Asia Pacific Footwear Market: Rising Spending Power of Consumers to Stir up the Growth

Since footwear have become an indispensable part of daily life, the growing population is the foremost factor augmenting the Asia Pacific footwear market. The changing lifestyles and rising disposable income are translating into the greater uptake of athletic and non-athletic footwear. The increasing fashion consciousness and the advancements in footwear technology are providing a fillip to the market.

However, the dynamic nature of fashion is a major challenge for manufacturers in the market. Moreover, domestic players are adopting innovative marketing strategies in the form of aggressive price discounts to address inventory issues, which in turn is adversely affecting the overall revenue generation of the market. The increasing sales of pirated footwear are also inhibiting the growth of the market. According to a report by Transparency Market Research (TMR), the valuation of the Asia Pacific footwear market is estimated to be US$64.2 bn by the end of 2020, progressing at a CAGR of 2.0% from 2014 to 2020.

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Major destinations for manufacturers in the Asia Pacific footwear market?

China will be the leading revenue generator in the Asia Pacific footwear market throughout the forecast period, closely trailed by India and Japan. The growth of the region can be largely attributed to the rising spending power of consumers, improving economic conditions and increasing fashion consciousness among people. The growing number of sports event at national and international levels, increasing media exposure, and rising awareness regarding the benefits of active and healthy lifestyles are promoting the uptake of athletic footwear.

India is expected to register robust growth during the same span owing to the rapid development of the economy. Various studies indicate that the average expenditure on footwear is low as compared to other emerging countries. Thus, the manufacturers are increasingly focusing on innovative marketing strategies to add low-cost new athletic and non-athletic products to its portfolio in order to get a good response in the country. The rising penetration of foreign players, expanding e-commerce sector along with the introduction of secure online purchase systems, rapid urbanization, and increasing retail activities are some of the key factors contributing to the growth of the region.

How are international trade treaties affecting the growth of the Asia Pacific footwear market?

As on 23rd January 2017, the exit of the U.S. from the Trans-Pacific Partnership (TPP) are likely to compel many multinational players with investments in Asia Pacific to reassess strategies. This step by the U.S. President Donald Trump could be a blow for giants such as Nike, which was among the leading footwear manufacturer in Asia Pacific too. Analysts predict that the backing out of the U.S. could actually help China in escalating its trade across the region. However, the long-term implications of this action will only unfold with the passage of time.

Some other prominent players operating in the Asia Pacific footwear market are ANTA Sports Products Ltd., ABC-Mart Inc., Li Ning Co Ltd., Bata India Ltd., Asics Corp., Yue Yuen Industrial (Holdings) Ltd., and Pou Chen.

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