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The Global Footwear Industry
The global footwear industry is, and by 2020 the market projected to hit around $370 billion. There are three core categories in the footwear category formal shoes, casual shoes, and boots. However, there are many varying styles depending on gender. For men, this includes Loafers, Slip-Ons, and Brogues. For Women, styles include wedges, heels, and calf boots. Interestingly, men are 18 times more likely to purchase athletic shoes than dress shoes, while women buy sandals 19 times more often than boots. Fortunately, consumers are not strapped for places to buy the vast number of footwear styles available, and the market is full of quality footwear providers.
The most prominent brands in the Footwear category are Nike, Sketchers – who have seen a revitalization in recent years, Crocs, New Balance, and Adidas – who have seen a growth of 141% year-over-year. Successful collaborations have always been a staple of the footwear industry with the iconic Air Jordan brand being the prime example of sports players brands being utilized for commercial success. More recently Sketchers have built on a fruitful partnership with Japanese Anime show, One Piece.
Unsurprisingly, Amazon accounted for more than half of all shoe transactions in 2018, but this was actually down on the previous year. DSW is also a giant shoe retailer with a great selection of brands and styles and the department store Nordstrom Rack has made a real impact on the market selling discounted shoes.
Moving forward the footwear industry is in great hands. New trends and styles are always created and developed by the various brands, which has lead to the development of a very innovative category. The return to retro, epitomized by the reemergence of the chunky ‘dad sneaker’ which signals that the footwear industry has more than a few tricks up its sleeve.