Drop in consumption to reach 5.1 billion pairs
The world footwear consumption is expected to decline more than 22% this year, according to the Business Conditions Survey conducted amongst the international Panel of Experts from the World Footwear, a project launched by APICCAPS 11 years ago and dedicated to evaluating the trends in the footwear sector.
The impact of the Covid-19 pandemic will severely penalize the footwear sector in 2020. Since the previous issue of this bulletin, published in January, the epidemic has strongly weakened the world economy and the footwear industry is no exception. As a result, almost three out of every four respondents expect, over the next six months, quantities of footwear sales to decline, while almost half are predicting a fall in prices.
Strong decline in consumption
The World Footwear’s Panel of Experts is forecasting that footwear consumption worldwide will fall by 22.5% in 2020, translated in a reduction of 5.1 billion pairs. The most negative scenario is expected for Europe, with an estimated loss of 27% and less 908 million pairs consumed. North America with a 21% decrease (696 million pairs) and Asia with a 20% decrease (2.4 billion pairs) will also be particularly affected.
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About the Business Conditions Survey
In 2019 the World Footwear has created the World Footwear’s Panel of Experts and is now conducting a Business Conditions Survey every semester. The objective of the World Footwear Experts Panel Survey is to collect information regarding the current business conditions within the worldwide footwear markets and then to redistribute such information in a way it will provide an accurate overview of the situation of the global footwear industry.