The Global Market for Footwear is Projected to Reach US$371.8 Billion by 2020
New Design Trends and Rising Discretionary Spends Spur
Growth in the Global Footwear Market, According to a New Report by Global Industry Analysts, Inc.
GIA announces
the release of a comprehensive global report on Footwear. The
global market for Footwear is projected to reach US$371.8 billion by 2020,
driven by new design trends and rising discretionary spending among the
expanding base of middle class population.
The global footwear
market is witnessing steady growth driven by the introduction of new fashion
elements in footwear components. The growing focus on effective product
differentiation in the relatively mature footwear industry is a key factor
driving new design trends. The ability of footwear to transform an outfit makes
it an important clothing accessory. Fashion pulse in the footwear industry in
changing rapidly in sync with changing consumer preferences. Changing
perceptions of footwear among various customer groups, increasing awareness
over eco-footwear, demand for personalized footwear, seasonal trends and
growing Internet usage, represent factors influencing consumer preferences. Continuous
changes in clothing fashion are additionally influencing footwear preferences.
Greater willingness among both men and women to experiment with their shoes is
resulting in the availability of a wide variety of colors, styles and designs
in the market. Also, rising disposable income is encouraging swift adoption of
latest fashion trends.
Celebrity
endorsements are helping spur demand for non-athletic footwear. Athletic footwear, on the other hand, is driven
by rising health consciousness and increased involvement in sports and fitness
activities. In the casual footwear market, timeless classics are making a
comeback with women preferring simple classic black pair of shoes with medium
heels which serve as perfect accessory for almost any outfit. Few of the popular enduring timeless styles
for women include flats, loafers, and boat shoes. For men rubber soled penny
loafers, brogues, monk-straps, Oxfords and Derbies continue to be in vogue. Fashion
forward innovations on timeless styles are gaining momentum with consumers
seeking affordable hybrid shoes that offer the perfect blend of fashion,
comfort and function.
With consumers
emerging as a powerful force in voluntary environmental stewardship, eco-friendly
footwear is growing in popularity. Materials used to produce shoes, including
leather, glues, solvents, plastics and rubber produce millions of pounds of
waste annually. Biodegradable footwear, in this regard, helps integrate
eco-friendly practices into daily lifestyles. Shoes made from compostable
materials, such as, synthetic biodegradable polymers, help solve the problem of
non-degradable waste. As stated by the new market research report on Footwear,
Asia-Pacific represents the single largest market worldwide. The region also ranks
as the fastest growing market with a projected CAGR of 8.1% in volume terms,
over the analysis period. Growth in the region is led by strong preference for
high-fashion and branded footwear, expanding base of affluent middle-class
population, and increasing per capita spending on clothing and accessories.
Major players
covered in the report include adidas AG, Reebok International, ANTA Sports
Products Limited, ASICS, Bata Shoe Organization, Bata India Ltd., Power Athletics
Limited, Deckers Outdoor Corporation, ECCO Sko A/S, Geox, Gucci Group, Kenneth
Cole Productions, Inc., LaCrosse Footwear, Inc., Nike Inc., Nine West Group
Inc., Puma AG, R.G. Barry Corporation, Timberland LLC, Vans, Inc., Weyco Group
Inc., and Wolverine World Wide, Inc., among others. Key retailers profiled in
the report include Brown Shoe Company, Inc., Foot Locker, Inc., Payless
ShoeSource Inc., The Athlete's Foot Brands, LLC, The Finish Line, Inc., and The
Sports Authority, Inc.
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