SAN FRANCISCO ,
July 4,
2022 /PRNewswire/ -- A new market study published by
Global Industry Analysts Inc., (GIA) the premier market research
company, today released its report titled "Footwear - Global
Market Trajectory & Analytics". The report presents fresh
perspectives on opportunities and challenges in a significantly
transformed post COVID-19 marketplace.
FACTS AT A GLANCE
What's New for 2022?
- Global competitiveness and key competitor percentage market
shares
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Edition: 17; Released: June
2022
Executive Pool: 19111
Companies: 610 - Players covered include adidas AG;
Reebok International Limited; ANTA Sports Products Limited; ASICS
Corporation; Bata; Bata India Ltd.; Caleres; Deckers Brands; ECCO
Sko A/S; Feng Tay Enterprises Co., Ltd.; Geox s.p.a; Gucci Group
NV; Kenneth Cole Productions, Inc.; LaCrosse Footwear, Inc.; Nike
Inc.; Nine West; Power Athletics Limited; Puma SE; RG Barry
Corporation; Timberland LLC; Vans, Inc.; Weyco Group Inc.;
Wolverine World Wide, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Casual, Athletic,
Outdoor/Rugged, Dress/Formal, Footwear Accessories); Distribution
Channel (Retail, Online); End-Use (Men, Women, Children)
Geographies: World; USA; Canada;
Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South
Korea; Rest of Asia-Pacific; Latin
America; Argentina;
Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel;
Saudi Arabia; UAE; Rest of
Middle East; Africa.
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Registry
ABSTRACT-
Amid the COVID-19 crisis, the global market for Footwear estimated
at US$371.9 Billion in the year 2022,
is projected to reach a revised size of US$421.4 Billion by 2026, growing at a CAGR of
2.9% over the analysis period. Casual Shoes, one of the segments
analyzed in the report, is projected to grow at a 3% CAGR, while
growth in the Athletic Shoes segment is readjusted to a revised
2.9% CAGR. Global consumption of footwear declined significantly in
2020 owing to the COVID-19 pandemic. The biggest decline in
footwear consumption was anticipated to be in Europe, followed by North America, and Asia. In Italy, the sales of clothing and footwear
declined to zero in stores that were not connected to the usan
e-commerce platform after a nationwide lockdown was imposed in the
country in March 2020. In the entire
month of March, the sales of clothing and footwear declined
substantially through all channels, both offline and online, and
the export orders also reduced considerably. Major footwear export
destinations, such as the United States
of America and Europe, were
severely impacted by the outbreak of the pandemic. Moreover, the
lockdown restrictions disrupted the global supply chain, which
fuelled the trend of reshoring. Countries such as Portugal, Spain, and Croatia benefited from the accelerated
reshoring of manufacturing in Europe. Additionally, the transition of
manufacturing from China to other
countries is also expected to benefit countries such as
Vietnam, although the pandemic has
reduced the attraction of these destinations. Several countries,
such as South Korea, Taiwan, and Japan, are striving to gradually reduce their
reliance on China for
manufacturing even before the pandemic, and the pandemic has
accelerated that effort.
Footwear collections have become more casual and focused on
comfort in the past few months as the footwear brands strive to
cater to the new work-from-home lifestyles of the consumers during
the pandemic. However, sales of dress shoes have registered a
substantial decline compared to the previous year. Despite the
reduction in sales of dress shoes and a big transition towards
casual dressing, several footwear brand founders are optimistic
about the prospects of heels, with pumps remaining the top-selling
category for a number of brands. High demand for heels and other
dress shoes has been attributed to the emotional purchases made by
consumers, which implies that people are purchasing things that can
bring them joy. Even before the pandemic, comfort has been a major
selling point for the pumps of different brands. The pumps offer
six mm of extra padding and an expanded toe box and have been
manufactured to enable women to live their lives without
compromising style. However, the overall sales of flats have
registered a significant increase with the imposition of lockdowns
at the initial stages of the pandemic compared to pumps. For
instance, the sales of sandals have witnessed a record growth as
consumers opted for more practical wardrobe options. The trend is
expected to stay, which can potentially harm the prospects of heels
as once consumers prioritized comfort over style, they are expected
to stick to practical wardrobes.
