Global footwear consumption grows by 6% in 2022

12 Mai 2022

Apiccaps presents the document with the projections of the latest Business Condition Survey. World Footwear's panel of experts believes that the largest growth (8.9%) is expected to be recorded in Asia, followed by South America (7%) and Africa (6.8%). In Europe the growth forecast is 5.2% and in North America 2.5%.

 

 

  With regard to   the amount of footwear sold, 64% of respondents expect this  value to grow and 22% to stabilize. Respondents in Asia  and South America are  more optimistic than  on any  other continent, with 80% expecting sales to increase.

According to the Business Condition Survey –   which had  108 valid responses  from experts from Europe (48%), Asia (22%),  North and  South America (14% and 9%)  and Africa (7%) - 2022  will be  growth for   footwear industry, with consumption and prices  growing. But   in this scenario,  concerns about inflation, raw materials and war  are  also increasing, conditioning the normal functioning of the market.

 

One year of recovery

The most recent  data on footwear trade point to a very  positive manufacturing recovery period in 2021. When compared  to 2020,  imports increased in most  major global   footwear markets. However, inflation, rising energy prices and the war have changed initial economic growth  projections  for this year.  The latest projections from the  International Monetary Fund and the World Bank estimate  softer growth in world GDP by 2022.

    Still, the majority of respondents to this edition of the Business Conditions Survey believe that 'business health' in the  next six months will  be strong (53%) or very strong (15%).

 

Prices

Energy and commodity prices have been     rising rapidly  in recent  months in different  parts of the world  , so 97% of experts believe it  is very  likely (69%) or likely (28%)  that the  price of footwear is adjusted over the next six months.

On average,        experts expect price increases to  be around 8.4% next  semester, with a  maximum of 9.8% in Europe and a minimum of 5.7%  in North America.

     Expectations  for the evolution of prices in footwear retail are high: half of experts expect prices  to  increase (between 5% and 20%) and 35% expect them to increase moderately   (between 1.5% and 5%)  over  the next six months.

 

Employment

    There is a     more optimistic  general expectation about  employment developments,  with  Europeans  revealing the least optimism: 48%  of respondents expect employment  stabilize and only  39% predict swells  .

 

Conditions

The  main difficulties pointed out by the majority of respondents are the  cost of raw materials or goods (84%);  problems with  the workforce (40%) and financial difficulties (28%) are equally  relevant.

 

Digital growth

     About  two-thirds of the experts surveyed believe that digital retail channels will  gain importance  in the sale of footwear over the next three years.       Forecasts  are much more 'sober' for  physical   stores, with only a  third of  respondents believing they will grow in the next three years .

  Among physical stores, large-scale  retailis expected  to perform  better than other  formats.  Views on          developments  in other unspecified retail  channels remain positive, but are lower than in the  previous  edition of this survey

  According to Luís  Onofre, "despite the  alarm signs caused by an unexpected conflict in Europe, the signals from this survey seem  to  confirm the good indicators that  2022 will  be a year  of recovery of the footwear sector internationally." We hope that this  will be a year of affirmation of Portuguese in foreign markets", underlines  the President of APICCAPS.


Paese: Portugal
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