Premium shoes refer to shoes that are preferred by consumers due to their inclination toward specific brands. Changing lifestyle and penchant for specific brands has resulted in the rise in demand for premium shoes among the consumers in recent years. Premium shoe designers and manufacturers adopt several promotional activities such as hiring celebrities in order to endorse their products and grab customer attention across the globe. Sportspersons and celebrities have strong connect with the youth and fitness enthusiasts and thus this trend is generating opportunity to vendors to increase their brand value and acquire potential customers.
The global premium shoes market has been segmented on the basis of product type, material type, distribution channel, and end user. By product type, the global premium shoes market has been segmented into sports shoes and casual shoes. Focus on exercise and leading healthier lifestyles has resulted in the rise in demand for premium shoes among the population. Moreover, the growing scope of regional and international sports tournaments across the globe is also a major reason for dominance of premium sports shoes among the population. On the basis of material, the global premium shoes market has been segmented into leather, rubber and others. The market has been further segmented into different distribution channels such as online distribution channel and offline distribution channel. Online distribution channel is expected to witness the fastest growth during the forecast period owing to the presence of different brand options and details regarding the product features and sizes. Offline distribution channel dominated the market due to the preference of consumers to purchase the shoes through physical experience.
The global premium shoes market is mainly driven by the rising sports participation among women over the years. Additionally, concerns about maintaining proper health is also resulting in the rise in demand for premium shoes over the years. However, rising production of counterfeit shoes by local players destroys the brand image of the shoes and thus is a major restraint to the global premium shoes market. However, strong online distribution channels that display a wide range of products and their features, grabbing customer attention, is expected to generate opportunity to the global premium shoes market during the forecast period.
In terms of region, the global premium shoes market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe, which comprises Germany, U.K, France, and Italy among others, dominated the market owing to the rising preference toward premium brand among the consumers. North America, which includes the U.S and Canada, also garnered a significant market share owing to the rising number of e-commerce websites and popularity of online shopping among consumers. The market in Asia Pacific, which includes China, India, and Japan among other countries, is expected to witness the fastest growth rate during the forecast period owing to the rising sports participation in these regions. China, Malaysia, Singapore etc. are projected to show significant growth rate in the premium shoes market during the forecast period.
Manufacturers in the global premium shoes market face strong competition from rivals and are thus focused on continuous product innovation and development. Strategic acquisition also acts as a major strategy in order to improve the product portfolio of the companies. Some of the major players of the premium shoes market are Amer Sports, Brooks Sports, C & J Clark International, Columbia Sportswear, Eddie Bauer, Kering, Saucony, Nike, Adidas, Under Armour, and VF Corporation among others.
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