Record high inflation and declining consumer confidence caused retail sales to plummet last December. Now, with Russia’s invasion of Ukraine, stock market volatility has more than doubled year-to-date. However, with an economic rebound continuing to unfold, consumer demand for various commodities, including footwear and accessories, is expected to increase soon.
Because remote lifestyles are here to stay, the pure convenience of e-commerce applications is also accelerating sales in the footwear and accessories sector. With fitness awareness also gaining traction, sports footwear demand has also witnessed an upsurge. According to Research and Markets, the global footwear market is slated to grow a 4% CAGR 2022 - 2027.
