China footwear industry overview

China is the world's major consumer market for footwear products. In recent years, China’s footwear consumption has grown steadily. China has a huge consumer group. Take men's shoes as an example, the growth rate of China's men's shoes market has stabilized and it is predicted that the men's footwear industry will maintain a steady growth of nearly 7% in the future. By 2020, the sales volume of China's men's shoes market will reach 184.181 billion yuan, and the market is huge.

As far as the status quo is concerned, the level of per capita consumption of footwear in China is still low and the potential space exceeds 400 billion. Compared with developed countries, China’s residents’ footwear consumption is still at a relatively low level. In 2012, China's per capita footwear consumption was only 2.42 pairs, far lower than the per capita consumption of the United States and Japan. In 2011, the per capita footwear consumption of urban residents in China was 370 yuan, only 1/4 of the US level in 2008. With the increase of national income in the future and the increase of consumer brand awareness, China’s footwear market will continue to maintain a stable growth trend. It is estimated that by 2018 China's footwear consumption will reach 438.3 billion yuan, and the industry will grow at a compound rate of 6.4% in the next five years. At present, in China's footwear consumption pattern, leather shoes account for about 50%, rubber shoes account for about 40%, and plastic shoes and cloth shoes each account for about 5%.

The demand for leather shoes in China has not yet reached the inflection point. Due to the declining economic growth and the continuous increase in the popularity of leather shoes, the demand for leather shoes has slowed down. In 2012, the income of shoe enterprises even fell year-on-year. However, there is still much room for urbanization in China. The employment of service workers in the service industry is also in great demand in the transformation and upgrading of industries. In the future, as the income of residents increases, it is expected that the revenue of leather shoes industry will grow steadily.

Urbanization drives residents' consumption of leather shoes. Relatively speaking, urban residents have higher requirements for dress code in daily work and social situations, and are more sensitive to fashion and wear more leather shoes. The concept of consumption of rural residents is relatively backward. Apparel clothing is more practical and requires fewer shoes and formal wear. In 2014, China’s urbanization rate was 54.77%, and it is expected to increase by one percentage point each year in the next five years, creating an additional 13 million urban residents. As more farmers and migrant workers enter the city, the demand for leather shoes from residents will continue to grow steadily.

At the same time, industrial upgrading, service industry more emphasis on wearing requirements. In traditional manufacturing enterprises, employees are mainly engaged in production, assembly and other activities. They are generally dressed in uniforms and do not require high image quality. Service employees need to deal with people more, dress more formally, and the demand for footwear, suits and other apparel is significantly greater. In 2010, the British media investigated about 1.25 million professional dresses in 24 countries including Asia, Europe, the United States, and Africa, and found that nearly half of Chinese people wear formal dresses when they go to work, which ranks third. In the future, as China's economic industry upgrades, the low-end manufacturing industry will gradually be eliminated, the employment population absorbed by the service industry will continue to increase, and residents’ footwear consumption will continue to grow steadily.

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