Global Women’s Footwear Market: Overview
Footwear products have always been a popular product for both women and men. Manufacturers of footwear are always working toward the improvement of both style and comfort so as to attract more consumers. The global women’s footwear market is likely to be driven by the extensive product development and innovation.
Changing trends of fashion has triggered the demand for footwear that are made of sustainable and environment friendly raw materials. The entry of products with new innovative designs has made them lightweight and easy-to-fit, which is likely to propel growth of the global women’s footwear market in the years to come.
Material, sales channel, and region are the three important parameters based on which the global women’s footwear market has been categorized. The sole aim of such segmentation is to offer a clearer and detailed view of the global Women’s Footwear market.
Global Women’s Footwear Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global Women’s Footwear market is mentioned below:
- In December 2018, In December 2018, Michael Kors Holdings Ltd. made an acquisition of luxury fashion house, Versace. The former also changed its name to Capri Holdings. Following the acquisition of Versace, a leading global fashion luxury is also created and it is expected to diversify the product portfolio of Michael Kors, including women’s footwear and widen the consumer base for its products.
Some of the prominent organizations in the global women’s footwear market include the below-mentioned:
- Michael Kors Holdings Limited
- Skechers U.S.A., Inc.
- Jack Wolfskin GmbH & Co.
- Wolverine World Wide, Inc.
- The ALDO Group Inc
- Columbia Sportswear Company
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Global Women’s Footwear Market: Key Trends
The global women’s footwear market is characterized by the presence of the following restraints, drivers, and opportunities.
New Innovative Designs together With Sustainable Raw Materials Boost Market Growth
New innovative products together with increased developments in products are likely to stimulate growth of the global women’s footwear market. These products are likely to attract more customers, which has compelled the manufacturers to offer more of customized products and expand their product verticals. This factor is predicted to drive the demand for women’s footwear.
A footwear industry, typically, comprised of kids, women, and men. Of these, the global women’s footwear market has witnessed robust growth in the last few years. Women are usually more concerned about how they look, what they wear in public and inside the house. Such increased concern is likely to demand more product diversification and innovation. Besides, celebrity endorsement of several brands play an important role in driving the demand for women’s footwear across the globe.
Both retailers and manufacturers are constantly making efforts to increase their sales utilizing the potential of m-commerce and e-commerce. Both m-commerce and e-commerce sales channels offer a wide range of products and that too at a much discounted price on several occasions. This factor is likely to drive the sale of women’s footwear through these channels.
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Global Women’s Footwear Market: Geographical Analysis
The key regions in the global women’s footwear market are broadly categorized into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Of these regions, Asia Pacific is likely to emerge as one of the leading revenue generating regions due to rise in the disposable income of people and inclination of the women to go with the latest trend in the market. Furthermore, aggressive marketing strategies together with celebrity endorsement is predicted to support growth of the global women’s footwear market in the years to come.
Of these, North America led the market vis-à-vis revenue in 2016. On the other hand, Asia Pacific held the dominating share in the same year in terms of volume. Rapid uptake of latest fads and fashion trends on accessories has spurred demands for various styles of footwear. Moreover, the huge strides that e-commerce has made has given the regional populations, especially in emerging economies, to benefit from the low pricing points of their favorite footwear brands. In recent years, they have put bets on aggressive marketing of their products, such as adopting competitive pricing and going for celebrity endorsements.
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