VALLEY COTTAGE, N.Y. – Male cohort across the globe are increasingly focusing on their appearance, as such their line of luxury footwear is growing significantly. Yet, women’s luxury footwear have been accounting for gigantic share. Deepening Internet penetration is further fueling the market of women’s luxury footwear, particularly among tech-savvy millennial and Gen Y cohort.
North America and East Asia are goldmines of market progress on back of increasing working women demographics. FMI, in its recent business intelligence report, find that the women’s luxury footwear market is estimated to peg ~US$ 12 Bn in 2019, and is anticipated to grow at a healthy CAGR of 6% over forecast period (2019-2019).
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Eco-Friendly Rubber and Leather Emerge as Material of Choice
Although rubber and leather remain highly sought-after in manufacturing women’s luxury footwear, customers are valuing and preferring products that pose no harm to environment during overall manufacturing procedure. As such, manufacturers including Adidas Parley, and Everlane, are leveraging eco-friendly materials, such as plant-based rubber, and bio-printed leather, in a bid to remain an edge over their competitors.
North America and East Asia Offer Plethora of Opportunities
Although North America leads the market of women’s luxury footwear, East Asia is expected to exhibit promising growth. Majorly represented by China, inflating affluent consumer class, and gradual shift towards high-end items are driving market growth in the region. Further, FMI reveals that sales of women’s luxury footwear are estimated to witness double-digit growth by 2019 end.
Preview Analysis of2019 Analysis and Review of Women’s Luxury Footwear Market by Product – Boots, Heels & Pumps, Sandals & Flats, and Casual, Sneakers & Sports Shoes for 2019 – 2029:
Apparent Shift Towards Online Sales Channel
Majority of women prefer stores for purchasing luxury footwear as they are able to scan the genuinity of products physically. However, e-Commerce industry has been flourishing at a robust pace in recent years. Consumers prefer browsing products online in lieu of going to retail stores. Realizing the trend, players operating in women’s luxury footwear are channelizing their production footprint via online sales channel. Although e-Commerce was considered for budget shopping, premium brands are also turning to online sales channel for selling women’s luxury footwear. Furthermore, FMI estimates that about 20% of women’s luxury footwear sales will occur via online retail platforms.
Analysts at FMI opine that “Demand for personalized footwear in tandem with rising number of high-net-worth individuals (HNI) are driving women’s luxury footwear market growth. Manufacturers are redefining their production methods with advanced technologies, such as 3D printing, and sensors. In addition, market players are embracing recyclable and renewable materials for developing women’s luxury footwear.”
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