Luxury
Footwear
Presented by Vandita Kheluth
Enrollment no :A70379823017
Course: BAJMC (SEM 2)
About
Footwear refers to garments worn
on the feet, which typically serve
the purpose of protection against
against adversities of the
environment such as wear from
rough ground; stability on slippery
ground; and temperature.
Market overview
The global footwear market is a dynamic and
diverse industry that encompasses a wide range
of products, from athletic shoes to fashion-
forward footwear. Driven by fashion trends,
lifestyle changes, and evolving consumer
preferences, the footwear market continues to
experience steady growth. This market's
versatility caters to various demographic
segments, offering options for sports and
outdoor activities, casual wear, and formal
occasions.
The global footwear market size was estimated at USD
387.74 billion in 2022 and is expected to grow a compound
annual growth rate (CAGR) of 4.3% from 2023 to 2030. The
growing sales facilitated by e-commerce, extensive
Growth
spending on advertising by footwear brands, and rising
demand for athletic footwear are the major factors driving
the market’s growth. Furthermore, the rising instances of
lifestyle-related health issues, such as stress and obesity,
are pushing an increasing number of people to engage in
sports and fitness activities, which is fueling the demand
for comfortable and stylish footwear. Comfort became a
top priority for consumers well before 2020. For years,
fashion footwear has been losing market share to more
comfortable and athleisure-oriented segments.
Key Players
The global footwear market size reached US$ 243.6 Billion in 2023. As per
the analysis by IMARC Group, the top footwear companies are
specializing in athleisure footwear due to the increasing shift in
consumer preferences towards comfortable and versatile footwear, such
as sneakers, loafers, and slip-on. In addition, the growing demand for
comfortable and stylish footwear among individuals for both casual and
formal occasions is significantly supporting the market. The global
footwear market has several major players including Nike Incorporation,
Adidas AG, PUMA, Geox S.p.A, Skechers USA, Incorporation, Timberland,
Crocs Retail, Inc., Ecco Sko A/S, Wolverine World Wide, Inc., and Under
Armour Inc.
The style
Footwear, the silent companions of our daily adventures, has an extraordinary
story to tell. It’s not merely an accessory; it’s a mirror reflecting the evolution of
human needs, desires, and aspirations. Our journey through the annals of
footwear history is an expedition that transcends time, from the most primitive
coverings to the modern marvels that grace our feet today. In this odyssey, we’ll
unravel the intricate and fascinating history of footwear, and, along the way,
discover the significant role that Action Eva Flotter has played in this ever-
evolving narrative. So, lace up or slip on, for we’re about to take a step back in
time and witness the evolution of footwear, from its humble beginnings to its
glorious present and boundless future.
Materials
The most common materials for
shoes are leathers, textiles,
synthetics, rubber, foam, and
plastic. Each has its specific uses
in footwear. Depending on your
design, each material will have a
place in your shoe. Material
selection is one of the
fundamentals of shoe design.
Target Audience
The target audience for luxury footwear typically includes
individuals who have a higher disposable income and value
premium quality, craftsmanship, and brand prestige. This
demographic often consists of affluent consumers who are
willing to invest in high-end products that offer exclusivity,
superior materials, and exquisite design. Within this group, you
might find fashion-conscious individuals, trendsetters,
professionals in high-paying industries like finance, technology,
or entertainment, as well as collectors who appreciate the
artistry and heritage associated with luxury footwear brands.
Additionally, celebrities, influencers, and socialites often play a
significant role in shaping trends and driving demand for luxury
footwear.
The consumer demographics for luxury footwear can vary
depending on factors like brand positioning, price range,
and style preferences. However, some common
demographics among luxury footwear consumers include:
Affluent individuals
Fashion enthusiasts
Professionals in high-paying industries
Urban dwellers
Millennials and Gen Z
Influencers and celebrities
Collectors and connoisseurs
Fashion-forward men and women
Understanding these demographics helps luxury footwear
brands tailor their marketing strategies, product offerings,
and brand messaging to effectively reach and engage their
target audience.
Consumer demographics
Economic Factors
Economic factors play a significant role in the luxury footwear
market:
Consumer Spending Power: High incomes drive demand,
while economic downturns can lead to reduced sales.
Global Economic Conditions: Fluctuations in key markets
affect sales and revenue for luxury brands.
Exchange Rates: Currency fluctuations impact production
costs and retail prices, influencing consumer demand.
Fashion Trends: Economic conditions influence consumer
preferences, favoring classic designs during downturns.
Supply Chain Disruptions: Economic crises disrupt
production, leading to shortages and increased costs.
Overall, economic stability, consumer confidence, and
global market trends heavily influence the luxury footwear
industry.
Income levels
Income levels and wealth distribution profoundly shape the luxury footwear
market:
Demand and Affordability: Higher income levels drive demand for
luxury footwear, while wealthier consumers see these items as status
symbols.
Market Growth and Price Sensitivity: Changes in income levels influence
market size, with affluent consumers less price-sensitive, allowing for higher
price points.
Brand Loyalty and Location: Affluent areas often host luxury stores, and
wealthier consumers exhibit strong brand loyalty, impacting market
dynamics.
Wealth Distribution Effects: Disparities in wealth distribution can limit the
luxury consumer base or shift preferences towards more accessible luxury
options.
