Footwear sales in the Asia Pacific region are slated to be worth some US$172 billion in 2024, growing at a projected CAGR of 5%.
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The APAC region is forecast to contribute nearly 40% of total footwear sales in 2024, backed by strong growth markets like India, the Philippines and China, according to GlobalData.
“APAC will be the fastest growing market through 2024 owing to greater awareness and affinity for a wider variety of footwear styles especially amongst men’s shoes,” said Rukmini Durge, Retail Analyst at GlobalData.
“Consumers will increase purchase frequency to keep up with trends, while growing disposable income in APAC nations will also help drive sales in the long run. Retailers can bank on the APAC region for continued growth and open new stores in smaller cities and towns to attract new customers,” continued Durge.
The APAC region is currently the fastest growing footwear market in the world, accounting for 32.9% of footwear sales in 2019. Since the pandemic affected global sales, China has witnessed an early recovery, particularly in its luxury and premium footwear categories, thanks to a shift in travel expenditure to off-shore duty-free areas like Hainan and mainland China shops.
By brand, Louis Vuitton and Gucci saw strong sales rebound in China during the second half of 2020, added GlobalData. In addition to luxury, demand for casual and sports footwear remained strong during the pandemic, due to widespread stay-at-home orders and the rise in popularity of running, jogging, cycling activities and home workouts during lockdowns. Casual styles were also popular based on consumers’ search for comfort and functionality, something that is expected to rise in demand even as restrictions are eased.
“The trend of casualization and rise of sports footwear is clearly demonstrated by the popularity of Bata, Nike, Li Ning and Anta Sports amongst Asian consumers,” added Durge.