In 2019, the market for women’s footwear will grow to $14 billion, and the gender ratio will be 70 per cent women, the World Economic Forum has projected.
This is on top of a projected $18.4 billion global growth in women’s apparel and footwear.
As the number of women wearing shoes and in their households has grown, so too has the demand for women-specific footwear.
As women increasingly wear women-focused footwear, their demand for the brand and their brand’s signature style will also increase.
According to research firm Footcare, the demand to buy a pair of women’s boots is expected to double over the next decade.
Footcare’s research also shows that women’s-specific shoes will be a dominant segment in the fashion market for the next two to three years.
Footcare’s study found that, in 2019, men’s shoes accounted for 30 per cent of women-only footwear, and that men’s footwear accounted for a whopping 62 per cent in 2019.
This trend is expected continue.
The growth in the demand of women for women brands will be key to the growth of womens-specific brands in the footwear industry.
In the near future, the world’s fashion retailers will likely move from their traditional focus on women-centric brands, like men’s, to focus on men-specific and gender-neutral brands like women’s, according to Kailash Ramesh, senior vice president at Footcare.
This will give the footwear sector an opportunity to gain market share and build an audience.
However, it will also require a massive investment in the brand itself.
This can be achieved by building the brand, improving the product quality and marketing strategies, Ramesheedsaid.
“There is no single factor that can help women win the foot-shoe war.
The key is that we have to focus our efforts on the most effective way to market women-branded footwear.
This requires the brand to be more inclusive, accessible and socially responsible,” he added.