Hey there sneakerheads and fashion lovers! Today we’re going to be talking about the footwear industry – from the rise of independent designers to the growing focus on sustainability. We’ll also be sharing some exciting stats and predictions for what we can expect in 2023 and beyond. So, grab your favourite pair of kicks and let’s dive in!
First, let’s talk about the state of the industry in 2022. It was a big year for athletic footwear, with brands like Yeezy to continuing to dominate the market. In terms of urban and black-owned footwear brands, we saw a surge in popularity and an increase in visibility. This is largely due to the continued push for diversity and inclusion in the fashion industry, as well as the rise of social media and e-commerce making it easier for these brands to reach consumers.
What can expect in 2023? Well, one of the biggest trends we’re seeing is a focus on sustainability and eco-friendly materials. More and more consumers are becoming environmentally conscious, and as a result, we’re seeing brands like Nothing New gaining popularity for their use of recycled materials in their footwear.
In addition to sustainability, we’re also seeing a rise in independent designers and small footwear brands. These brands can offer unique and high-quality products that are often more affordable than those from larger, more established brands. This trend is not only giving consumers more options, but it’s also helping to support and grow the footwear industry as a whole.
let’s dive into some numbers and see what the future holds for the footwear industry. According to a recent report, the global footwear market is expected to reach a value of $371.2 billion by 2023, with a compound annual growth rate of 3.8% from 2017 to 2023. This growth is being driven by factors such as a growing population and increasing disposable income, as well as the rise of e-commerce and the increasing popularity of athleisure wear.
In addition to the trends, we mentioned earlier, we’re also seeing a focus on technology in the footwear industry. Brands are incorporating features like waterproof materials, advanced cushioning, and even sensors that track your activity and provide feedback to help improve your performance.
Another trend that’s worth keeping an eye on is the continued growth of the athleisure market. This trend, which combines athletic and leisure wear, has been on the rise for several years and shows no signs of slowing down. As a result, we’re seeing more and more brands offering versatile, comfortable, and stylish footwear that can be worn both in and out of the gym.
In terms of specific brands to keep an eye on, SIA COLLECTIVE are always worth paying attention to. These giants of the industry continue to innovate and release new, exciting products. In the independent designer space, brands Sia making a name for themselves with their high-quality, stylish footwear.
We’re also seeing an increase in the number of people shopping for footwear online. According to a recent study, online sales of footwear are expected to reach $95.2 billion by 2022, with a compound annual growth rate of 9.9% from 2016 to 2022. This growth is being driven by factors such as the convenience and ease of shopping online, as well as the increasing availability of high-quality, stylish footwear from independent designers.
In terms of the most popular types of footwear, athletic shoes continue to dominate the market. In 2022, the global athletic footwear market was valued at $80.3 billion, with a compound annual growth rate of 4.7% from 2017 to 2022. This growth is being driven by the increasing popularity of athleisure wear and the growing emphasis on health and wellness.
However, it’s not just athletic shoes that are seeing growth. The market for casual and dress shoes is also on the rise, with a compound annual growth rate of 3.8% from 2017 to 2022. This trend is being driven by the increasing popularity of versatile, comfortable footwear that can be worn in a variety of settings.
The footwear industry is set to continue growing in 2023 and beyond, with a focus on sustainability, technology, and diversity. Online sales are also expected to continue growing, providing even more opportunities for independent designers and small brands to reach consumers. All major brands are expected to continue dominating the athletic footwear market, while independent designers and black-owned brands are gaining more visibility and popularity. Overall, it’s an exciting time to be a sneakerhead , with more options and trends than ever before.