Footwear Stores Global Market Size, Share, Growth, Trends, By Type, By Material Type, By Store Type, By End User, By Region And Segment Forecast 2024-2033 | Adidas AG, Nike Inc., PUMA SE, Under Armour Inc., VF Corporation

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Overview and Scope
Footwear stores are concerned with the distribution and supply of footwear items such as shoes, boots, sandals, and slippers, which are made from a variety of materials such as wood, canvas, jute, plastic, and rubber. Footwear items generally protect and support the feet while walking or engaging in other activities, serve as a fashion statement, and are used to express personal style.

Sizing and Forecast
The footwear stores market size has grown strongly in recent years. It will grow from $214.06 billion in 2023 to $230.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to fashion trends and style preferences, changing consumer lifestyles, economic factors and disposable income, marketing and branding strategies, seasonal and holiday shopping trends.

The footwear stores market size is expected to see strong growth in the next few years. It will grow to $304.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to focus on sustainable and ethical practices, rise in health and wellness awareness, e-commerce competition and omnichannel strategies, customization and personalization trends, innovative retail concepts and store experiences. Major trends in the forecast period include health and comfort-centric designs, collaborations and limited edition releases, integration of technology in in-store experience, virtual fitting rooms, omnichannel retail strategies..

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Segmentation & Regional Insights
The footwear stores market covered in this report is segmented –
1) By Type: Athletic, Non-Athletic
2) By Material: Leather, Non-Leather (Rubber)
3) By Store Type: Offline Retail Stores, Online Retail Stores
4) By End User: Men, Women, Children

Asia-Pacific was the largest region in the footwear stores market in 2023. The regions covered in the footwear stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
Increasing spending on branded luxury items is expected to propel the growth of the footwear store market going forward. Luxury items refer to goods or services that are considered elite in society such as Haute couture clothing, accessories, such as jewelry and high-end watches, branded shoes, luggage, and more. Customers are inclined to purchase more luxury items for prestige and comfort from well-known online and offline stores. For instance, in 2021, according to Bank of America, a US-based financial institution that provides a full range of banking products and services, luxury spending increased by 14% through April, with growth accelerating to 26% for higher-income spenders and slowing to 5% for lower-income earners in the United States. Moreover, in 2021, luxury spending increased by 47% compared to 2019. Therefore, increasing spending on branded luxury items will drive the footwear store market.

Key Industry Players
Major companies operating in the footwear stores market are focused on innovating advanced tools, such as the AR tool, to enhance customer shopping experience. Augmented Reality (AR) tool refers to a technology that overlays digital information, such as images, text, or 3D models, onto the real-world environment in real time. For instance, in June 2022, Amazon Fashion, a US-based retail company, launched ‘Virtual Try-On for Shoes,’ an augmented reality (AR) feature on its iOS app, that allows US and Canadian customers to virtually try on shoes from brands such as New Balance and Adidas. Users can easily visualize how the shoes look by pointing their device’s camera at their feet after tapping the ‘Virtual Try-On’ button. These AR tool aims to enhance product showcasing for brands and aid customers in their purchasing decisions.

The footwear stores market report table of contents includes:
1. Executive Summary