The need to own a good pair of shoes goes beyond trends or fashion, to include convenience and comfort. It’s this desire that makes the Global Footwear Market a dynamic one and just like apparel, is seeing lots of change. This is what’s contributing to the 3.44% CAGR observed in the market and will ultimately generate an estimate of USD 280.61 Bn by 2023. Research On Global Markets unveils what’s new in 2018:
Changing trends: The eco-friendly rush:
Adoption of sustainable production techniques is a prominent transformation in the footwear market. The whole shoemaking manufacturing process is evolving into one that significantly reduces waste, while keeping style and comfort in mind. In turn, brands benefit from a drop in several expenses, especially labour costs.
New challenges: Fast fashion:
The millennial consumer prefers to be spoilt for choice when it comes footwear. They want a lot of options and something that’s in vogue too. Footwear designing companies want to capitalize on this notion. They assume that it provides them with immense business opportunities, but doing this is proving to be tougher than expected. Companies struggle to keep up with rapid fashion transitions. The problem lies in balancing innovation and trying to meet such high expectations.
Changing trends: Growing consumer base in developing countries:
Although North America is still a formidable market, brands are assessing untapped potential in developing countries for what they’re worth. Retail stores in Latin America, Africa, the Middle East, Asia-Pacific, and other regions in Europe, are welcoming global footwear brands. An expanding population and rise in disposable income are the foundation of this emerging market and shoe companies are happy about it.
New challenges: Online shopping:
We’ve seen how several markets are slowly moving their sales to the online domain. The global footwear market is no exception to this rule. Websites may appear to be a profitable platform, but there are plenty of obstacles that top footwear brands still have to face. The biggest issue lies in dealing with an increase number of competitors and the products that they offer.
What this means for the global footwear market:
The business advantage lies in a growing number of consumers, and more styles or innovations that they can choose from. In spite of this, the global footwear market has yet to devise solutions that address intense competition, material acquisition costs and sale of counterfeit products.
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