Women’s Footwear Sales to Soar Through 2027
Global Women’s Footwear Market: From an estimated market size of US$ 152118.8 Mn in 2018, the value sales of women’s footwear are expected to reach US$ 219535.6 Mn by 2027, expanding at a CAGR of 4.2%
Since the past few years, the footwear industry has witnessed robust growth, which is expected to continue in the future. The footwear industry primarily comprises of men, women and kids categories. Consumers, mostly women, are more concerned about their dressing and footwear.
They are mostly influenced by commercial advertisements, movies, entertainment channels and other modes. In addition, the brands of women’s footwear are using famous or well-known personalities, in other words, celebrity endorsements for their products, which is influencing consumer behaviour. These factors are expected to drive the global demand for the women’s footwear market in the near future.
For instance, Nike is one of the leading manufacturers of women’s footwear worldwide. The company promotes its products through various commercial ads and uses famous celebrities as brand ambassadors, which motivates several customers to use the company’s products. Hence, the sales of Nike products rose exponentially in past few years.
The women’s footwear market is also witnessing an upsurge because of new innovations and developments in products, which is attracting a large crowd. Due to this, major manufacturers of women’s footwear have started expanding their product verticals and are providing customised footwear.
Versatility, comfort and style are the main factors driving demand for women’s footwear
By product type, the global women’s footwear market is segmented as casual shoes, boots, heels & pumps, sandals, flip flops & slippers, sports shoes and safety shoes. Among all these product types, the sports shoes segment is estimated to account for a relatively higher value share in the global women’s footwear market.
This segment is expected to remain dominant during the forecast period. The sports shoes segment is estimated to account for a 29.5% value share in 2018, and is expected to expand at a CAGR of 5.1% during the forecast period.
In global women’s footwear market, another major segment is by material type. The material type segment is sub-segmented into rubber, leather, plastic, velvet, textiles and others. The rubber segment dominates the global women’s footwear market owing to its versatile nature and durability.
The global women’s footwear market is also segmented on the basis of sales channel. The sales channel segment includes supermarkets/hypermarkets, specialty stores, independent retailers, multi-brand stores, company websites and the 3rd party online sales segment. Among all these sales channel segments, the multi-brand store segment is expected account for the largest share in terms of value.
The multi-brand segment estimated to account for 33.9 % value share in 2018, and is expected to register a CAGR of 4.0 % during the forecast period. However, the 3rd party online sales segment is expected to register comparatively faster growth during the forecast period. The segment is expected to gain an incremental dollar opportunity of US$ 17966.91 million in the global women’s footwear market during the forecast period.
Commercial advertisements coupled with celebrity endorsements are among the key factors supporting the demand for women’s footwear
Consumer buying behavior has transformed substantially in the recent years. This can be primarily attributed to an increase in the disposable income as well as an increase in the spending on products for self enhancement. Consumers are becoming more conscious about their looks and appearance.
Thus, the per capita spending on apparel and footwear across the globe has increased substantially. The decisions of consumers regarding the choice of apparel and footwear depend upon various factors such as the versatility, comfort level as well as the style of a particular brand.
Customers are very particular about the look and feel of the products that they are purchasing. The availability of their favourite brands in their vicinity is also expected positively influence the buying behaviour of consumers.
Hence, an increase in the number of specialty and franchised footwear stores as well as the tie-ups between the brands of footwear and various retail chains has supported the demand for women’s footwear. Thus, the favourite brands of consumers are coming nearer to them.
Multinational players are relatively highly concentrated in the global women’s footwear market as compared to local and regional manufacturers
The global women’s footwear market is primarily characterised by the presence of a large number of regional and multinational companies. The detailed profiles of companies are also included in the report to evaluate their strategies, key product offerings and recent developments.
Some of the key players profiled in this market study on the women’s footwear market include NIKE, Inc.; Adidas AG; PUMA SE; Skechers U.S.A., Inc.; Under Armour, Inc.; Wolverine World Wide, Inc.; Crocs, Inc.; ASICS Corporation; Deichmann SE; The ALDO Group Inc.; VF Corporation; Indtex SA.; New Balance Athletic Shoe, Inc.; Columbia Sportswear Company; Michael Kors Holdings Limited; Kathmandu Holdings Limited; Jack Wolfskin GmbH & Co.; W. L. Gore & Associates, Inc.; Polartec, LLC. and Sympatex Technologies GmbH.
Market Segmentation
On the basis of product type, the global women’s footwear market is segmented into casual shoes, boots, heels & pumps, sandals, flip flops & slippers, sports shoes and safety shoes. The global women’s footwear market is further segmented on the basis of material. The material segment includes rubber, leather, plastic, velvet, textiles and others. The global women’s footwear market is also segmented by distribution channel, which includes hypermarkets/supermarkets, specialty stores, independent retailers, multi-brand stores, company websites and 3rd party online sales.
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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