Sneakers - Puerto Rico

Puerto Rico

In Puerto Rico, the revenue generated by the Sneakers market is expected to reach US$115.8m in 2024.
This market segment is projected to have an annual growth rate of 4.82% (CAGR 2024-2029).
When compared to other countries, in the United States generates the highest revenue with US$24,510m in 2024.
In terms of per capita revenue, each person in Puerto Rico is expected to generate US$35.43 in 2024.
Looking at the volume of the Sneakers market, it is anticipated that by 2029, the volume will reach 1.7m pairs in Puerto Rico.
There is expected to be a small volume growth of 2.2% in 2025.
Furthermore, the average volume per person in this market segment is projected to be 0.46pairs in 2024.
Puerto Rican sneaker culture values vibrant colors and bold designs, with a preference for brands that highlight the island's unique history and culture.

Key regions: Australia, China, India, Vietnam, Philippines

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Analyst Opinion

The overall outlook for the fashion industry remains positive as the share of the apparel and footwear portfolio is expected to decline only slightly, leading to enormous overall growth potential. The most important driver for the global footwear market is the increasing importance of emerging markets not only as production sites but also as consumer markets. This indicates a strong impetus for producers and retailers to diversify their geographical presence to enable further growth. Additionally, the athleisure trend that combines comfort with chic and has elevated functional sportswear to coveted fashion statements is bound to continue.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on the consumer spending on footwear which comprises Sneakers, Athletic Footwear, Leather Footwear, and Textile & Other Footwear segments that are produced for private end customers for both offline retail (department stores, traditional specialist shops) and online retail (e-commerce, ordering by catalog).

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use resources from the Statista platform, national statistics, industry research, market data from independent databases and third-party sources, historical developments, current trends, reported performance indicators from the key market players, and Statista interviews with market experts. Next we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, consumer price index, and population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the exponential trend smoothing illustrates suited forecasting for the Footwear market with projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.