On the back of robust retail spends growing at over 7 per cent CAGR, fuelled by an increasing affluent and young consumer base in the Middle East and Africa (MENA) region, leather and footwear market is poised to harvest a windfall growth of nearly US$ 28bn in the next five years.
In a statement, organisers of the upcoming DIFLEX 2024, the largest international footwear, leather products & accessories trade fair in the region, said rising purchasing power and disposable income, coupled with increasing demand for luxury products was driving growth in the region.
“The biggest driver for the growth of the leather and footwear industry in the region is the non-oil sector retail surge with the United Arab Emirates and Saudi Arabia leading the growth trends,” stated Rajendra Kumar Jalan, Chairman, Council for Leather Exports, a Government of India statutory trade body under the Ministry of Commerce and Trade.
Over 250 brands
DIFLEX 2024 this time is bigger than last year’s with over 250 brands jointly showcasing over 10,000 world-class product lines and 300 hosted buyers from all over the world. It is anticipated that the show will receive over 4,000 trade visitors
Apart from India, participants at DIFLEX are from the leading footwear and leather producing hubs of Italy, Portugal, Egypt, Pakistan, UAE, Jordan, and many others.
“For the leather and footwear market, the retail expansion offers a bonanza to reap growth, and at DIFLEX, we offer an unparalleled vantage point for participants and industry stakeholders to enhance their market engagement through new partnerships and investments,” remarked Jeen Joshua, Managing Director, Verifair.
