Poised for moderate growth in the global revenue, women’s footwear sales are projected to remain steady over the next few years. Although slated for a steady year on year revenue growth of just-under 4% in 2019, the global women’s footwear market is projected for the revenue of over US$ 155 billion by the end of 2019.
With evolving lifestyle and constant product innovations in the footwear categories, it is more likely that women’s footwear manufacturers will discover high potential growth opportunities over coming years.
The women’s footwear market analysis on the basis of the type of base material reveals that rubber owing to high endurance and versatility remains a highly preferred material for women’s footwear over other material types such as leather, velvet, plastic, and textiles. Plastic is positioned as the second most favored base material for women’s footwear.
Key Insights Drawn from Global Women’s Footwear Market Report
The future belongs to fast lifestyle retailers adapting to online structure
Sustainable value chain including online operators will be the best asset for manufacturers
Eco-friendly material alternatives are emerging rapidly, though currently confined to a premium market segment
Sports shoes and casual shoes account for more than 50% share in the total market value
Startups stepping in comfortable sneakers and athletic shoes will attract remarkable funds from venture investors
Customization is trending women’s footwear landscape
Designer sneakers are stepping in the market, confidently
Industry behemoths are teaming up with startup technology innovators for novel product development
Therapeutic women’s footwear hold a promising outlook
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North America’s Women’s Footwear Sales to Cross US$ 50 Bn Next Year
According to a newly published market intelligence by Future Market Insights, North America remains the largest regional shareholder in the global revenue of women’s footwear landscape, and will possibly exceed the valuation of US$ 50 billion in 2019. Asia Pacific and Western Europe are the next key markets for manufacturers and distributors of women’s footwear, according to the study.
Developed regional markets are estimated for sluggish growth in sales in coming years, whereas emerging economies continue to experience steadily growing sales owing to rapidly evolving consumer demographics and elevating spending power.
Women’s Footwear Fashion Is Becoming Sporty and Casual
With lifestyle gaining a ‘healthier’ tag and regular dress codes becoming relaxed and casual, it is most likely that sporty, comfortable, and casual women’s footwear will maintain the top selling position in market.
A senior research analyst expert in the consumer retail segment explains, “Casual and sports shoes are gaining ground in recent years, according to the report. The sales of women’s footwear in the sports shoes category currently account for around 30% share of the total market value. Adhering to the consumer priority to comfort, sports shoes and casual shoes remain the top selling categories in women’s footwear. Around 30% share of the total market value belongs to sports shoes, closely followed by casual shoes. Moreover, heels & pumps, and boots will continue to account for a considerably high revenue share in the market in 2019 and ahead”.
Revenue growth of athletic footwear reflect continued dominance of sports shoes in women’s footwear marketplace, whereas significantly growing sales of sneakers denote exceptional sales potential of the casual shoes category. Conversely, research indicates passive growth in the high heels category sales.
With consumers perceiving casual and sports shoes as the sensible footwear over heels, it is more likely that brands such as Nike, Adidas, and Puma will continue to enjoy massive revenue over coming years.
Other popular brands are taking constant efforts in introducing competitively priced products in the market with an objective to extend their outreach to developing economies.
Both Consumers and Manufacturers Are Going Online
In terms of sales distribution, more than a third of the total market value is covered by multi-brand stores, followed by third party online sales. While supermarkets/hypermarkets and specialty stores also bring in a relatively heavy share of revenue to the women’s footwear market, the report projects solid incremental growth for third party online sales of women’s footwear.
Technological intervention has been redefining the consumption of fashion products and the strategic efforts of companies to deliver engaging brands. Impressively growing Ecommerce penetration is majorly influencing the current performance of sales channels in the women’s footwear landscape.
Even multi-brand stores are likely to lose ground to online selling brands, as modern consumers are increasingly preferring a convenient lifestyle – translating into promising growth of Internet retailing/E-tailing channels for distribution of lifestyle products such as footwear and apparel. However, research also points to a growing consumer tendency to favor non-store online retail channels over online brand stores.
Manufacturers and distributors are also harnessing the profit of operating only online rather than investing manifolds in offline businesses. To add to this, the analyst at the company highlights that the in-store experience will continue to be the ultimate factor shaping consumer demand in the women’s footwear market – whether offline or online.
Several footwear manufacturers also continue to invest in merging offline and online for an improved consumer engagement at distinct levels. FMI even foresees that in the near future, the entire footwear distribution scenario may transition to a symbiotic space that does not distinguish between the boundaries of offline and online.
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Competitive Landscape Analysis of the Women’s Footwear Market
The report thoroughly evaluates the critical role of consumer behavior, their buying preferences, and purchasing decisions in the sales of women’s footwear. Moreover, increasing significance of Ecommerce across the value chain of women’s footwear market is analyzed in detail, in the report. Apart from the most prominent trends and highly actionable opportunities facing manufacturers of women’s footwear, the report throws light on the competition scenario for a broader, strategic viewpoint.
Nike recently invested in a startup specialized in 3D foot scanning – Invertex.
A therapeutic footwear making giant, Aetrex Worldwide, recently purchased Sols – a startup that exclusively specializes in 3D printed insoles and orthotics, more importantly tailor-made.
Puma recently tied up with Dubai-based LAMA JOUNI over an exclusive range of Thunder footwear and athletic-inspired fashion.
Marking the sneaker’s 50th anniversary, Puma launched their classic signature sneaker with a Swarovski embellishment.
Besides industry giants such as Nike, Inc., Adidas AG, PUMA SE, and Skechers U.S.A., Inc., the study on global women’s footwear market profiles some other prominent players. 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, Bata Ltd, Jack Wolfskin GmbH & Co., W. L. Gore & Associates, Inc., Polartec, LLC., and Sympatex Technologies GmbH include some of the profiled companies.