Abstract
Footwear is a huge and increasingly diversified business, driven by a host of
demographic, lifestyle and fashion trends. As a result, the industry is being
segmented ever more finely as seen in the diversity of mainstream footwear
trends - from casual comfort to sexy stiletto, and the fact that, in recent
years, a far greater range of styles has become acceptable in the U.S.
workplace. The liberalization of footwear norms coincided with an era of greed
and seemingly endless conspicuous consumption where $150 sneakers and $500
pumps were easily consumed with ever-expanding consumer credit.
However, with a new economic reality comes a paradigm shift in the consumer
mindset. For some consumers, charge now and pay later has been replaced with
pay now or don' t buy at all. Instead of feeling good about expensive or
ostentatious brands as they have in the past, many consumers will increasingly
feel good about getting the best value, making the smartest choice, or not
spending at all in 2009. The surge in frugality has brought back a variety of
money-saving behaviors from days of yore, such as layaway and home cooked
meals. Even cobblers are making a comeback.
Packaged Facts estimates the global footwear market at retail grew two percent
over the 2007 level of $189.3 billion to $192.3 billion in 2008. Though the
U.S. market grew at an annual rate of six percent between 2004 and 2008,
growth in 2008 was much more subdued at less than two percent. For the
footwear industry, an ongoing consumer paradigm shift in attitudes towards
greater frugality and less conspicuous consumption means high-flying fashion
brands may suffer at the expense of less expensive alternatives. But can the
major marketers and retailers adapt?
The Global Footwear Market: Athletic and non-Athletic Shoes examines these
questions and many others by looking at the current market, trends, major
brands, and consumer preferences. The report presents concise, thought
provoking analysis of various aspects of the footwear industry and provides a
forecast for the market through 2013.
Research Methodology
The information presented in this report was obtained from primary and
secondary research. Primary research entailed on-site examination of footwear
products in retail stores and consultations with footwear industry observers
and executives. Secondary research involved canvassing information from
financial, marketing, and trade publications, company literature, and
independent research reports, plus reviews of industry group websites, such as
the American Apparel and Footwear Association, and blogs and readers' comments
posted on these sites. Information was also gathered from the U.S Department
of Commerce' s U.S. Census Bureau and major players in the industry. Other
market data sources included the U.S. Bureau of Economic Analysis (BEA), the
U.S. Bureau of Labor Statistics (BLS), and the U.S. International Trade
Commission (USITC), and Experian Simmons Market Research Bureau (New York, NY)
Winter 2008/09 Study of Media and Markets.
About the Author
Cogitamus Consulting is a branding and market research boutique in NYC that' s
all about hard work, imagination and common sense. Working with our clients,
we custom tailor solutions and provide creative, thought-provoking analysis
that address the most pertinent questions facing marketers, through general
business consulting, white papers, and branded product concept and strategy
development.
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