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Footwear Stores Market Share, Growth Analysis And Revenue Forecast 2024 To 2033
Footwear Stores Market
According to The Business Research Company's, The footwear stores market size has grown strongly in recent years. It will grow from $214.06 billion in 2023 to $230.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to fashion trends and style preferences, changing consumer lifestyles, economic factors and disposable income, marketing and branding strategies, seasonal and holiday shopping trends..
The footwear stores market size is expected to see strong growth in the next few years. It will grow to $304.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to focus on sustainable and ethical practices, rise in health and wellness awareness, e-commerce competition and omnichannel strategies, customization and personalization trends, innovative retail concepts and store experiences.. Major trends in the forecast period include health and comfort-centric designs, collaborations and limited edition releases, integration of technology in in-store experience, virtual fitting rooms, omnichannel retail strategies..
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Market Drivers and Trends:
Increasing spending on branded luxury items is expected to propel the growth of the footwear store market going forward. Luxury items refer to goods or services that are considered elite in society such as Haute couture clothing, accessories, such as jewelry and high-end watches, branded shoes, luggage, and more. Customers are inclined to purchase more luxury items for prestige and comfort from well-known online and offline stores. For instance, in 2021, according to Bank of America, a US-based financial institution that provides a full range of banking products and services, luxury spending increased by 14% through April, with growth accelerating to 26% for higher-income spenders and slowing to 5% for lower-income earners in the United States. Moreover, in 2021, luxury spending increased by 47% compared to 2019. Therefore, increasing spending on branded luxury items will drive the footwear store market.
Innovations in footwear stores are a key trend gaining popularity in the footwear stores market. Major companies operating in the footwear stores market are opening digitally enabled stores to sustain their position in the market. For instance, in October 2021, Puma, a Germany-based footwear company, opened its largest store in Gurgaon, India. This store is built approximately 7,000 square feet in size and is a digitally enabled experiential store with digital touchpoints to attract digitally savvy consumers who are increasingly shopping online.
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Major Key Players of the Market:
Adidas AG; Nike Inc.; PUMA SE; Under Armour Inc.; Skechers U.S.A Inc; Geox S.p.A; VF Corporation; Crocs Inc.; ECCO Sko A/S; Wolverine Worldwide Inc.; FILA Holdings Inc.; ASICS Corporation; Bata Corporation; Burberry Group Plc.; Timberland; Reebok International Limited; New Balance Athletics Inc.; Clarks; Foot Locker Inc.; DSW Inc.; Caleres Inc.; Deckers Brands; Famous Footwear; The Aldo Group Inc.; Steve Madden Ltd.; Swarovski AG; Camper; Aerosoles; Saucony; Converse Inc.; Salvatore Ferragamo S.p.A.; Jimmy Choo Ltd.; ALDO Group
Footwear Stores Market 2024 Key Insights:
• The footwear stores market will grow to $304.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Elevated Spending On Branded Luxury Items Fuels Growth In The Footwear Store Market
• Digital Innovations In The Footwear Stores Market
• Asia-Pacific was the largest region in the footwear stores market in 2023
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