With the pandemic sweeping over the globe, there has been a sharp decline in the demand for formal footwear, pretty much everywhere. With work-from-home in place, now more than ever, people are preferring sneakers over formal footwear. Know that you are probably not the only one buying puma shoes. Singapore is witnessing a boom in the footwear industry, and the increasing demand for informal footwear is one of the primary reasons.
What does the current landscape look like?
Approximately 22 million pairs of shoes are purchased, annually in Singapore. This figure is anticipated to reach 23 million in 2021. In 2018, the average revenue of the industry per individual came at around SGD 204.62, while the gross revenue during the same year was around S$ 1181.66 million. The biggest market for Singaporean footwear was the USA, in 2018. It is projected that the industry will continue to grow at a rate of 3.4% annually.
Reasons behind this rapid growth of the Singapore footwear sector
There are several reasons behind this steady growth of the footwear industry in Singapore:
- Among the principal reasons for such growth is the increasing demand for performance footwear, also known as sports-inspired footwear.
- Another crucial factor that has been instrumental in the robust rise of the footwear sector has been the development of manufacturing capabilities in Singapore. With the right infrastructural support, Singapore has been able to provide a sturdy turf for footwear businesses to thrive.
- The overall increase in the GDP has also raised the living standards of the people in Singapore. Given the elevation of disposable income of the average household in Singapore, people can spend more on footwear and apparel.
- People buying footwear within the Singapore market are now prioritizing quality and comfort over the look of the footwear. This has made the marketplace more demanding overall, raising the quality level across the board.
- Last but not the least, the growing awareness among the Singaporean population with regards to their health and well-being has also fuelled the demand in the footwear industry. Therefore, you are likely to find more and more people picking puma shoes. Singapore is currently in the middle of an athleisure trend. People are demanding shoes that are comfortable enough to work out, run, or exercise, but are also good to look at.
A more health-conscious citizenry
Especially in the urban areas, people are becoming more conscious of their weight and are willing to put in the efforts to remain in shape. As a result, there has been a rise in demand for athletic footwear like Puma shoes. Singapore, in general, is embracing the idea of making athletic footwear more trendy and stylish. People expect quality footwear that remains exceptionally comfortable for long hours, under the sun, like the Puma shoes. Singapore is a hot and humid nation. Therefore, footwear that is lightweight and breathable is a must if you want your feet to remain cool, dry, and rashes-free.
What does the future look like for the industry?
Revenue generation from the footwear industry in Singapore is expected to touch the figure of USD 76 million, by 2021. Estimates suggest that revenue will keep growing at an annual rate of 6.74% from 2021 to 2025. This growth is likely to yield an anticipated market volume of USD 99 million by 2025. Also, it is projected that the biggest buyer of Singaporean footwear would be China and not the USA in the near future.
What makes Puma special in the Singapore footwear market?
It is hard to take a walk on any of the major streets in Singapore without noticing a store or two selling Puma shoes. Singapore comprises one of the biggest consumer bases of this brand. Easily considered one of the finest and best brands within the country, Puma shoes have kind of become synonymous with athletic or training shoes. Whether it is trainers or sneakers, or sports shoes, you are likely to find yourself choosing puma shoes. Singapore is a market where Puma enjoys quite a bit of popularity.
A brand dedicated to sports
Puma has managed to sustain despite tough competition, largely because of the continual improvement in its footwear designs. Given the sound functionality and increased comfort provided by puma shoes, the brand has managed to keep and gradually grow its consumers in Singapore.
And just because the focus of the brand has been on making the design of the footwear more comfortable and practical for customers, that does not mean that style has been compromised. There are no short-cuts to success and Puma has seemed to understand that. The brand has continued to elevate the functionality of its shoes, all the while making them cooler, trendier, and more stylish.
Any brand can be deemed fashionable. However, to build long-term, reliable, relationships with the customers, it is important to balance quality and substance, along with style. This is what is working for puma shoes. Singapore is witnessing a boom in the footwear industry, and brands such as Puma are taking advantage of this opportunity to build long-lasting ties with its customers.