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Expensive shoes are growing at 1.5 times annually in India, thanks to the younger consumers

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Buoyed by growing demands from young Indians, high value shoes are growing by 1.5 times annually and such big-ticket footwear items have already cornered more than one third of India’s footwear market, a latest report said Thursday.

A report by brokerage firm Motilal Oswal Financial Services said India’s overall footwear market was valued at Rs 96,000 crore at the end of fiscal year 2020.

“Over one-third is composed of high-ASP (average sales price) products predominantly catered by organized/branded players (and is) growing at 1.5x,” the report said. Motilal Oswal said the rate of overall market growth for footwear was 15% annually between fiscal year 2015-20.

Motilal Oswal said India young demographic is driving the big-ticket footwear products.

“India’s young populace with high aspiration and having an improved fashion quotient, is driving demand, especially for casual, athleisure, sneakers and women’s footwear, et al,” the brokerage firm said. “Many brands have made deeper inroads in this space through the EBO (exclusive brand outlets) channel given the huge growth potential. This has amplified consumer spends, reflecting in growing premiumization and steadily improving ASPs.”