The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreJul 2017
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Value growth in Latin American footwear is undermined by high inflation, protectionist policies and a volatile political and economic climate that continues to plague the region in 2015 and 2016 as it has through much of the last decade. Mexico is a regional bright spot as the country has registered steady and positive growth for the last five years. Moreover, sports footwear has been a significant contributor to positive value growth with demand for fashionable sneakers high.
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Despite much economic and political volatility in Argentina and particularly Venezuela coupled with a struggling Brazilian economy, footwear in Latin America registered a positive CAGR of 2% over 2011-2016 thanks to stable and healthy value growth in Mexico. Also Chile and Colombia contributed positively to footwear value growth in Latin America.
Brazilian footwear sales collapsed in line with commodity prices, upon which the economy has been highly reliant, posting double-digit declines in both 2015 and 2016. Consequently, Mexico has overtaken Brazil as the region’s largest footwear market on the back of strong stable footwear sales.
Sports footwear accounted for 52% of absolute footwear value growth and has also outgrown footwear with a 2% CAGR over 2011-2016. Sneakers have become fashionable and a mainstay in Latin Americans’ daily lives thanks to the health and wellness and athleisure trends.
Internet retailing has grown quickly over the past five years, however from a low base and in 2016 still only accounts for 5% of value sales. Brazil remains the only country with well-developed online sales, while slow internet speeds and poor credit card penetration hamper development elsewhere in the region.
The outlook for footwear in Latin America is positive with high growth expected in Argentina, Mexico and Colombia. However, the forecast remains uncertain and will hinge on economic and political stability. Sports footwear is also expected to continue to outperform footwear in most countries.
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