The sock market - Italy

A sock is a garment that covers the foot and, in some cases, part of the leg, with the purpose of protecting the foot from direct contact with the shoe, reducing friction, and absorbing sweat. Generally made of materials such as cotton, wool, nylon, or synthetic fibers, socks come in a variety of lengths and styles, such as low socks (below the ankle), ankle socks, and longer socks that reach to the knee or calf. Their main function is to provide comfort and protection, but over time they have also become a fashion accessory, with a wide range of colors, patterns, and materials used to meet different aesthetic and functional needs. The global sock market reached a value of US$52.79 billion in 2023, and is expected to grow at a compound annual growth rate (CAGR) of 5.8 percent over the period 2024-2032, reaching US$87.68 billion by 2032. Casual socks represent one of the main segments of the industry, but growing interest in health and fitness is stimulating demand for sports socks. The growing popularity of premium shoes and sports accessories, along with the expansion of gyms, is supporting this growth. In Europe, the sock market was worth USD 11.63 billion in 2023, with a projected growth of 5.3 percent annually, leading the market to reach USD 18.51 billion by 2032. However, the level of physical activity varies widely among Europeans: 38 percent play sports at least once a week, while 45 percent never engage in physical activity, with participation decreasing significantly with age. In Italy, the hosiery sector has been greatly affected by the crisis caused by Covid-19. Despite an increase in sales of products for domestic use, sales of women's hosiery, particularly pantyhose and stockings, have plummeted. According to data from Confindustria Moda, sales of men's hosiery declined by 21 percent, while women's hosiery sales dropped by 23 percent. Exports from the Castel Goffredo district, one of Italy's main manufacturing hubs, registered an annual decline of 24 percent with a 35.8 percent drop in the last quarter of 2020. As for the hosiery industry's turnover trend between 2018 and 2023, a significant growth of 62 percent was observed between 2018 and 2019. However, 2020 saw a decline of 21.1 percent, followed by a gradual recovery until 2022. In 2023, there was another significant decline of 71.9 percent, signaling continued market volatility. In parallel, the circular fashion sector has gained interest, with 31% of Italians associating fashion with concepts of recovery and recycling. 74 percent of respondents showed interest in sustainable fashion solutions, with a particular propensity among women and second-hand clothing consumers, reflecting a growing focus on sustainability in the hosiery sector as well. Analysis of sock offerings reveals a growing focus on diversification, material innovation, and sustainability. Sports, luxury, and sustainable socks are booming, with a focus on antibacterial and recycled materials, thus meeting the needs of the modern market that is increasingly concerned about the environment and product quality.