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Footwear consumption to grow by 9.5% in 2024
In the latest edition of the World Footwear Business Conditions Survey, we asked our panel about their expectations regarding the evolution of footwear consumption in the next year. Learn all about it in this new article
Most respondents expect footwear consumption to increase in 2024: 24% very strongly, 25% strongly, and 31% moderately. Only 6% of respondents expect footwear consumption to fall next year.
On average, our experts expect a growth of 9.5% in the consumption of footwear, in pairs, in 2024, when compared to 2023.
On average, our experts expect a growth of 9.5% in the consumption of footwear, in pairs, in 2024, when compared to 2023.
If the forecasts of our experts prove accurate, footwear consumption is expected to experience more robust growth in Africa (13.4%) and in Asia (10.8%) in 2024, respectively, compared to other regions. The driving factors behind this growth in these parts of the world are economic and demographic trends.
In Africa, countries with the highest birth rates worldwide, such as Niger and Angola (as reported by the CIA World Factbook 2023), contribute to the increasing demand for footwear. Additionally, several African countries, including Mozambique (7%) and Congo (6.7%), are projected to have very high real GDP growth rates in 2023, according to the IMF. Similarly, in Asia, where significant growth is anticipated, countries like India (6.3%) and Bangladesh (6%) are expected to see higher real GDP growth rates in 2023, further fueling the demand for footwear. These economic and demographic factors collectively contribute to the projected surge in footwear consumption in both Africa and Asia in the next year.
According to these estimates, Europe is the least dynamic continent for footwear consumption, with an expected growth
rate of 1.4% in 2024. The consumption of footwear in North and South America will continue to grow moderately in 2024.
According to these estimates, Europe is the least dynamic continent for footwear consumption, with an expected growth
rate of 1.4% in 2024. The consumption of footwear in North and South America will continue to grow moderately in 2024.
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Contents
Executive SummaryBusiness Context
Health of the Business
Employment Level
Prices
Quantity
Difficulties
Retail Channels
Expectations about the Evolution of Footwear Consumption in 2024
Footwear Consumption to Increase 9.5% in 2024
Impact of COVID-19 on the Location of Footwear Production
About Survey
About the Survey
In 2019 the World Footwear has created the World Footwear Experts 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 disseminate this information to provide an accurate overview of the situation of the global footwear industry.
The ninth edition of this online survey was conducted during the month of November 2023.
We have obtained 118 valid answers, 41% from Asia, 32% from Africa, 18% from Europe, 6% from North America and 4% South America. About 40% of respondents are involved in footwear manufacturing (manufacturers) or footwear trade and distribution (traders) and the other 60% in other footwear-related activities, including education and research (14%), trade associations (12%), consultancy (9%) and other activities (25%).
Previous Editions of this Bulletin can be found HERE