Published By : 14 Jun 2016 | Published By : QYRESEARCH
The worldwide footwear industry has been witnessing a significant transformation over the past several years owing to the rapidly evolving consumer dynamics based on spending power and age, the expansion of therapeutic footwear product base, the changing environment of the retail industry, and the venture of global players into more remote regional markets. The impact of e-commerce sales channels and the effect of social media marketing strategies have also brought about a considerable change in the way the global market for footwear has been operating. By revenue as well as sales, the footwear industry is, however, likely to witness a sluggish growth, compelling players within the market to re-evaluate their strategies and modify their portfolio based on current trends.
Global Footwear Industry: Most Lucrative Options Identified in Emerging Markets
During the recent recession, the spending on footwear declined considerably in the developed markets of Europe and North America. Although the market in these regions has recovered since then, much of the footwear market’s growth stems from developing countries such as China and India. This trend is likely to retain importance over the coming years as well with the strengthening of these economies. Thriving industrial segments, rising GDPs, and the surge in commercialization of several products have rendered consumers in these developing economies with more purchasing power, which in turn, has driven the footwear market in these regions. The companies who are prepared to make the most of these changing dynamics and make necessary changes in their product offerings are highly likely to sustain themselves in this competitive and consumer centric market.
Strengthening of e-Commerce Retail in Global Footwear Market
The traditional brick and mortar settings of the retail industry has been threatened with the rapid growth of e-commerce retail owing to the several benefits the latter presents, including a vast array of product choices, convenient purchasing and payment, and attractive discounts and sales. The growing popularity of e-commerce in the footwear market is projected to further boost the industry over the coming years.