Premium Shoes Market size is set to grow by USD 15.96 billion from 2024-2028, Product innovation and differentiation leading to premiumization to boost the market growth, Technavio
NEW YORK, June 26, 2024 /PRNewswire/ -- The global premium shoes market size is estimated to grow by USD 15.96 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 8.33% during the forecast period. Product innovation and differentiation leading to premiumization is driving market growth, with a trend towards product customization driving product demand. However, growing labor costs deterring price growth poses a challenge. Key market players include Adidas AG, ASICS Corp., Avia, British Knights Int B.V., Brooks Sports Inc., Caleres Inc., Columbia Sportswear Co., Kering SA, Lotto Sport Italia Spa, Mason Garments B.V, New Balance Athletics Inc., Newton Running Co. Inc., Nike Inc., PUMA SE, Salvatore Ferragamo S.P.A., Skechers USA Inc., Steven Madden Ltd., The Rockport Co. LLC, Under Armour Inc., and VF Corp..
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Forecast period | 2024-2028 |
Base Year | 2023 |
Historic Data | 2018 - 2022 |
Segment Covered | Product (Sport shoes and Formal and others), Distribution Channel (Offline and Online), and Geography (Europe, North America, APAC, South America, and Middle East and Africa) |
Region Covered | Europe, North America, APAC, South America, and Middle East and Africa |
Key companies profiled | Adidas AG, ASICS Corp., Avia, British Knights Int B.V., Brooks Sports Inc., Caleres Inc., Columbia Sportswear Co., Kering SA, Lotto Sport Italia Spa, Mason Garments B.V, New Balance Athletics Inc., Newton Running Co. Inc., Nike Inc., PUMA SE, Salvatore Ferragamo S.P.A., Skechers USA Inc., Steven Madden Ltd., The Rockport Co. LLC, Under Armour Inc., and VF Corp. |
Key Market Trends Fueling Growth
The premium shoes market is experiencing significant growth due to the customization trend. Customers can now select their preferred design, shape, and size for various parts of the shoe. Vendors like New Balance, adidas Group, Under Armour, and Nike offer customized sports and running shoes. Under Armour's UA Icon Customized shoe series allows consumers to customize basketball shoes in multiple categories. Nike offers customized shoes for various sports, including soccer, tennis, basketball, training, skateboarding, and athletics. This customization trend is expected to increase volume sales and help vendors acquire new customers and market share.
The premium shoes market is currently experiencing a surge in demand for various styles and brands. Brands like Adidas, Nike, and Reebok are leading the trend with their innovative designs and high-quality materials. Customers are particularly interested in sneakers, both for their comfort and style. Sustainability is also a key factor, with many consumers looking for eco-friendly and ethical production methods. Luxury brands are also making a comeback, offering consumers high-end shoes with unique designs and superior craftsmanship. The market is expected to continue growing, driven by consumer preferences and industry innovations. Consumers are also looking for shoes that provide support and comfort, making performance shoes a popular choice. Overall, the premium shoes market is thriving, with a wide range of options catering to diverse consumer needs and preferences.
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Market Challenges
- The premium shoes market faces operational challenges due to varying labor costs. Global players like Nike and adidas Group, with facilities in different countries, experience these fluctuations. For instance, labor costs in China, a significant manufacturing hub, have risen rapidly, increasing production costs for companies such as Nike. In contrast, labor costs in developed economies are higher. As a result, some global players are relocating to countries with lower labor costs to reduce production expenses. Domestic players in developed regions with shallow financial investments are disproportionately impacted by high labor costs. Nike reported that these costs negatively affected their financial health. Economic downturns can also impact labor costs in other countries, further shrinking profit margins. Consequently, labor costs remain a significant challenge for market players in the global premium shoes market.
- The premium shoes market faces several challenges in today's business environment. One significant issue is the increasing competition from various brands and retailers. Consumers have a wide range of options to choose from, making it essential for businesses to differentiate themselves through unique features, pricing strategies, and exceptional customer service. Another challenge is the rising cost of raw materials and production, which can impact profitability. Brands must find ways to maintain quality while keeping prices competitive. Additionally, the shift towards online sales channels requires brands to adapt and invest in digital marketing and e-commerce platforms to reach customers effectively. Overall, the premium shoes market requires strategic planning, innovation, and agility to overcome these challenges and thrive in the industry.
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Segment Overview
This premium shoes market report extensively covers market segmentation by
- Product
- 1.1 Sport shoes
- 1.2 Formal and others
- Distribution Channel
- 2.1 Offline
- 2.2 Online
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and Africa
1.1 Sport shoes- The premium sports shoes segment dominates the global market due to high demand from developed and emerging economies, numerous SKUs, and increasing sports tournaments. Consumers' health consciousness and gym memberships drive sales. Athleisure, a promising category, gains popularity as casual wear. Factors like sports participation, analytics, and smart shoes fuel growth. Vendors use athlete branding to boost sales, with Nike's Jordan range being an example. Key players include Adidas, ASICS, Columbia Sportswear, New Balance, Nike, Puma, and Skechers. The Fear of God Athletics collaboration also entered the market in 2023. Overall, consumer preference for comfort and the trend of wearing sports shoes for various purposes fuel the market's expansion.
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Research Analysis
In the premium shoes market, affluent customers seek exclusivity, durability, style, and quality. Brands prioritize superior materials such as suede and exotic skins, showcasing artisanal craftsmanship and creative designs. The production process emphasizes sustainable manufacturing, using textiles and recycled plastic bottles. Brand prestige and consumer spending are significant winning imperatives, with luxury labels leveraging brand equity through fashion consciousness. Sustainability and luxury footwear go hand in hand, as brands strive to balance style and environmental responsibility. Alfredo Piferi in Milan Fashion Week showcases sleek boots made from high-quality materials, embodying the essence of luxury and craftsmanship.
Market Research Overview
The premium shoes market is a thriving industry that caters to consumers seeking high-quality footwear. These shoes are known for their durability, comfort, and stylish designs. The market offers a wide range of options, including leather shoes, sneakers, boots, and sandals. Brands use innovative materials and technologies to create shoes that are both functional and fashionable. Consumers are willing to pay a premium price for these shoes due to their long-lasting nature and unique features. The market is also driven by trends and consumer preferences, with some seasons favoring specific styles or materials. Overall, the premium shoes market is a dynamic and competitive space that continues to evolve to meet the demands of discerning consumers.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
- Sport Shoes
- Formal And Others
- Distribution Channel
- Offline
- Online
- Geography
- Europe
- North America
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
SOURCE Technavio
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