heels and moccasins are back after years of dominating sneakers
As seen recently on the catwalk, sneakers are on the decline, while moccasins and heels are making a comeback. While sneakers are still a huge part of brands’ offerings, this trend is forcing brands to rethink their pricing and assortment strategies in this increasingly important segment. with the luxury sector, as exemplified by a study conducted by expert data analysis Reviewed by lesson.
According to Euromonitor International, high-end footwear will generate $40 billion (€37.4 billion) by 2027, 29% more than in 2022. Retviews said: “Shoes have become the leading commodity of the brands because they help build brand identity”. where “retailers are expanding their footwear assortment by 12% per year”. But while the demand for shoes is increasing, sports shoes are declining. This is evidenced by the discounts on resale sites on some of the top models, such as Nikeair Jordan 1, are now being sold for less than their original value.
The analyst’s data clearly shows that luxury retailers are slowly turning away from sneakers, with new releases in this category’s stores dropping 33% between 2021-2022. . During this period, they fell from 52% to 48% of the US market’s luxury footwear supply for men and from 24% to 19% for women. In addition, the US currently accounts for 40% of the global luxury footwear market, one of the main markets alongside China and the UK.
Sneakers still make up nearly half of the men’s market, with brands like gucci And brand stuff continues to capitalize on streetwear trends and successfully cooperates with major equipment manufacturers. adidas signed with Balenciaga and Prada, while Nike has partnered with dior and Jacques. But moccasins have had a huge breakthrough since 2021, notably with Gucci, Louis VuittonPrada and Ferragamo, 12% increase in the autumn/winter 2022/23 collections compared to the previous winter release.
For women, this trend has become even more apparent since the end of the Covid crisis, with a return to outings, parties and other social events, with a strong desire to dress and work. her new wardrobe. Sandals and heels have now overtaken sneakers, accounting for 34% of all women’s shoes that brands offer. The rate of high heels has increased by 25% in a year, according to Retviews.
For the pricing strategy, tennis shoes are positioned reasonably below city shoes. In the men’s line, the starting price of loafers is 22% higher than sneakers in Prada and 23% higher in Ferragamo, which accounts for 25% of its total shoe sales.
A closer look at the price of sports shoes in the US market shows that Celine has the lowest price. Gucci’s prices are slightly higher, with an average price of around $920, while Louis Vuitton’s is the highest (apart from Prada’s most expensive models), with prices starting 59% higher than Celine’s.
Trends for 2022 show a significant increase in the price of business shoes compared to a more moderate increase for sneakers. For example, at Prada, again in the US, the Cloudbust Thunder model only increased by 5%, while its popular brushed leather strap heels increased in price by 23% between January 2022 and February. year 2023.
Strategies vary by region. Reviews report that “high-end luxury players are maintaining significantly higher prices in China for their men’s footwear products. Louis Vuitton’s prices are almost double those in Europe, while Bottega VenetaMen’s shoes are only 14% higher in China. A carefully considered choice, like Louis Vuitton, Prada and Salvatore Ferragamo among the top ten most popular footwear brands among China’s wealthiest consumers.
It is interesting to note that Louis Vuitton had the highest price increase in China (+72%) and the UK (+42%) over the past year, reaching +15% in Japan, compared to +25 % of Prada and +20% for Ferragamo in the Japanese market. In the United States, the price of the French brand increased by only 8%, while that of the Ferragamo increased by 23% and that of the Prada by 24%. Strong market-to-market divergences tend to demonstrate that the rise has more to do with strategic reasoning than the economic situation (inflation, increase in raw materials).
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