In Singapore, about 22 million pairs of shoes are sold every year and expected to reach 23 million pairs by 2021. Footwear industry’s average revenue per person amounts to $149.96 (S$204.62) in 2018. In 2018, the total revenue of the footwear market amounts to $866 million (S$ 1181.66 million) and the market is expected to annually by 3.4% (CAGR 2018-2021). In 2018, the United States is the major revenue generator in the world with $83,782 million. Singaporean footwear industry market trend is expected to grow continuous with annually 3.4%, with the strong performance of sports-inspired footwear.
Across the globe, the footwear industry has recorded flourishing growth in the past few years as the industry raised at a pace. Different types of footwear for various purposes launched to maintain the well-being and lifestyle is the growth driving factor of the footwear industry. Advancement in the footwear industry technology is leading the manufacturer to manufacture a quality product as per the consumer’s requirement. The reason behind the dynamic growth of the footwear industry in Singapore is the growing infrastructure facilities, positive growth of GDP along with rising in personal disposable income.
Quality Product with Comfort is More Demanding in the Footwear Industry:
The footwear industry in Singapore witnessed a number of substantially trends with its various trajectories. Passed the times when footwear used for the safety purpose and the new varieties launched only for the females. New demographics has conquered by the footwear industry, also made a variety of products to meet the end need for the different appearances of the consumers. Attempting to fulfil the functionality for various segments of end consumers, including children, various new innovative designs according to the demand for more comfort, convenience, durability developed. It is the rapidly growing market not only among women but men alike and gaining more popularity as a fashion accessory.
Singapore’s birth rate continues to decline still the most dynamic category was children’s footwear in 2017. Quality yet comfortable and attractive products in the children’s footwear segment are in demand. The consumers are willing to pay more for their child’s quality footwear as the consumers having fewer children is the significant reason behind this. The high disposable income and the rising standard of living in Singapore is the influential object and also, the willingness to pay more for the quality products among the consumers. In 2017, the category of children’s footwear saw a significant increase in its value share of brands, such as Adidas, Crocs and Skechers.
Athleisure Trend Driving Growth of the Footwear Industry:
Athleisure is the most demanding segment of the footwear industry. Consumers are significantly shifting towards the athleisure trend as the people are looking for the stylish but comfortable footwear. In recent time, it is the area which has gained the substantial attention of manufacturers in the athletic footwear, seeking for resolute product developments and innovations. One of the key factors behind the rising demand of the athletic footwear is the people are now more conscious about their health and fitness in urban regions.
In Singapore, the athleisure trend becomes an essential part of the Singaporean consumers searching for a quality footwear product yet stylish and comfortable too. In a scorching hot and humid country like Singapore, people opt to wear lightweight, breathable attire and footwear, so they can stay cool, dry, and free from rashes. Also, people want to look cool and stylish though whatever they wear. In 2017, Under Armour launched its first athleisure range of footwear into the market.
Distribution Channel of the Footwear Industry:
In Singapore, the specialist retailers of footwear of the country lead the distribution of footwear with leading branded stores like Bata, Ossia International Ltd and Charles & Keith. Whereas, the department stores also in Singapore, with a wider range of the footwear products hold a large value share in the market. Some local retailers are Gena presenting height-adjustable heels from nine centimetres to two centimetres in a flick (and tuck), The Tui Collection offering shoe made of organically dyed skins, Anothersole creates soft, comfortable shoes – a bit like tap or dance shoe and Custom Made presenting bespoke shoes offer classic dress shoes for a very reasonable price.
Retailers of footwear are focussing to switch their brand outlets from offline mode to online. An online store platform is the emerging convenient medium of distribution and the easiest way for the customers to shop. Earlier the distributor partners of such entities like retail stores, brand outlets, discount stores, online stores, and manufacturer owned online web portals opened their own outlets. They have understood the potential of the footwear overall market demand and have started their own outlets across various potential markets.
Challenges and Opportunities in the Footwear Industry:
Growing economy of Singapore started various initiatives of investments and regulations for the footwear industry to provide quality goods to consumers to minimize the risk of diseases. Day by day the increasing popularity of the athletic footwear in urban regions has accelerated the demand. Introduction of customized and lightweight athletic footwear (athleisure) are stealing the market and alone leading the footwear industry.
Now the people are more educated and knowledgeable so they become more demanding when it comes to the selection of their personal attire. They demand more and more new styles and it is one of the major challenges for the shoemakers to adapt the quick changes of the consumers and also the price also matters for the consumers. Fake and counterfeit products are the things at which consumers attract more and do not differentiate between the products because footwear is the most-copied item. The footwear industry is pushing the government to take stiff action against such piracy and duplicity.
The footwear industry is expected to expand more as the consumers are now aware, literate and understand the need for the quality products for them. The quality products are more in demand and people are willing to spend more for the quality footwear product, stylish and comfortable one. Also, the manufacturers are focussing on the quality and cost-effective footwear with a high durability and comfort for the consumers. These are some advantages expected to bolster the market in near future. With the increasing sports facilities by the government is boosting the need of the athlete wear products demand more.
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