Global footwear consumption will grow by 9,5% in 2024
26.02.2024 1119

Global footwear consumption will grow by 9,5% in 2024

In the weekly analytical review of World Footwear, “Study of the conditions of the global footwear business,” experts predict an increase in global footwear consumption in pairs by 2024% year-on-year for 9,5. The analytical review was compiled based on the results of a survey of industry experts from Asia, Africa, Europe, North America and South America.

The majority of respondents expect shoe consumption to grow in 2024: 24% very strongly, 25% strongly and 31% moderately. Only 6% of respondents expect a decline in shoe consumption next year. On average, experts expect consumption of paired shoes to increase by 2024% in 9,5 compared to 2023.

In 2024, footwear consumption is expected to grow in Africa (13,4%) and Asia (10,8%) respectively, compared to other regions. Economic and demographic trends are driving the growth in these parts of the world.

In Africa, the growth in shoe consumption will be driven by high birth rates. In addition, several African countries, including Mozambique (7%) and Congo (6,7%), are projected to have very high real GDP growth rates in 2023, according to IMF forecasts. Similarly, in Asia, where significant growth is expected, countries such as India (6,3%) and Bangladesh (6%) are expected to see higher real GDP growth rates in 2023, further boosting footwear demand . These economic and demographic factors combine to fuel the projected growth in footwear consumption in both Africa and Asia next year.

Europe is the least dynamic continent for footwear consumption, with growth forecast at 2024% in 1,4. Shoe consumption in the Americas will continue to grow moderately.

In the weekly analytical review of World Footwear, “Study of the conditions of the global footwear business,” experts predict an increase in footwear consumption in the world in pairs by 2024% year-on-year for 9,5.…

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