Consumption stagnation, price increases, and drop in employment expected for 2023

The most recent statistics for footwear trade in 2022 show an overall positive evolution of the imports worldwide. The evolution of the global macroeconomic scenario is uncertain under inflationist tensions, but the forecasts for the economic growth are still optimistic.

Our panel members believe that over the next six months footwear prices will increase, on average, 11%, but the perspective over the evolution of the quantity of footwear in the same period sold is more unenthusiastic: it is expected an average fall of 1%. Most of our respondents expect a strong health of the business over the next six months, but employment to stabilizeor decrease in their companies in this period.

In this edition of the Bulletin, the cost of merchandise or raw materials was identified by 81% of respondents as a source of concern. This is followed by weak demand both in home and international markets, which continues to be one of our experts’ main concerns.

When questioned about their expectations regarding the evolution of the consumption of footwear in 2023, panel members are forecasting, on average, a 0.3% increase in global consumption and 0.2% in domestic consumption. Should their forecasts prove accurate, footwear consumption this year will increase by 354.5 million pairs in Asia, 156.4 million pairs in North America, 75.1 million pairs in Africa, 12.4 million pairs in South America and fall by 55.6 million pairs in Europe.

Sustainable, please! But not more expensive!

Sneaker's share to continue increasing

About the Survey
In 2019 the World Footwear has created the World Footwear' expert panel and is now conducting a Business Conditions Survey every semester.

The objective of the World Footwear Experts Panel Survey is to collect information regarding the current business conditions within the worldwide footwear markets and then to redistribute such information in a way it will provide an accurate overview of the situation of the global footwear industry.

The seventh edition of this online survey was conducted during the month of November 2022. We have obtained 91 valid answers, 57% coming from Europe, 22% from Asia, 8% and 9% from North and South America, respectively, and 4% from Africa. About 30% of the respondents are involved in footwear manufacturing (manufacturers), 18% in footwear trade and distribution (traders), and 52% in other footwear-related activities such as trade associations, consultancy, journalism, etc (others).

Previous Editions of this Bulletin can be found HERE