San Jose, California (PRWEB) January 13, 2012
Follow us on LinkedIn – The global economic downturn, increasing unemployment rates, falling disposable incomes, rising cost of energy and food, and loss of consumer confidence significantly lowered the overall expenditure on footwear products. While sales in the developed countries registered a decline, developing countries witnessed a considerable slow down in sales. The number of shoe pairs sold through retail outlets registered a sharp decline during 2008, with segments such as athletic shoes accounting for a bulk of the losses. The recession led consumers to opt for simplistic lifestyles, which led to increased demand for products offering value for money as well as products with bargains or discounts. Frugality led consumers to curb spending on high-end, premium and expensive brands suffered significant revenue losses, which contributed to increased sales of private label and value brands. Even among high net worth consumer category, spending levels were significantly scaled down, as a result of which expenditure on luxury shoe products witnessed fell sharply.
Though the global economy is on the road to recovery, consumers are likely to continue adopting cautious approach. Changing perceptions about luxury, lesser frequency of purchases, and increased emphasis on product cost and features are expected to influence consumers purchasing decision in the footwear market. As a result, manufacturers are focusing efforts on offering value products, transforming marketing initiatives, and redefining luxury and customized products. In order to deal with intense competition from various brands, manufacturers are focusing efforts on offering products at highly competitive prices without diluting the brand identity.
The United States and Europe, the worst hit by the economic recession, account for a predominant share of the revenues in the global footwear market. In the post recession scenario, growth would be driven by increasing consumption in emerging economies, and the rising demand for luxury goods in these countries. China represents the single largest producer in the global footwear market. The country’s predominance in footwear production is primarily attributed to low labor costs and manpower availability. India is another leading producer, which leverages strengths in producing medium size orders of mid-range leather footwear. Other Asian countries such as Indonesia, Vietnam, Pakistan, and Thailand rank among the top 10 global producers in the footwear industry. Brazil, Mexico, Turkey and Italy are significant contributors to global footwear production.
In recent years, the demand for athletic footwear has risen driven by the growing consumer desire for maintaining active lifestyles. From golfing to running, sports have become highly intertwined with consumers’ day-to-day lifestyles and are not considered just recreation. Growing awareness about healthy lifestyles among the ageing and the youngsters is bolstering growth. Increased participation in walking, snowboarding and biking activities has resulted in these categories dominating the product mix at various outlets. Customer taste and preferences are also vital factors for sustaining demand for athletic shoes. Rapidly transforming fashion trends are compelling shoe manufacturers to constantly introduce superior and path-breaking products to attract consumers. A major trend in the footwear industry has been the launch of toning shoes, a fitness footwear range that has gained enormous popularity among women. Major global and regional sporting events such as the 2010 Football World Cup, 2012 Olympic Games in London and the 2012 European Football Tournament in Ukraine and Poland are expected to enhance the demand for sports footwear, particularly for football boots.
Competition in the global athletic footwear market is intense among Nike, Puma AG, Adidas AG, and Asics Corporation. Excluding the top players, the remaining market is primarily comprised of few players with limited revenue generation capabilities, majority of whom operate in niche market segments. The leaders have built up a strong buttress of technological sophistication and global production efficiencies that virtually outdistance competition from small and mid-sized players.
The research report titled “Footwear: A Global Outlook” announced by Global Industry Analysts, Inc., provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers an aerial view of the global footwear industry, identifies major short to medium term market challenges, and growth drivers. Market discussions in the report are punctuated with fact-rich market data tables. Regional markets elaborated upon include United States, Canada, Mexico, Japan, France, Germany, UK, Russia, China, India, Brazil, and UAE, among others. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of companies worldwide.
For more details about this comprehensive industry report, please visit –
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