Footwear includes various types of wearable foot-coverings such as shoes, boots, sandals, and sneakers. Changing fashion trends and growing disposable incomes boosts demand for fashionable and stylish footwear across the world. Rising outdoor activities have also augmented the demand for sports and casual footwear. The recovery in major economies post the COVID-19 pandemic has boosted demand for footwear from both individual consumers as well as institutional sectors like schools and offices. However, the availability of low-cost alternatives from China and Indonesia can pose challenge for high-end brands. Footwear serves both functional and fashion purposes for consumers across diverse climatic zones and cultures. Rapid urbanization, rising disposable incomes, and changing lifestyles have boosted demand for footwear over the last few decades.
Market Dynamics
Global footwear market growth is driven by growing fashion consciousness among consumers along with rising incomes in developing nations. Rapid urbanization and changing lifestyles have boosted demand for trendy and premium footwear globally. Moreover, growth in the women workforce has augmented demand for professional yet comfortable footwear. However, the market also faces challenges from low-cost alternatives from Asian countries. Rising demand for premium and specialty footwear as consumers seek customized and unique products can offer market growth opportunities. Rising health-consciousness and boom in outdoor activities can drive the market growth. Innovation in designs, materials, and technology can also drive the market growth.
Key Features of the Study
Market Segmentation
Table of Contents
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