Global footwear market to reach $216 bn by the end of 2019
The global footwear market is expected to reach a value of $216 billion by the end of 2019, with leading brands including Adidas, New Balance, Nike, Puma and VF Corp, which holds the labels Timberland and The North Face.
According to a market report by Research and Markets, other footwear brands dominating the market will be Alexander McQueen, Burberry, Carter's, Dolce & Gabbana, Espirit, Fendi, Gucci, H&M, Hugo Boss, Jimmy Choo, Louis Vuitton, Michael Kors, Prada, Ralph Lauren, Stuart Weitzman, Tommy Hilfiger, United Colors of Benetton, Versace and Zara.
The report also revealed that the primary driver for the growth of the footwear industry is the influence of fashion, as consumers –especially those aged from 14 to 30 years - prefer to match their footwear with their daily outfits and buy different shoes for different occasions. Consumers are also demanding for healthy footwear that is both comfortable and fashionable as they become more conscious about the issues that can evolve from unhealthy shoes.
The increase in marketing initiatives by vendors is also expected to contribute to the market growth during 2015- 2019. These initiatives include celebrity-endorsed fashion, sponsoring sports teams, and attracting consumers through social media.
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