Footwear continues to outpace apparel, driven by a wider assortment of products, the proliferation of athleisure and fashion’s infiltration into men’s and children’s footwear. As brands increasingly look to footwear to boost profit margins, this report sets out to examine the evolving footwear landscape at a time of economic uncertainty in key markets, while identifying core trends and highlighting ways in which brands can successfully appeal to an increasingly demanding and empowered consumer.
Footwear continues to be a source for strong growth with a CAGR of 6% over 2010-2015 in comparison to 4% for apparel. Children’s footwear provides robust growth rates as fashion continues to infiltrate the category, while women’s drives value growth increasing sales by US$31.2 billion to 2020.
Asia Pacific has by far the largest market size valued at US$105.4 billion in 2015, benefiting from the rapid growth of China and India which have jointly posted absolute value growth of US$25.8 billion over 2010-2015.
Interestingly, the US will remain the number one market in footwear despite China overtaking within apparel. As well as being the largest market, the US will account for the highest absolute value growth of US$16.8 billion to 2020.
Sports footwear exceeded overall industry growth, with a CAGR of 7% over 2010-2015, and is expected to continue rapidly growing as fitness and fashion trends merge to create unprecedented demand.
While aspirational consumption in emerging markets benefits designer footwear brands, rapid expansion of fast fashion brands and their continued investment in footwear creates a polarisation trend within the industry.
Comfort has always been an important factor within footwear, however, with the proliferation of athleisure, consumers are less inclined to compromise on comfort for style.
88% of footwear sales were accounted for by store-based retailers in 2015, in comparison to 86% for apparel. Creating an engaging and enjoyable store experience is vital if stores are to remain relevant during the buying process.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page