Chinese domestic footwear market to grow 10% by 2013
The domestic footwear retail market is anticipated to grow at a compound annual growth rate (CAGR) of around 10% during 2010-2013, according to market research analysis company RNCOS.
The research report, entitled “China Footwear Market Analysis”, states the industry will show significant growth in the future.
The main reason for this growth, the report states, will be improving living standards, burgeoning middle class population, and increasing demand for branded and fashionable footwear.
The report also suggests that the urban demand for leather shoes has experienced some fallback and is being replaced by casual shoes. However, demand for medium and high-end leather shoes worn at the office along with formal dress remains strong. The rural market is still focused on rubber shoes – however with the trend of gradual urbanisation in the consumption habits of rural residents, substantial growth in leather shoes can be expected in coming years, according to RNCOS.
According to the China Leather Industry Association (CLIA), the Chinese footwear market was around 2 billion pairs. RNCOS estimates the market to reach around 3.7 billion pairs by the end of 2013, seemingly because it believes the market reached the 2 billion figure in 2008 and the market has continued to grow since then. However, the CLIA placed the market at the 2 billion mark in 2010.
