Footwear Industry: A Global Outlook
San Jose, CA (PRWEB) September 4, 2008
Footwear products are offered in a variety of fits and styles intended to enhance comfort and functional benefits while catering to the customer's individual preferences and style. Consumer demands and market trends for footwear industry quickly change primarily due to developments of raw materials technology and the influence of fashion trends. Broader recognition and favorable product perception by target consumers will remain key to future success. Product design, quality, product performance, price, brand image, promotion, marketing, and customer service are key competitive tools in the footwear market. Noteworthy factors that affect industry's revenue include economic factors, discretionary spending power, retail market trends, and emergence of more upscale-minded, and health-seeking behavior of consumer.
The ability of suppliers to anticipate, gauge and react adequately and timely to rapidly changing consumer preferences will spur growth in footwear industry. To increase their brand recognition, many players will continue to devote significant amounts of resources to promotions and advertising. Product diversity to meet specific needs of discerning consumers has also played an important role in adding value to the footwear industry in recent years. Sales of footwear products are also driven by the strength of big name endorsements. Celebrity endorsements provide association with status, and personalities and extend users with a perception of value for money.
From golfing to running, sports have become highly intertwined with consumers' day-to-day lifestyles and are not considered just recreation. Athletic footwear market is zooming ahead thanks to the active lifestyles of consumers who are increasingly getting 'sporty'. Growing awareness of keeping fit, both among the ageing and the youngsters, is bolstering healthy growth, coupled with rising average per capita price paid for athletic shoes. Also, a marked difference in the styling of the footwear to balance comfort, support and style is propelling sales forward.
Rise in popularity of casual and outdoor footwear can be attributed to its relatively low-priced products such as sandals and boots, universal appeal and effective distribution. Outsourcing is expected play a vital role for casual footwear market, where advantages in production scales and costs are important.
Gains in footwear industry will be limited by increasing competition amongst manufacturers, market maturity, as well as pricing pressures. Retailer or private label brands will continue to gain a foothold in footwear industry as issues such as poor quality, traditionally associated with these products, dissipate. This will further increase the pressure on branded footwear by restricting pricing increases.
The report titled "Footwear Industry: A Global Outlook" provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. Annotated with 44 information-rich tables presenting market data findings, and analytical research projections, the entire discussion allows the reader to build a macro-level perception of the industry by gaining rudimentary insights into major product markets, selective insights into trends/issues, industry best practices influencing the market, and incisive insights into consumer/demographic interests, distribution/logistics, marketing strategies, and many more. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 462 companies worldwide.
For more details about this research report, please visit http://www.strategyr.com/Footwear_Industry_Market_Report.asp.
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