GIA announced 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.
The research report titled “Footwear: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America). The global and regional markets for Footwear are also analyzed, in value and volume terms, by the product segment including Athletic (Aerobic, Baseball, Basketball, Cross-Training, Soccer, Running, Tennis, Walking, Hiking, and Athleisure), Outdoor/Rugged, Casual, Dress/Formal and Footwear Accessories.