Executive Summary
This Clothing & Footwear in South Africa report offers a comprehensive guide to the size and shape of the market at a national level. It provides the latest retail sales data, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market - be they new product developments, packaging innovations, economic/lifestyle influences, distribution or pricing issues. Forecasts illustrate how the market is set to change.
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Executive Summary
Consumer spending confidence remains high
There was demonstrated resilience in South African consumer spending habits. Despite record high household debt to income ratios, clothing and footwear sales remained strong with double-digit growth rates in volume terms. Although the monetary authorities campaigned vigorously to alert consumers of the dangers of a high debt ratio and encouraged them to reduce spending, in the absence of real incentives to save and invest, it is likely that the current scenario will persist as consumers opt to spend their increasing disposable incomes on more clothing and footwear items.
Low debt servicing costs drive up credit utilisation
Low interest rates and the resultant low cost of servicing debt will continue to attract consumers to spend more on credit purchases of clothing and footwear. Positive economic growth and wealth redistribution led to the rapid expansion of a strong middle class with disposable incomes. Even though the government will implement the National Credit Act in June 2007 to promote the responsible awarding of credit to consumers, new consumers in the growing middle class will create an upward movement in credit utilisation.
More disposable incomes set to increase retail consumption
Tax relief measures announced in the 2007 budget will result in a substantial amount of disposable income falling into the hands of consumers. The beneficiaries of these tax relief measures are mainly in the lower middle and lower income brackets. Despite authorities urging the beneficiaries to use the extra money to service existing debts and for savings, the likely outcome is more retail spending and clothing and footwear purchases will top most shopping lists. This is because there are no real incentives to save for consumers in these income brackets.
Import quotas to push up retail prices
The government put import quotas on Chinese clothing and textiles into effect from January 2007. This limits the volume of clothing and textile products imported from China. Major clothing retailers condemned the move, arguing that local production capacity cannot cope with the rising demand for affordable clothing. This will create shortages and result in the price of clothing and textiles going up, especially in the second half of 2007.
The strength of the rand will generate more cheap imports in footwear
Positive economic growth enabled the rand to sustain itself against other major currencies. This will facilitate the importation of cheap footwear from regions of low cost production like China, Brazil and India. Footwear was not included in the imposition of quotas, so it will be business as usual for footwear imports.
TABLE OF CONTENTS CLOTHING AND FOOTWEAR IN South Africa: MARKET INSIGHT
EXECUTIVE SUMMARY
Consumer spending confidence remains high
Low debt servicing costs drive up credit utilisation
More disposable incomes set to increase retail consumption
Import quotas to push up retail prices
The strength of the rand will generate more cheap imports in footwear
KEY TRENDS AND DEVELOPMENTS
More disposable incomes to boost retail sales
Addition of trading space reflects trade confidence
Clothing prices set to rise following import quotas
Economic expansion to drive retail sales
Upward movement in credit utilisation to persist
Footwear imports likely to increase
MARKET DATA
DEFINITIONS
Clothing
Footwear
Summary 1 Research Sources
LOCAL COMPANY PROFILES - SOUTH AFRICA
EDCON GROUP PTY LTD - CLOTHING AND FOOTWEAR - SOUTH AFRICA
STRATEGIC DIRECTION
KEY FACTS
Summary 2 Edcon Group Pty Ltd: Key Facts
Summary 3 Edcon Group Pty Ltd: Operational Indicators
COMPANY BACKGROUND
PRODUCTION
COMPETITIVE POSITIONING
Summary 4 Edcon Group Pty Ltd: Competitive Position 2006
EDDELS SHOES PTY LTD - CLOTHING AND FOOTWEAR - SOUTH AFRICA
STRATEGIC DIRECTION
KEY FACTS
Summary 5 Eddels Shoes Pty Ltd: Key Facts
Summary 6 Eddels Shoes Pty Ltd: Operational Indicators
COMPANY BACKGROUND
PRODUCTION
Summary 7 Eddels Shoes Pty Ltd: Production Statistics 2006
COMPETITIVE POSITIONING
Summary 8 Eddels Shoes Pty Ltd: Competitive Position 2006
FOSCHINI GROUP PTY LTD - CLOTHING AND FOOTWEAR - SOUTH AFRICA
STRATEGIC DIRECTION
KEY FACTS
Summary 9 Foschini Group Pty Ltd: Key Facts
Summary 10 Foschini Group Pty Ltd: Operational Indicators
COMPANY BACKGROUND
PRODUCTION
COMPETITIVE POSITIONING
Summary 11 Foschini Group Pty Ltd: Competitive Position 2006
MR PRICE GROUP PTY LTD - CLOTHING AND FOOTWEAR - SOUTH AFRICA
STRATEGIC DIRECTION
KEY FACTS
Summary 12 Mr Price Group Pty Ltd: Key Facts
Summary 13 Mr Price Group Pty Ltd: Operational Indicators
COMPANY BACKGROUND
PRODUCTION
COMPETITIVE POSITIONING
Summary 14 Mr Price Group Pty Ltd: Competitive Position 2006
TRUWORTHS GROUP PTY LTD - CLOTHING AND FOOTWEAR - SOUTH AFRICA
STRATEGIC DIRECTION
KEY FACTS
Summary 15 Truworths Group Pty Ltd: Key Facts
Summary 16 Truworths Group Pty Ltd: Operational Indicators
COMPANY BACKGROUND
PRODUCTION
COMPETITIVE POSITIONING
Summary 17 Truworths Group Pty Ltd: Competitive Position 2006
CLOTHING IN SOUTH AFRICA
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
FOOTWEAR IN SOUTH AFRICA
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
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