About this market
The demand for premium footwear is expected to rise rapidly owing to high disposable income and celebrity endorsements for various footwear brands. Advances in footwear manufacturing and innovative product designs also increase sales of premium footwear. These famous brands along with many regional players also manufacture customized high heel footwear for better customer satisfaction. Some other business operators such as jewelry business owners also manufacture premium footwear to attract customers. Hence; the premiumization of high-heeled footwear will be one of the major drivers for the market during the forecast period. analysts have predicted that the high heels footwear market will register a CAGR of almost 3% by 2023.
Market Overview
Evolving shopping behavior
The shopping of footwear was limited to the purpose of protection of feet. However, with the evolution of fashion designing, there was a shift in the footwear market as well. Internet penetration and urbanization have resulted in the evolution of shopping behavior from buying products locally to shopping online, which has increased the sales of high heel footwear.
Increased cost of production
The rise in the cost of raw materials and increasing labor cost are the major factors, which raise the cost of production. Increasing labor charge is another major challenge that increases the cost of production. Many footwear manufacturers have had to adjust to losses due to the shift in manufacturing plants and increased labor costs.
For the detailed list of factors that will drive and challenge the growth of the high heels footwear market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.