The transition toward comfort clothing has started before the
pandemic in line with the casual wear and athleisure trends in
workplaces and the broader fashion industry. Thus, the dress shoe
segment is not expected to fully recover as the sales have
continued to decline in recent years even before COVID-19. The
dress shoe business of most of the women's footwear brands has
contracted significantly since the beginning of the COVID-19
pandemic, with several retailers of many brands having been stuck
with excess inventory of dress shoes in recent months. These
factors indicate the overall pressure on dress show business. For
instance, a mule introduced by Margaux, a direct-to-consumer
footwear brand, as part of their Gal Meets Glam spring
collaboration has rapidly unseated the heel style as the top seller
of the brand. High demand for the mule has forced the brand to
reorder the style from their factories multiple times since its
launch, with more than two-thirds of the mule pairs has been sold
to first-time customers. The success of the style has prompted
Margaux to recently introduce a mule outside their collaboration
with three colorways, and every shoe comes topped with an oversized
bow. In the next few months, footwear brands are expected to focus
on casual boots and sneakers. For instance, footwear brand Jimmy
Choo has launched the latest Hawaii trainer that witnessed a huge demand
from the consumers.
Although customers of footwear brands are shopping more
carefully and intentionally since the beginning of the pandemic,
they are also shifting toward more fanciful styles, pastels, and
prints than ever before. Previously, a significant share of
customers, specifically the urban professional customers have been
practical in their selection, with the sales of shoes in nudes,
navy, and black registering a substantial growth in sales. However,
the brands witnessed an instant increase in the sales of novelty
items, such as shoes with prints and pop colors during the
pandemic. Although customers have been shopping less during the
period, they purchased items that can bring them joy. The shift has
been in tune with other fashion trends as people are shopping for
things such as bike shorts, bucket hats, or tie-dye that are
lighthearted and fun and give them the same feelings when they wear
them. Sarah Flint is planning to
introduce a slipper in the upcoming months as part of a Cozy
Interiors collection. Although the brand has planned for the
collection before the pandemic, the slipper was later added to the
collection considering the current preferences of consumers. Apart
from the slipper, the collection also included a flat, a sleek
heel, and an all-purpose boot. Women are expected to remain the
main market for heels, whether they are buying pumps for a rainy
day or a socially distanced night out.
China continues to dominate the
world footwear production scenario, accounting for over 55% share
of total production. The offshoring drive steered the Chinese
footwear production during 2000s, and with active participation of
domestic players, the momentum continues to remain upward. Though
the business environment has changed in comparison to the recent
past, Chinese companies are looking for remedies to bring back the
lost interest of major footwear brands and companies. As a result,
many Asian companies are independently developing high-quality
footwear and associated products for addressing the demands of
domestic markets. For instance, operation of shoe producers in
Taiwan have undergone a
transformation, with primary concentration now on the supply of
luxury shoes, designing of footwear, and the setting-up of
procurement and accounting centers for their production operations
across the world. Several Chinese companies are also making huge
investments in retail operations of Western footwear brands and
companies to expand their global reach and market penetration.
However, escalating costs in the Chinese manufacturing sector are
likely to convert China's status
from the world's footwear workshop to a major high cost footwear
exporter to the world markets. Following several years of low
prices for the goods exported from China, prices started rising against the
backdrop of high inflation levels and production costs. But, for
the global footwear industry, southern China is still an attractive footwear
manufacturing market. The rising cost of manufacturing is
nevertheless resulting in China
losing its stronghold, with countries especially in Southeast Asia gradually gaining momentum and
becoming a hub for the production of outsourced footwear.
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SOURCE Global Industry Analysts, Inc.