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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.