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The high heels footwear market is estimated to grow at a CAGR of 1.88% between 2022 and 2027. The size of the market is forecast to increase by USD 2.39 billion. The growth of the market depends on several factors, including the premiumization of high heels footwear, the evolving shopping behavior, and the rise in demand from developing countries.
This report extensively covers market segmentation by distribution channel (offline and online), type (1-1.75, 2-2.75, 3-3.75, and 4-4.75), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The premiumization of high heels footwear is the key factor driving global high heels footwear market growth. 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. Currently, the major high-heel footwear brands have a highly focused audience for luxury brands, which includes celebrities and the upper-class population, who can spend on luxury products.
With the evolution of fashion products, high heel footwear has also become a luxury product instead of a necessary product, which is the major reason for the high price of these products. Some other business operators, such as jewelry business owners, also manufacture premium footwear to attract customers. For instance, Jada Dubai and Passion Jewelers collaborated on manufacturing diamond-encrusted glam stilettos worth $17 million, which are made as per the order of the customer. Hence, the premiumization of high heels footwear will be one of the major drivers for the market during the forecast period.
Increased online sales are the primary trend in the global high heels footwear market. Even though brick-and-mortar stores contribute significantly to the market, online sales of footwear have a significant impact on the demand for high-heel footwear. The online segment is expected to witness the highest growth when compared with the offline segment during the forecast period. Quick delivery services and competitive prices are the major factors that will increase online sales. This will raise the demand for high heel footwear during the forecast period. Platforms like Kickstarter and Indiegogo are used to crowdfund different types of high heels products.
These platforms help new players enter the market with low capital resources. For instance, Antonia Saint NY offers innovative heels that are as comfortable as sneakers. These new heels are manufactured using ballistic nylon, which lasts longer. This type of footwear is also completely custom-made and ensures a high level of comfort for the wearer. Such factors will increase the market growth during the forecast period.
The increased cost of production is a major challenge to the global high heels footwear market growth. The rise in the cost of raw materials and increasing labor costs are the major factors, which raise the cost of production. Ethylene-vinyl acetate (EVA) is one of the major raw materials used in the production of high heel shoes. The price of EVA has witnessed high fluctuations in recent years, thereby increasing the cost of production. Increasing labor charges are another major challenge that increases the cost of production.
Many footwear manufacturers have shifted their production facilities to countries such as China and India owing to low labor costs. However, labor costs in these countries have also shot up, which has surged the production costs. Many footwear manufacturers have had to adjust to losses due to the shift in manufacturing plants and increased labor costs. Hence, the increased cost of production of high heels footwear will be one of the major restraints for the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global High Heels Footwear Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Marksandspencer - The company offers heel footwear under the name leather block heel ankle boots, the chunky lace up ankle boots, leather block heel knee high boots, leather tassel block heel loafers, buckle knee high boots, leather block heel knee high boots, leather lace up ankle boots, wide fit leather block heel ankle boots and stiletto heel square toe knee high boots.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. Offline stores such as specialty stores, department stores, hypermarkets, and warehouse clubs come under the offline stores segment, which accounts for a major share of the organized offline high heels footwear market during the forecast period. Offline stores account for the highest share of the global footwear market and high heels footwear market as they make checking sizes, probing the quality, and comparing the products more convenient for buyers.
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The offline segment was valued at USD 18.63 billion in 2017 and continue to grow by 2021. Department stores are other major offline stores that sell high heel footwear. These stores have a large portfolio of branded and non-branded products, along with experienced customer service personnel assistance. Customers have access to a wide range of footwear and other high-durability products at these stores. Sears Brands and JCPenney are some examples of department stores. This will increase the demand for the offline footwear segment during the forecast period.
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APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The rise in disposable income, urbanization, low labor cost, and the low cost of raw materials are the major factors driving the market in APAC. China, India, and Japan are the key countries in the region, with China expected to gain the highest share during the forecast period. The adoption of luxury products in the country owing to high disposable income is one of the major factors contributing to the demand for high heel footwear in China. The presence of international players such as Guccio Gucci S.p.A and PRADA S.P.A. further escalate this demand in the country.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for APAC. To sustain in the market, vendors have been promoting online sales through third-party e-commerce players, such as Amazon.com and eBay Inc. In addition, with the availability of several vaccines and the resumption of offline distribution channels since the third quarter of 2020, the impact of COVID-19 is anticipated to subside by the end of 2022, and the regional market is expected to exhibit significant growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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High Heels Footwear Market Scope |
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Report Coverage |
Details |
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Page number |
163 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 1.88% |
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Market growth 2023-2027 |
USD 2.39 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
1.43 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 47% |
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Key countries |
US, China, UK, Germany, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ACI Footwear, Brian Atwood, Christian Louboutin, Deeasjer Ltd, ECCO Sko AS, Gianni Versace Srl, Hermes International SA, Kering SA, LVMH Moet Hennessy Louis Vuitton SE, Manolo Blahnik International Ltd, Marks and Spencer Plc, Prada Spa, Steven Madden Ltd, Tapestry Inc., Theory, Unlimited Footwear Group BV, Valter Shoes Co, Vestiaire Collective, Yull Ltd, and Zara Footwear Pvt. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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