furthermore, increasing expenses on health and fitness amongst adults is estimated to boost the demand for various shoe accessories like ankle socks and sports socks during the workouts in health clubs & gymnasiums. In the last few years, many health care professionals have surged their expenditure on publishing many research papers on maintaining healthy feet considering augmenting occurrences of foot disorders linked with diabetic patients. Therefore, some of the companies such as Podolite and Dr. Oxyn have launched tailored diabetic socks so as to reduce the peril of foot ulcers that act as a root cause of infections or possible amputation.
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