Global footwear consumption is forecast to increase by 7.8 percent or 1.6 billion pairs in 2023, according to respondents to the 1^st Semester 2023 World Footwear Business Conditions Survey from the Portuguese Footwear, Components and Leather Goods Manufacturers’ Association.

While unit growth is expected to grow on every continent, North America (+5.6%) and Africa (+4.5%) are seen as trailing South America (+10.6%), Europe (+8.5%) and Asia (+7.7%). Some 56 percent of executive respondents to the survey predicted moderate to strong growth (+1.5 to +20%) for the sector compared to 19 percent who predicted a moderate to very strong (-1.5 to more than -20%) drop.

In the area of footwear prices, more than 75 percent of survey respondents predicted increases of 5 to 20 percent in 2023 with the average price hike pegged at 7.3 percent. Executives from larger organizations, however, said they anticipate footwear prices stabilizing or decreasing over the next six months.

So, what were the top five problems that survey respondents expect for the footwear industry in the coming months? The cost of merchandise or raw materials at 59 percent remains the clear top issue, although it has come down from 81% in the prior World Footwear Survey. Rounding out the Top Five: insufficient demand in home market (34%), financial difficulties (28%), human resource problems (24%), and competition in home market (23%).