Even Though It's Already Expensive, Premium Fur Shoes... Tight Winter Preparation [Chosun Price Records]

(42) Expensive Raw Materials and Functional Fabrics... Rising Prices of High-End Winter Shoes
Continued Increase in Footwear Prices

Consumers are busy preparing for the winter season, but the increasing prices of products make it difficult to make purchases, deepening their concerns. Winter footwear such as shearling boots tend to be more expensive than regular shoes due to their characteristics, and in some popular brands, resale prices in the secondhand market often carry a 'premium,' increasing the financial burden on consumers.

As of 2023, the global winter footwear market size is estimated at $9.76 billion. Global market research firm Maximize Market Research forecasts that from 2024 to 2030, the global winter footwear market will grow at an average annual rate of 6.3%, reaching approximately $15.7 billion. This growth is driven by an increasing number of people enjoying outdoor sports such as trekking and skiing even in winter, leading to higher demand for high-quality and trendy winter footwear.

Maximize Market Research stated, "The perception that outdoor activities are beneficial to health is spreading, expanding the winter footwear market," and added, "Additionally, increases in disposable income and changes in consumer preferences will drive the growth of the winter footwear market."

Consumers feel the burden of rising prices for clothing and footwear every year. According to the Consumer Price Index by expenditure purpose (2020=100) from Statistics Korea, the clothing and footwear price index was 103.71 in 2022 and rose to 110.66 in 2023, showing an annual increase. The upward trend continues this year, with the first quarter at 113.63, the second quarter at 114.07, and the third quarter at 114.42.

Winter footwear generally has a higher price range due to the use of expensive raw materials and functional fabrics. Shearling boots can cost several hundred thousand won. The price of UGG shoes, imported and sold by Shinsegae International, usually ranges from the high 100,000 won to 200,000 won range. The best-selling Signature Suede Tasman Slipper (Tasman) is priced at 178,000 won, and the Suede Quilting Slipper (Taslit) is 268,000 won.

Crocs, which releases winter footwear every year, sells the 'Classic Doodle Fur Lined Clog' at a retail price of 89,900 won. Compared to the regular Classic Clog line (around 40,000 won), the winter shoes are more than twice as expensive. The situation is similar for sports brand Nike. The winter boot Luna Force 1 Winterized Duck Boot (men's) costs 209,000 won, which is higher than the price of Nike's representative sneaker, the Air Force 1 '07, priced at 139,000 won.

Winter Footwear That Is Already Expensive but Gains a 'Premium'

The used goods trading platform Cream recently recorded a transaction of the AggxPalace Tasman Slipper Chestnut for 980,000 won. Cream capture.

With the development of secondhand shoe trading platforms, many shoes have seen prices surge with added 'premium' values.

Some popular product lines experiencing shortages are resold in the secondhand market with a markup, causing prices to soar. Recently, the Crocs 'Classic Doodle Fur Lined Clog' traded on the secondhand platform KREAM was priced at 130,000 won, which is 45% higher than the retail price (89,900 won). The 'Classic Pursuer Clog' recently traded for about 260,000 won, more than three times its retail price (approximately 64,000 won).

The 'UGG x Palace Tasman Slipper Chestnut,' a collaboration between UGG and the UK street fashion brand Palace Skateboards released at the end of last year, had a launch price of $190 (about 260,000 won). However, its recent resale price reached 980,000 won. The Burnt Olive color also traded at 850,000 won, more than three times the original price.