WASHINGTON and NEW YORK and LONDON, July 28, 2016 /PRNewswire/ -- Although weak consumer spending patterns have raised concerns about the health of the U.S. retail sector — with major department stores such as Macy's, Gap, and Kohl's reporting a drop in sales — the footwear category is considered to be a bright spot within the apparel industry. These findings are featured in a blog post published by MarketResearch.com.
Overall, footwear sales have outpaced apparel in recent years, with a compound annual growth rate of 6% over 2010-2015 in comparison to 4% for apparel. By the end of 2019, the global footwear market is forecast to reach $216 billion.
To capitalize on consumer demand, apparel brands are increasingly looking to footwear to boost their bottom line.
MarketResearch.com's blog post highlights several key trends that are influencing the footwear market, including:
Fashion and celebrity endorsements
Rise of athleisure and comfort shoes
Online and direct sales
Fashion plays a key role in consumer decision-making when it comes to purchasing new shoes. According to a TechNavio report, "The population in the age group between 14 years to 30 years is relatively more fashion conscious and contributes considerably to the replacement purchase of footwear."
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