2021 年下半年以来，随低基数红利期已过，社消增速环比不断下行，逐步回落 至2020 年同期增速水平。2021 年9 月社会消费品零售总额为3.68 万亿元，同 比增长4.4%，增速比8 月上升1.9 个百分点，自2021 年3 月以来，社消同比 增速首次环比回升。2021 年1-9 月，社会消费品零售总额为31.81 万亿元，同 比增长16.4%，增速比上年同期上升23.6 个百分点。细分品类看，金银珠宝类 零售额同比增长41.6%，增速绝对值位列零售子行业首位。

The offline segment holds the largest distribution channel share, owing to the increasing number of footwear retail outlets in emerging economies, such as Brazil, China, India. Also, regularly changing in-store display shelves and windows brings in repeat customers who look forward to and track new arrivals coming in. Customers want more from their retailers in terms of style options, modern in-store experiences and a variety of fast-fashion brands to choose from. Brand experience, ‘everything at one place’ facility, and easy return policies act as drivers for the offline segment. Increasing the spending power of consumers and rising health awareness is anticipated to boost its global business. However, due to COVID-19 pandemic and rules like, lockdown, social-distancing, curfews, etc. are resulted into poor footfalls. The demand is subdued as people are still wary to come to stores, walkins have reduced.