New report puts global consumer spending on shoes at more than $120 billion
08/06/2012
The report’s main author, analyst Alen Allday, argues that annualised growth of 2.7% across the last five years is a good performance, bearing in mind the downturn in consumer spending around 2009.
Economic conditions are still difficult in many markets, but the report says demand for mid-priced and high-priced European manufactured footwear is expected to remain steady.
In 2012, China is estimated to account for 63% of global production, 40.5% of global exports and 55% of industry revenue. Rising wages in China present an opportunity for other countries in Asia, Africa and the Middle East to enter the industry as cheaper alternatives to China, both as a source of production and as a source of low-priced imports. Output and exports from China will be constrained in 2012, following several years of strong growth.
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