BoF Insights | What’s Next for Luxury Shoes in 5 Charts

The post-pandemic casualisation of trend has now additionally left its imprint on designer footwear. Within the aftermath of Covid-19, high-income customers at this time are on the lookout for consolation, versatility and magnificence reinvention when looking for designer sneakers. For a lot of manufacturers, it’s a inventive shift that they might want to accommodate with a view to compete successfully and enchantment to shoppers’ altering calls for, in response to the newest report from BoF Insights, “The New Statement Shoe: Reimagining Designer Footwear.”

In exploring the post-pandemic luxurious footwear market, BoF Insights zeroed in on high-net-worth people (HNWIs) to search out out extra about their preferences when shopping for designer sneakers, together with a survey fielded by luxurious analysis agency Altiant on behalf of BoF Insights. Of the greater than 300 HNWIs surveyed within the US, China and the UK, the overwhelming majority of respondents have each bought designer sneakers prior to now 12 months and intend to buy extra within the subsequent yr.

For certain, the signal of rising HNWI demand is promising for manufacturers competing on this class, which international market analysis agency Euromonitor Worldwide expects to extend to $40 billion by 2027 from $31 billion at this time. Whereas China and the UK are essential markets for luxurious footwear — at 9 p.c and a pair of p.c of world gross sales, respectively — it’s the US that instructions the largest share, at almost 40 p.c at this time.

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Capturing the market now requires manufacturers and retailers to adapt their assortments to mirror new, and maybe tougher, client preferences. Customers need luxurious sneakers to have the identical model influence as earlier than, whereas being reluctant to relinquish consolation. BoF Insights finds that within the aftermath of Covid-19, over 70 p.c of HNWIs say that they have an inclination to search for extra snug sneakers — even whereas the bulk are looking for out assertion kinds.

New up to date manufacturers have taken observe, carving out an area within the aggressive panorama by providing a mixture of favor and luxury. As designer Amina Muaddi, whose namesake model was launched in 2018, instructed BoF Insights: “I’ve only a few kinds which have a particularly excessive heel or a extra sculptural silhouette that’s not for every single day,” including, “I attempt to create shoe kinds you could really feel snug in for hours, which are fairly to have a look at and which are sensible to stroll in.”

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