Footwear - Hong Kong

  • Hong Kong
  • Hong Kong's revenue in the Footwear market is projected to reach €7.37bn in 2024.
  • It is expected that the market will grow annually by 3.69% (CAGR 2024-2028).
  • The Leather Footwear segment is the largest segment in the market, with a market volume of €3.99bn in 2024.
  • When compared globally, in the United States generates the highest revenue (€84.86bn in 2024).
  • In terms of per capita revenue, €957.10 will be generated in the year 2024.
  • The volume of the Footwear market is expected to reach 240.20m pairs by 2028.
  • However, in 2025, the market is expected to show a volume growth of -0.5%.
  • The average volume per person in the Footwear market is expected to be 31.57pairs in 2024.
  • Non-Luxury will account for 91% of sales in the Footwear market by 2024.
  • Hong Kong's footwear market is characterized by high demand for luxury brands and innovative designs.

Key regions: United States, India, Australia, United Kingdom, China

 
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Analyst Opinion

The overall outlook for the fashion industry remains positive as the share of the apparel and footwear portfolio is expected to decline only slightly, leading to enormous overall growth potential. The most important driver for the global footwear market is the increasing importance of emerging markets not only as production sites but also as consumer markets. This indicates a strong impetus for producers and retailers to diversify their geographical presence to enable further growth. Additionally, the athleisure trend that combines comfort with chic and has elevated functional sportswear to coveted fashion statements is bound to continue.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on the consumer spending on footwear which comprises Sneakers, Athletic Footwear, Leather Footwear, and Textile & Other Footwear segments that are produced for private end customers for both offline retail (department stores, traditional specialist shops) and online retail (e-commerce, ordering by catalog).

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use resources from the Statista platform, national statistics, industry research, market data from independent databases and third-party sources, historical developments, current trends, reported performance indicators from the key market players, and Statista interviews with market experts. Next we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, consumer price index, and population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the exponential trend smoothing illustrates suited forecasting for the Footwear market with projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.

Visión general

  • Revenue
  • Key Players
  • Sales Channels
  • Analyst Opinion
  • Volume
  • Price
  • Global Comparison
  • Methodology
  • Key Market Indicators
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