Production of Footwear Decreased by 1.5 Billion Pairs in 2023

A report published by the World Footwear Yearbook shows that the production of footwear in 2023 was reduced by 6 per cent compared to 2022, which equals 1.5 billion pairs. Not including the pandemic years of 2020 and 2021 when production numbers were hit hard, this is the lowest number of shoes to be produced in the last decade. Decline in consumption is the reason why brands pumped the brakes on manufacturing, with key markets experiencing steep declines in purchasing numbers. The United States held their wallets the tightest, with 749 million less pairs purchased in 2023 compared to 2022. Following that was China with 398 million and the European Union with 399 million pairs less. Despite the decreases in China, Asia’s overall consumption market share increased to account for 54.7 per cent of the world.

While this seems bleak, it’s not as disastrous as it sounds, with consumer spending still up overall in 2023 (with an increase in spending of 5.9 per cent compared to 2022, according to Forbes) and with most major sportswear brands reporting positive growth in between 2022 and 2023. stormed ahead with a 29 per cent increase, with close on their heels with and with 17.75 per cent. The increased consumer spending is expected to continue in 2024; however, it is also expected that the effects of increased interest rates will begin to show in 2024 and 2025.

Another interesting factor is that earlier this year that they would be reducing the number of Air Force 1s produced, citing that it was to protect the cultural cache of the iconic sneaker and allow space for new designs to shine.

In general, consumers are buying less, but paying more to do so, with increased prices the most cited reason for lower volumes. Therefore, while consumers are more careful with their purchases, they are still willing to pay the increased prices, hence the steady growth in revenue yet the decrease in production.