Footwear-FEB21-P04-10 News_Footwear_Jan10_p30 22/02/2021 14:13 Page 10
Higher Levels of Health Awareness Boosting Prospects for Athletic Footwear Post COVID-19 Crisis: Fact.MR
function. Major fashion designers are displaying interest in terms of practicality with higher interest on aesthetics.
The global footwear market surpassed a valuation of US$ 410 Bn in 2020, and is poised to reflect a moderate growth rate through the forecast period of 2021 to 2031. The global footwear market is estimated to register a growth 0.1% in 2021 over 2020, to reach 3.6%. Market outlook remains steady over the coming years, to register a 4.5% CAGR from 2021 to 2031.
Global footwear consumption fell by around 20 percent in 2020,
representing a shortage of around of 5 billion pairs, which can be attributed to the COVID-19 pandemic, according to a report by World Footwear. Consumption is expected to fall by more than 25 percent in Europe, and by more than 20 percent in North America and Asia. A survey conducted by Confcommercio, the Italian retailers' association, opined that sales of footwear and clothing have fallen to null values for stores not equipped with e-Commerce platforms, after the country entered a nationwide lockdown in March 2020.
Key Takeaways from Footwear Market Study • Fashion-type footwear is estimated to account for more than a quarter of the market share during the assessment period, aided by interest by designers and consumers towards aesthetics.
• Natural rubber-based footwear will hold the lead, supported by high versatility and affordable costs of the material in production.
• Economy range footwear will account for more than 40% of the market, supported by a vast low-income demographic, especially in emerging economies.
• In terms of value, sales of footwear through online channels are expected to display faster growth, owing to wider product choices and heavy discounts.
“An increase in the number of social media users, in addition to higher Internet penetration, is a key factor influencing footwear sales. Consequently, most leading players in the footwear market are focusing on strategies to promote their products and services on such platforms, to bolster brand reach,” says a report analyst.
Product Launches to Boost Resilience in Industry Key players in the footwear market include Nike, Adidas, PUMA, Under Armor, Crocs, Deichmann SE, ALDO Group, and ASICS Corporation. Strategic collaborations and product launches are major strategies for market players.
• In January 2021, Germany-based Birkenstock announced the company’s entry into the Indian footwear market with a strategic partnership with the Seva Group, with its first physical retail store located in Bengaluru.
• New Balance has joined hands with Patta to launch the new Patta x New Balance M991Pat sneaker. Limited edition versions of the shoes are expected to be available through Concepts and Beams, and Doe outlets.
• Salomon released its Spring/Summer 2021 collection of sneaker footwear, inspired by mountain sports design. The company has also returned with the “Black” range of shoes with new variants of the S/LAB Cross LTO, the S/LAB Phantasm LTO, and the S/LAB Cross LTO.
These insights are based on a report on Footwear Market by Fact.MR
en’s shoe trends have largely remained static, with loafer and oxford variants remaining popular styles. There has also been a transition away from styles that focus primarily on comfort or
Regional Takeaways • The U.S. will account for a valuation over US$ 56 Bn in 2021, and long-term growth prospects remain positive.
• The U.K. is the second-largest footwear market in Europe, and is expected to register growth of over 4% YOY.
• France ‘s outlook for footwear sales, as the largest European market, will be strong through 2031.
• Over the coming years, India and China will continue as high potential markets for footwear products.
Pavers Shoes Facilitates Attendance at Vaccine Appointments for Hourly-Paid Staff P
avers have announced that hourly-paid workers will be encouraged to attend their Covid-19 vaccination appointments, and
where these fall during working hours they will not lose any remuneration as a result.
Joint Managing Director Jason Paver says, “We
don’t want our staff to have to choose between getting the vaccine or getting paid. To make it easier for people to attend their vaccination appointment, if it falls during working hours, we will provide paid release for them to attend.”
This new policy will benefit approximately 1,000
hourly-paid staff in Pavers and Jones Bootmaker stores nationwide who would not normally be paid for time off for medical appointments.
The family-owned and run Yorkshire-based
business lives by a set of core values, one of which covers a responsibility to local communities. Covid-
10 • FOOTWEAR TODAY • JANUARY/FEBRUARY 2021
19 has brought into sharp focus the responsibility the business has for the health & well-being of their staff and the wider communities that the stores serve when they are open. They aim to be supportive of all their staff’s health needs, but now more than usual, they want to assist those who wish to be vaccinated.
In total Pavers have approximately 1,400 staff
working across 163 stores of the Pavers and Jones Bootmaker brands and their York head office and warehouse facility.
The cost of the paid release for staff will be split
50/50 between Pavers and the Pavers Foundation; a charitable foundation set up with a £2m donation by Pavers in 2018 to make a meaningful impact on local communities by donating to causes relating to health, education and community. More details of the Foundation can be found on the website.
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