New Culture Fuels the Billion Dollar Footwear Industry

The footwear industry is a diverse sector. The market covers an array of material such as rubber, textile, leather and plastics. Besides this, these products range from various categories such as women’s, kid’s and men’s shoes to highly specialized items like protective shoes as well as snowboard boots. As per the statistics by European Commission footwear industry that included about 21,000 companies, garnered approximately EUR 24 billion in sales in 2012. At present the sector employs over 290,000 people. Recent study by Allied Market Research on current trends, market share and size and insights reveals increasing disposable income and changing lifestyle is driving the growth globally.

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Non-athletes Drives Fashionable Athletic Shoe Sales
Sales of running shoes have received great boost from many non-athletes, interested in establishing a style statement. Buyers are seen scooping up athletic shoes as they are comfortable and look trendy. Above all, they are more than willing to invest big money. Profits made by running shoes are driving the complete athletic shoes market in 2016. Brands such as Nike Free, priced at $ 100 is now available in sizzling pink are seen increasing sales. Today 14 percent of the brands sale in 2011 was generated by the running shoes segment. This market accounted for about $20.9 billion of Nike’s worldwide sales.

Online Sales Robust Growth
The industry for digital fashion continues to observe a strong growth and buyers become highly accustomed to online shopping. In addition, growing participation in shopping via tablets as well as smartphones have enabled to boost sales as buyers tend to buy them anytime anywhere. Tactics to stay ahead in the online sales have further strengthened the sector. Online stores know what to sell. Approximately 35 percent of these stores sell shoes only for women. On an average, stores have over 200 products for buyers to select from. Moreover, the stores that sell both men and women shoes have more than 500 collections. A research indicates that an E-commerce store that generates between 10 – 15 orders a day rethink about refining the sales strategies and design of the admin page of their online store.

A report published by Allied Market Research (AMR) outlines that online shoe retailers offer attractive discounts through summer, winter, autumn and spring. Another survey conducted in 2015 shows about 75 percent stores offer discounts on select products. About 7 percent offer great discounts on their available shoe range.

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Sales by Geography
According to a report by European Commission about 2/3 to the complete Europe footwear manufacturing is mainly concentrated in three nations. These nations consist of Portugal, Italy and Spain. Research Analysts at AMR say Italy contributes for about 55 percent of production. Market in Europe comprises of large counts of small companies, hiring approximately 10 to 15 people, and with an average of over EUR 1 million Two thirds of total production in EU is concentrated in three countries: Italy, Spain, and Portugal. Italy alone is responsible for around 50% of production. The European shoe industry consists of a large number of small enterprises, employing on average 10-15 employees, and with an average turnover of more than EUR 1 million.

The global footwear market size was valued at $365.5 billion in 2020, and is estimated to reach $530.3 billion by 2027 with a CAGR of 5.5% from 2020 to 2027. Footwear is used for covering and protecting the foot from ground textures, temperatures, and from gravel roads. Footwear are made up of different materials such as leather, plastic, rubber, and fabric. Among these, leather is one of the prominent materials used for fabricating footwear. Major players, such as Nike, use eco-friendly raw materials, including recycled car tires, recycled carpet padding, organic cotton, and vegetable-dyed leathers for producing footwear.

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