Who would win between the shoe Vs the handbag? According to recent results, the shoe is on top and winning. Euromonitor International Plc have been busy researching the growing trend in shoes over that of handbags, and results have shown that sales of luxury shoes are estimated to rise 20% up until 2013. Revenue growth for handbags, have been estimated at a lower 16% for the same period.
So why the change towards shoes? The demand is now greater for shoes, as consumers can justify purchasing designer shoes over that of a designer handbag. Shoppers are also holding onto their designer handbags for more than one season. As Fflur Roberts of Euromonitor notes “The entry price for shoes is easier.”
Some of the luxury retailers affected by this trend include Burberry, who experienced a 23% increase in annual profit in May, due to more shoes and accessories being sold. Salvatore Ferragamo has experienced wonderful results due to business men in Asia embracing luxury footwear. Valentino CEO Stefano Sassi has confirmed of the companies increased shoe sales “It’s the product category that is doing more right now.”
Image credit: jimmychoo.com
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