The global market for high heel shoes is expected to increase by an annual average of 1.35 percent between 2021 and 2025, representing an accumulated gain of $1.70 billion over the period, according to a report published by the research and advisory company Technavio.
Technavio has announced its latest market research report titled High Heels Footwear Market by Distribution Channel (offline and online) and Geography (APAC, North America, Europe, MEA, and South America).
With the evolution of fashion products, high heel footwear has become a luxury product instead of a necessary product, which is the major reason for the high price of these products. Advances in footwear manufacturing and innovative product designs also increase sales of premium footwear. Moreover, the demand for premium footwear is expected to rise rapidly owing to high disposable income and celebrity endorsements for various footwear brands. Hence, the premiumization of high-heeled footwear is expected to be one of the key factors driving market growth.
The cost of production is increasing rapidly owing to the increase in the cost of raw materials and rising labor costs. Ethylene-vinyl acetate (EVA), which is one of the major raw materials used in the production of high heel shoes witnessed high price fluctuations in recent years. Footwear manufacturers shifted their production facilities to countries such as China and India owing to low labor costs. However, labor costs in these countries have also increased substantially, which, in turn, increases the production costs. Many footwear manufacturers have had to adjust to losses due to the shift in manufacturing plants and increased labor costs. These factors suggest that the increased cost of production will be a major challenge for the High Heels Footwear Market.
Major Five High Heels Footwear Companies:
- Capri Holdings Ltd.
- Deeasjer Ltd.
- Hermes International
- Kering SA
- LVMH Moet Hennessy Louis Vuitton SE