According to recent data from Future Industry Insights (FMI), the women’s footwear market will be worth US$ 178.4 billion in 2022 and US$ 219.5 billion in 2027, growing at a CAGR of 3.2 percent from 2013 to 2021. The market share of women’s footwear in its parent market (the footwear market) is close to 44%.
In recent years, the footwear industry has undergone remarkable growth, and this trend is expected to continue in the future. There are three types of footwear in the industry: men’s, women’s, and children’s. Consumers, particularly women, are becoming more conscious of their appearance and what they wear.
They are influenced by commercials, movies, entertainment channels, and other types of media. Furthermore, well-known personalities are employed by women’s footwear producers, i.e., celebrity endorsements are invested in, which influences consumer behavior. These factors are expected to boost global demand for women’s footwear shortly. As a result, the value of the women’s footwear market is predicted to grow at a CAGR of 4.2 percent over the forecast period.
Versatility, Comfort, and Style are the Main Factors Driving Demand for Women’s Footwear
Apparel and footwear are two consumer goods categories where buyers’ decisions are influenced by a variety of circumstances. Footwear buyers make decisions based on a brand’s adaptability, comfort level, and stylistic qualities.
While customers are preoccupied with discovering new methods to appear and feel good about what they wear, there are some aspects that they are unaware of. Nike, for example, recently released Nike Fly leather, which is made up of at least 50% recycled natural fiber.
Growth Opportunities through New Sportsperson
Every region has seen considerable growth in the number of people who participate in sports. Sports equipment intended for specific sports and activities is required for aspiring athletes. There is an opportunity for footwear companies to specifically target these athletes as potential clients.
Furthermore, young athletes have been reported to be brand loyal, as they desire to be acknowledged as a user of a specific sports brand’s items. Manufacturers of sports footwear can match their promotional activities to appeal to this demographic. This customer segment can also be targeted by partnering with academic institutions and sports academies.
To develop their business globally, leading companies in the global market are focusing on product launches, partnerships with celebrity endorsements, promotional activities, and other methods.
Consider the following example:
The singer’s successful athleisure collection, Ivy Park, was reintroduced in cooperation with Adidas in 2019. With over 126 million Instagram followers and a net worth of roughly $355 million, Beyoncé’s backing is sure to yield huge returns for the European shoe manufacturer.