What are the most widely worn shoes?
The shoe industry is the fastest growing segment of the retail industry and is expected to become even more dominant in the years to come.
The shoes market is expected be worth $8.5 trillion by 2021, according to a report released by the National Retail Federation, a trade group that represents the major shoe brands.
“I would like to think that the shoe industry can grow to $8 trillion by the year 2027,” said Steve Leggett, CEO of the National Association of Manufacturers.
It’s a trend that will be especially important in cities where a number of shoe brands, including Nike, Adidas, Converse and even the iconic Puma, have already opened stores and offices.
A report by the Institute for Supply Management said that the market for shoe sales is expected grow to nearly $7.2 trillion by 2020.
Nike is projected to sell around $1.8 trillion in shoes in 2020, according a Bloomberg report, which estimates the brand is worth $4.7 trillion.
In 2017, the global shoe industry grew by 5.5% to $7 trillion, according the International Association of Athletics Federations.
While the number of brands expanding into the shoe market has skyrocketed, the majority of those brands have been focusing on men’s footwear, which is expected continue to grow by more than 50% by 2020, the industry’s industry analysts said.
As a result, the shoe sector will likely be among the fastest-growing segments in the U.S. by 2021.
Shoes in the United States are becoming increasingly popular with millennials and those in their 30s.
According to the New York-based footwear consultancy Gartner, the average age of a shopper at a major retail store is 36, with the average shopper over the age of 30 in the market.
According to a 2017 report by consulting firm McKinsey & Co., the number one reason that millennials shop at big box stores is to shop for shoes.
More than 85% of U.K. adults and almost 90% of adults in the EU are currently wearing shoes at some point during the year, the research firm said.
In fact, the number and popularity of the shoe has increased exponentially since its introduction in 2012, according Leggitt.
Over that time, the shoes market has expanded rapidly, and is predicted to reach $8 billion in 2021, up from $4 billion in 2020.