In a third party report recently released by research firm Technavio, faux leather is on the rise and leather is on its way out. The numbers show that synthetic and faux leather will grow faster in the next five years. This leads vendors such as Nike and Adidas to use leather less and synthetic leather more.
While the report is being kept from the general public behind a paywall, BusinessWire had this to say:
According to Poonam Saini, a lead retail goods and services analyst from Technavio, “As a result of the high prices of raw leather, and the subsequent high prices of the finished products, consumers are now shifting toward the more affordable faux leather goods,” adds Poonam.
With the help of advancing technology, manufacturers have become successful in enhancing the durability factor of faux leather considerably and incorporating stain resistance properties. The improving quality of faux leather and the availability of faux leather footwear in different colors and textures have been propelling the growth of this segment.
Read the full report here via BusinessWire.