The footwear industry has always occupied a large amount of market share in the fashion industry. It is expected to reach approximately $95 Billion by 2025. Investment in the footwear industry has also grown immensely over the years as more brands realize the importance of the shoes people wear. Nonetheless, as an industry with minimal innovation, things seem to be changing in the footwear world. More companies are realizing that the target market for their shoes and consumers in today’s world are much more rational and thoughtful in their shopping process. With the rise of the sustainable customer, companies are starting to realize that it is not enough to create high quality pairs of shoes, but also essential to create products that impact the world, resonate with their customers, and are innovative so they stand out from this crowded industry. People require shoes to feel more confident after their treatment at the skin laser clinic and the ones to make them feel comfortable for a night out of dancing with their friends. Overall, the footwear industry is changing because it has to if it aims to continue to stay relevant to the new conscious consumer.
Here are ways the footwear industry is changing
It is well known that the footwear industry accounts for nearly 20% of the industrial water pollution, it is no wonder why so many influencers are educating people online to spend less on new shoes and to decrease their consumerism in general. Yet, there are many companies that realize their responsibility towards the globe, and even more new companies with the vision to make positive impact. One can find many companies today such as Good News produce footwear from recycled rubber soles to organic cotton and Aera which is known for its vegan leather shoes as well as its limited stock to not overproduce and cause waste.
Another essential trend in footwear shopping in the recent years is comfort, especially for the female audience. Women today aim to be comfortable in the fashion they opt for and companies are realizing this as an essential aspect in their branding. However, it’s not just comfort women are looking for, but also style, as such more and more companies are creating products that can fit the market. For example, Pashion Footwear a company that appeared on Shark Tank, has turned the heels industry upside down by producing shoes with heels that can be taken off and worn as flats. It is no wonder the company raised over $1 million after the episode aired.
As such, with the way the target market transforms so does the footwear industry. There are many innovations taking place in shoes beyond those discussed, such as brands looking for ways to give back to the world, or leather being produced in a multitude of different ways. With the increasing competition and innovation it can be expected that the footwear industry will continue to grow immensely over the next couple of years, and could potentially exceed the expected $95 Billion market share it’s expected to hold.