Why is the market so saturated with men’s shoes?
The men’s shoe market is saturated, according to the Canadian Association of Footwear Manufacturers (CAFMA).
The number of Canadian men’s brands has fallen from over 1,400 in 2010 to under 500 today, according the association.
But the CAFMA says it’s not because the number of male consumers is so low.
Instead, it says men are increasingly opting for more affordable shoes.
“The market is a very important one for the shoe industry and there is a strong demand,” says Michael Zegart, president and CEO of the Canadian Footwear Association.
“A lot of the guys who are coming into this market are coming from a more traditional, less affordable market, where it’s more expensive to get into the market.
And the shoe manufacturers are seeing the opportunity in that.
So that’s where we are at right now.”
Men’s shoes account for more than 90 per cent of all retail footwear sales in Canada, and sales are projected to increase to more than $5 billion by 2020.
The trend is also happening in other countries.
“In the U.S., we’re seeing the trend of men’s sneakers and men’s clothing and men as a whole, especially in the high-end segment, getting more popular,” says Andrew Saffo, CEO of retail consultancy RetailMarks.
“And that’s very much happening in Canada.”
But a lot of this growth has been driven by a lack of competition.
“There are no women’s brands out there,” says Saffos.
“So there’s a lot more competition for men to buy shoes.”
The CAFDA says men’s footwear is still the biggest market in the world, but it’s the one that’s changing the most.
“We believe that the men’s market is growing at a rate that is sustainable for the foreseeable future,” says Zegar.
“I think there’s definitely room for growth in the men-dominated footwear market in Canada as we get to the point where there’s more opportunity to diversify into women’s footwear.”
“This is a great opportunity for the men who don’t have the luxury of a women’s market to buy women’s products and men to shop women’s clothing,” she says.
“If you’re looking for something more affordable, you can find it.
There are tons of women’s options out there.”
The men are also spending more money.
According to the CAIFA, the average price of a men’s men’s-style shoe is $3,200, and an average price for a women-style men’s shopper is $2,200.
“They’re spending more,” says John Ruhl, president of footwear research firm J.R.R.
& T.R.,” which tracks the market and is based in Vancouver.
“It’s definitely been an upward trend, but the question remains how fast can that increase.”
As women’s sales rise, the cost of a pair of mens shoes continues to increase.
A typical pair of shoes in Canada costs $6,800 to $8,000.
But a new study released this week by Canadian Tire found that the average Canadian men is spending more than twice as much on shoes as women.
That’s partly because men are spending more on shoes than women, but also because men in Canada are more likely to buy men’s high-top sneakers.
“When you have more men than women shopping, you’re going to see that increase,” says Ruhle.
But what about the other side of the equation?
There’s also a growing trend of women choosing to wear more casual shoes.
In the last five years, women have become more active in their lives, and the average woman has walked to work more than six times per week, according a study by the Canadian Life Insurance Association.
But there are also signs that men are embracing the trend.
In 2012, more than one-third of men in the GTA surveyed said they planned to walk more than two hours per week.
In fact, according, the research, “Men’s Walking Habits and Outcomes,” there is now a growing desire for men and women to get outside.
“For men who are already exercising, that’s a big part of their lifestyle, and if you get outside and you exercise a lot, that becomes an important part of your lifestyle,” says Mark Withers, director of health and fitness programs at the Toronto Sports and Fitness Centre.
“What you want to do is get out and get in the water, go swimming, go bike riding, go running.
But it’s about how you incorporate those into your day.”
But if you’re not going to take your feet off the pavement, how about a little more physical activity?
That’s exactly what a growing number of men are doing.
According of the CAFIA, men are getting more physical than women in