Global Footwear Market To Be Driven By Innovative and Non-Athletic Footwear
The footwear industry has been exhibiting growth at a swift speed. The global footwear market is predictable to upswing at a CAGR of 2.5% from 2015 to 2023. With the escalation in the demand of state-of-the-art and comfort footwear, various brands and dealers are prepping to re-organize their attention, therefore leading to an upturn in the number of retail shops globally. Besides, the brands and retailers are also vouching for online spending, which is also one of the key drivers of development in the footwear market.
The global footwear industry has been undergoing hasty extension, chiefly due to swift demand for new and advanced footwear products globally. Due to modernizations in manufacturing procedures, technology advancement and assimilation, new, stylish, and comfy shoes are being endlessly manufactured at economic prices so as to keep up with the mounting call for these products.
The demand for non- athletic footwear is growing by leaps and bounds and so is the requirement for its easy accessibility. Buyers are more enticed by the nifty and nippy obtainability of the product as per their desires. This situation is anticipated to propel the extension of retail market universally and also lift the online market of the brand and products.
A global upswing in the retail culture is initiating the evolution of global footwear market. Elements such as abundant assortment in the footwear market and easy obtainability of products in many retail shops are predicted to inspire compulsion purchasing of these products. Furthermore, there has been notable growth in the publicity and promotion related funds made by the brands. Internet trading is also gaining eminence for the buying of footwear through various cities. This medium is gaining ground owing to spending on women's footwear along with sports footwear.
The women’s footwear market is anticipated to grow at a sizeable rate in the coming years. The women’s footwear market single-handedly accounted for 50% in revenue and 46% in value in 2014. The women’s footwear is the major provider in the global footwear market. Application of ground-breaking tactics towards the quality, designs, and comfort levels of women’s footwear is projected to give a major enhancement to the global footwear market.
The non- athletic footwear segment was also the biggest contributor in the market in 2014. The launch of new shades and economically priced products will considerably hasten growth scenarios of the non- athletic footwear market. The proliferation in duplicate products by local makers nevertheless will obstruct the global market’s growth to a degree. However, the global footwear market is estimated to develop at a firm rate owing to the cumulative urban demand for inventive, smart, and comfy footwear.
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