Footwear - Singapore

Singapore

In 2024, Singapore's revenue in the Footwear market is projected to amount to €1,118.0m.
The market is expected to grow annually by 0.83% (CAGR 2024-2029).
The largest segment in the Footwear market in Singapore is the Boots segment, with a market volume of €471.0m in 2024.
In global comparison, in China generates the most revenue in the Footwear market, with €110bn in 2024.
In relation to the total population of Singapore, per-person revenues of €184.80 are expected to be generated in 2024.
The volume of the Footwear market in Singapore is expected to amount to 30.1m pairs by 2029, with a volume growth of 0.3% in 2025.
The average volume per person in the Footwear market is expected to be 4.92pairs in 2024.
Moreover, by 2024, 79% of sales in the Footwear market in Singapore will be attributable to Non-Luxury.
It is clear that the Footwear market in Singapore is expected to experience significant growth in the coming years.
Singaporeans are increasingly opting for sustainable and eco-friendly footwear options, driving demand for brands that prioritize ethical production and materials.

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

Definition:

The Footwear market comprises all kinds of shoes that are designed and intended for a variety of activities. This market includes athletic, casual, formal, and other town footwear but excludes work and safety shoes. Depending on their purpose and function, these shoes are made from leather, textile, plastic, rubber, and/or wood materials. The market covers women’s, men’s, and children’s footwear. Just like the Apparel market, the Footwear market is currently being shaped by a tremendous change in customer purchase habits. The upswing in e-commerce store concepts is putting significant pressure on stationary retail stores.

Structure:

The market is divided into Sneakers, Running, Gym & Training, Boots, Business & Formal, Sandals. Sneakers are defined as everyday footwear with an athletic appearance.Running shoes are specifically designed to provide support, cushioning, and stability for running activities. Gym & Training footwear includes shoes designed for various indoor and outdoor training activities, offering versatile support and flexibility for weightlifting, cardio workouts, CrossFit, and other fitness routines. Boots encompass a wide range of styles, including ankle boots, knee-high boots, and hiking boots, designed for durability and protection across various terrains and weather conditions. Business & Formal footwear includes shoes designed for professional and formal occasions, featuring polished leather shoes, classic oxfords, loafers, and dress shoes that complement business attire and evening wear. Sandals are open-toe footwear providing breathability and comfort in warm weather, including casual flip-flops, elegant strappy sandals, and supportive walking sandals suitable for everyday wear and special occasions.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (per pair), luxury revenue share, and sales channels. The sales channel Online refers to the purchase of physical goods in online retail. In other words, the purchase is concluded via the internet, be it on a desktop PC, tablet, or smartphone. The distribution channel Offline covers all purchases in stationary stores, by telesales, or via mail order (e.g., print catalogs).

Key players in the market include companies that have the biggest share in the Footwear market such as Nike, Adidas, New Balance, Skechers, and Puma.

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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.