Quick Facts About the Footwear Industry
According to Intertek:
- Consumers in the United States alone purchased nearly 2.5 million pairs of shoes in 2006.
- Of the shoes purchased in the United States, nearly 99% of them were imported.
- As global population is expected to rise five-fold in 2050 (source: World Resources Institute), consumption of footwear will double every two decades.
- In response to the need for sustainable and eco-friendly production, many companies have started using biodegradable materials in products and packaging, as well as recycling old shoes for new purposes. click here for further details,
The health of the footwear industry is also dependent on various resources: textiles, plastics, and natural and synthetic rubber. Some companies may focus on a general product like all-purpose sneakers and athletic shoes, while others provide footwear for a specific use—steel-toed boots intended for heavy task, dance shoes, as well astoddler’s slippers. According to Allure Magazine, the average American woman may own as many as 27 pairs of shoes, so one can argue a demand for new product will always exist.
Depending on where you live, shoes and slippers (funny slippers, cat slippers and felt slippers) are considered more than a necessity to protect your feet as you walk—they are viewed as status symbols. Young children wishing to emulate a favorite athlete will seek the brand they wear and television shows like Sex and the City place emphasis on designers like Manolo Blahnik and Jimmy Choo. The global footwear industry is quite profitable and as diverse as the demographics to which it markets. According to Ibis World, footwear accounted for over $100 billion in overall trade in 2007 and is expected to increase in the next decade. for further details, click on :https://www.gov.uk/government/publications/vat-notice-714-zero-rating-young-childrens-clothing-and-footwear
Major Importers of Footwear
As noted earlier, the area in United States were importing nearly all most of the available shoes into the market. Other top importers include:
- Germany –with European footwear manufacturing on the decline because of the move in every companies’ real off-shore, the countries such as Germany depend upon the imports of almost every pair of shoes.
- France –similar to Germany and other nations in the EU, France imports a good percentage of footwear for consumers.
- China–even if their level of status is being the top exporter, the Chinese still import some foreign-made slippers and shoes, particularly leather styles.
Major Exporters of Footwear
As one may expect, Asia is a larger exporter of footwear. Here’s how the trade breaks down by country:
- China –Footwear comprises a significant percentage of China’s overall $1.9 trillion export income. While the US is a large partner in export trade, China also ships large numbers of shoes to Russia.
- Indonesia –According to the Jakarta Post, the country’s footwear manufacturing industry has greatly boosted the economy. Over the last several years, companies have relocated to Indonesia from Taiwan and South Korea, and many hold license to popular brands.
- Vietnam –More than 10% of the country’s overall exports are footwear, shipped to the United States, Japan, and China.
In the near future, footwear industry will be more globally competitive to other product in the world.