- People are spending more money on expensive shoes than on handbags.
- In a recent report, The NPD Group highlighted that footwear is now the most powerful category in the online luxury market.
- Even Conde Nast’s Anna Wintour has remarked on how prevalent the sneaker trend has become.
Consumers are spending more money on expensive footwear than on handbags, according to new data from The NPD Group.
According to NPD, footwear is now the most powerful category in the online luxury market. Nearly half of online luxury fashion dollar sales stem from this category, and it has the highest average annual spend per buyer and purchase frequency, with customers spending as much as $US794 on a pair of shoes on average.
“It’s not just about the statement bag anymore, now, thanks to expanded accessibility, the statement shoe is also an area of focus and investment for consumers,” Marshal Cohen, chief industry advisor for NPD, said in a statement accompanying the report.
This trend has been partly driven by the so-called “ugly fashion” movement, with customers dropping hundreds of dollars on clumpy sneakers. Balenciaga’s nearly $US900 pair of Triple S sneakers is a perfect example of this, having appeared on the feet of a host of fashion editors and celebrities throughout 2018.
Women are favouring comfort now more than ever in fashion. In a recent interview published by Vogue, editor-in-chief and Conde Nast creative director Anna Wintour commented on the trend.
“There are sneakers everywhere,” she said. “Years ago it used to be that women would wear sneakers on the subway or walking to work and then immediately would get into the office and go into their bags. That’s no longer the case.”
This trend showed no signs of slowing down as we headed into 2019. On Wednesday, Lyst released its latest ranking of the world’s top fashion products for the fourth quarter of 2018. Six out of the 10 products listed were footwear items including Balenciaga’s Speed sneakers, a pair of slides from Ugg, and Fila’s own version of the dad sneaker.