Its majesty the sneaker. By 2028, the sneakers’ market will reach 172 billion USD, starting from 127 of 2021. It may very well be that a more formal footwear is recovering, but those that analyze the consumption trend have no doubts. In the next 6 years, sneakers’ sales will continue to grow. The merit mainly rests with the Asia–Pacific area and online sales. A strong growth that seems it may last until the time when the fashion industry won’t create a valid alternative. That “Philosopher’s shoe” that brands are trying to make for a post-sneakers’ world. For now, it hasn’t happened.
Its majesty the sneaker
According to the last update by ResearchAndMarkets.com, the global sneakers’ market (meaning “shoes designed for sport and outdoor activities”), will reach 171.9 billion USD by 2028. Concretely: +4.7% CAGR (compounded annual growth rate). The percentage lines up with the forecast of Statista, according to which the global sneakers’ market reached 127.3 billion USD in 2021. And the growth rate in the later years is expected to be of 4.9%.
According to ResearchAndMarkets.com, sneakers suffered an abrupt slowdown due to Covid, which caused people to stay at home. Now though, the situation is gradually improving. Among the growth factors are the increased salaries of consumers, now willing to pay more for models with high technical characteristics. But there is “growing desire to practice sports and activities”. The challenge is competition from low-price products (compared to the price tags of Nike, Adidas, Puma, Under Armour) in rural areas and low-income countries.
We often see how the shoes with high technical characteristics are also worn normally due to their comfort. This has been the factor behind the success that changed the story of footwear. Yet, fashion is now looking to distance itself from the world of sport. A recent example is that of Giorgio Armani. The brand’s Summer 2023 collection inserted many espadrillas and sleepers in roster, saying to Corriere della Sera: “I forgot about sneakers for a moment”. While the designer spoke the words, he showed the sneakers he was wearing…