Asia Pacific is one of the largest and most dynamic regions for footwear sales in the world. Between 2012 and 2017, consumer spending grew solidly supported by strong economic growth and greater disposable income. Footwear sales growth was further supported by the popularity of sports footwear: with the growing awareness of healthy lifestyles and the influence of Western culture, consumers are increasingly drawn to athleisure products that reflect a growing sports-driven consumer base.
Asia Pacific boasts the largest footwear market in the world, accounting for 31% of global footwear sales in 2017. The region has been at the forefront of growth, as sales increased by a CAGR of 4% over 2012-2017.
Sports footwear has fuelled growth, with a CAGR of 8% over 2012-2017. With the growing awareness of healthy lifestyles and the influence of Western culture, along with the growing popularity of athleisure, performance and sports-inspired footwear has been in a great demand in Asia Pacific.
The top market, China, saw robust growth in children’s footwear, driven by the relaxation of the 1-child policy in 2013, replaced with the 2-child policy in 2016.The birth rate increased from 12.1 per ‘000 population to 12.4 in 2013, and to 13.0in 2016. More footwear brands and retailers are focused on expanding their product portfolios in children’s footwear and opening children's wear specialist stores to capitalise on growing demand for children’s footwear.
The footwear market in Asia Pacific remains highly fragmented. Indonesia and Vietnam held the large shares accounted for by small local manufacturers, while Japan, South Korea and Taiwan observed the strong presence of leading brands such as Nike and adidas.
Asia Pacific is expected to see healthy footwear sales growth, with a 5% CAG Rover 2017-2022, remaining the leading region for footwear. Disposable incomes in Asia Pacific are projected to rise strongly, spurring growth in the middle class. Also, the growing health and wellness trend, as well as hosting two Olympic games in the region, will further promote sports activities and boost demand.
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