The Future Of The Footwear Industry
The footwear market is expected to generate revenue of more than $190 billion in the near future. Men, women and children’s footwear are all covered in this industry. The footwear industry covers shoes, sandals, socks and foot wraps. Consumer trends, income level, inflation and recession, government regulations are few of the factors that impact this industry. Europe accounts for nearly 40% of the market value of global footwear. The availability of rubber, jute, plastics, metal, leather and fabrics are the materials used to make footwear.
U.S.A, U.K, Germany, France, Italy, Hong Kong and Spain are few of the major importers of footwear in this industry whereas Vietnam, Brazil and China remain the top exporters. Some of the famous brands include Nike, Adidas, Puma, Bata, Reebok, Kappa, Woodland, Liberty, Converse and ECCO are some of the major brands in this industry. The footwear industry generated revenue of $48 billion in 2012 in the U.S alone. Most of the shoes produced in the U.S have been imported mainly from China. The footwear industry in India employs about a million people both directly and indirectly. China, Russia and India produce footwear within the mid to lower price range and hence the demand is expected to rise whereas Europe produces high priced footwear with demand expectation to be stable.
In recent times the demand for athletic footwear has increased which is driven by the need for consumers to maintain a both active and healthy lifestyle. The global retail industry for athletic footwear which in the past five years has experienced a good growth rate is expected to reach somewhere near US $50 billion by 2017.
In some countries it is a custom for people to remove their shoes before entering a visitor’s house and if not, it is considered impolite and rude. Also some religions require people to remove their shoes before entering holy grounds.
The footwear industry has to face many hurdles mainly dealing with the pollution problem they add on to. In china nearly 200 million metric tons of waste was polluted into the water bodies due to the manufacturing of shoes. Currently the footwear market is dominated by some major players hence seen that the industry is highly competitive in nature. If firms wish to gain a competitive edge innovation is the key through the implementation of new technologies. This can help minimize stock outs and lower the price level to widen the consumer base.