Footwear Stores Global Market Report 2023
Major players in the footwear stores market are Adidas AG, Nike Inc., PUMA SE, Under Armour Inc., Skechers U.S.A Inc, Geox S.p.A, VF Corporation, Crocs Inc., ECCO Sko A/S, Wolverine Worldwide Inc., FILA Holdings Inc.
New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Footwear Stores Global Market Report 2023" - https://www.reportlinker.com/p06464185/?utm_source=GNW
, ASICS Corporation, Bata Corporation, Burberry Group Plc., Timberland, and Reebok International Limited.
The global footwear stores market is expected to grow from $199.55 billion in 2022 to $216.71 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The footwear stores market is expected to reach $279.44 billion in 2027 at a CAGR of 6.6%.
The footwear stores market includes revenues earned by entities such as shoe stores, vendor-owned outlets, family shoe stores, and department and discount stores.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Footwear stores are concerned with the distribution and supply of footwear items such as shoes, boots, sandals, and slippers, which are made from a variety of materials such as wood, canvas, jute, plastic, and rubber. Footwear items generally protect and support the feet while walking or engaging in other activities, serve as a fashion statement, and are used to express personal style.
Asia-Pacific was the largest region in the footwear stores market in 2022. The regions covered in footwear stores report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of footwear stores are athletic and non-athletic.Athletic footwear refers to a footwear that is specifically designed for athletic use.
They are available in both leather and non-leather (rubber) materials and used by end users including men, women and children. They are distributed through different stores including offline retails stores and online retails stores.
Increasing spending on branded luxury items is expected to propel the growth of the footwear store market going forward.Luxury items refer to goods or services that are considered elite in society such as Haute couture clothing, accessories, such as jewellery and high-end watches, branded shoes, luggage and more.
Customers are inclined to purchase more luxury items for prestige and comfort from well-known online and offline stores.For instance, in 2021, according to Bank of America, a US-based financial institution that provides a full range of banking products and services, luxury spending increased by 14% through April, with growth accelerating to 26% for higher-income spenders and slowing to 5% for lower-income earners in the United States.
Moreover, in 2021, luxury spending increased by 47% compared to 2019. Therefore, increasing spending on branded luxury items will drive the footwear store market.
Innovations in footwear stores are a key trend gaining popularity in the footwear stores market.Major companies operating in the footwear stores market are opening digitally enabled stores to sustain their position in the market.
For instance, in October 2021, Puma, a Germany-based footwear company, opened its largest store in Gurgaon, India. This store is built approximately 7,000 square feet in size and is a digitally enabled experiential store with digital touchpoints to attract digitally savvy consumers who are increasingly shopping online.
In March 2022, Authentic Brands Group (ABG), a US-based brand management company, acquired Reebok from Adidas AG for approximately $2.5 billion. Through this acquisition, ABG is focused on establishing Reebok Design Group (RDG) in partnership with SPARC Group, for design, development, and innovation for innovative footwear and apparel. Adidas AG is a Germany-based manufacturer of shoes, clothing, and accessories and Reebok is an American fitness footwear and clothing brand.
The countries covered in the footwear stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the chain or as part of other products.
The footwear stores market research report is one of a series of new reports that provides footwear stores market statistics, including footwear stores industry global market size, regional shares, competitors with a footwear stores market share, detailed footwear stores market segments, market trends and opportunities, and any further data you may need to thrive in the footwear stores industry. This footwear stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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