The global luxury footwear market size was valued at USD 30.72 billion in 2021 and is expected to register a CAGR of 7.3% from 2022 to 2030.
A comprehensive description of the segments and sub-segments, including the product kinds, applications, businesses, and regions, is provided in the Global Luxury Footwear Market research. This study examines past data and forecasts for the future to determine the size of the global luxury footwear market. Additionally, it offers in-depth industry analysis, player profiles of well-known Luxury Footwear market players, and competitor information, all of which enable the streamlining of marketing plans of action and strategic decision-making. It also aids in understanding the market status, growth opportunity, and key challenges.
Formal shoes and casual shoes are the two product categories that make up the luxury footwear market. According to estimates, the formal shoe luxury footwear segment will dominate the market in 2019 with a share of over, followed by casual shoes. Luxury footwear is becoming increasingly important as a sign of professionalism in the workplace, particularly in the business and fashion sectors. This trend is predicted to continue to drive up product demand. Manufacturers now provide choices for product customization as a result of rising consumer demand for high-end footwear in this market. The shift in consumer preferences from common to upscale footwear is key to expanding market reach.
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Global Luxury Footwear Market – Segmentation
The global luxury footwear market is segmented on the basis of product type, end user type and distribution channel type.
Based on product type, the market is segmented into,
• Formal Shoe
• Casual Shoe
Based on the end user, the market is segmented into,
• Men
• Women
Based on the end user, the market is segmented into,
• Online Retail
• Offline Retail
Global Luxury Footwear Market – Regional Analysis
It is estimated for the region of US to drive the growth of the market during the forecast period. The growing in the technological advancements in the food sector in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The Asia Pacific region is also estimated to witness a notable growth rate in the market.
Global Luxury Footwear Market – Key Market players
LVMH, Chanel Limited; Burberry Group PLC; Silvano Lattanzi; Prada S.p.A; A.Testoni; Dr. Martens; Base London; John Lobb Bootmaker; Salvatore Ferragamo; Lottusse – Mallorca; and Adidas AG are the major players that are driving the growth of the market during the forecast period.
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The rise in number of working professionals has increased the overall demand for formal footwear and casual footwear. Rise in demand among children for a wide variety of footwear, augments the growth of the global market. In addition, increase in number of working professionals paired along with rise in fashion consciousness and need to look stylish & trendy fueled the overall growth of the luxury footwear market. However, high prices and rise in popularity of footwear brands such as Nike, Adidas, and Puma have led to the advent of counterfeit brands. Counterfeit brands are usually available in developing economies where customers are highly price-sensitive. This factor hampers the sale of the existing original footwear brands in these economies. Furthermore, the online sales market is expected to expand in the near future due to rapid growth in online and mobile user customer bases in emerging markets. Increase in e-commerce sales, improvements in logistics services, ease in payment options, and the facility to enter in new international markets for major brands further augment the growth of the luxury footwear.
Market Trends:
One of the main factors driving the growth of the global luxury footwear is rapid urbanisation, which is combined with the expanding influence of social media and the growing fashion sector. Also, the popularity of luxury handcrafted footwear labels as a status symbol is having a favourable impact on their sales. A wide variety of new products are also being introduced by various top businesses in order to increase their current customer base. In keeping with this, they are forming strategic alliances and partnerships with other manufacturers to provide formal luxury footwear that can be personalised and comes in a variety of material, design, colour, and size options.
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What our report offers:
● Luxury Footwear share assessments for the regional and country-level segments.
● Strategic recommendations for the new entrants.
● Luxury Footwear forecasts for all the mentioned segments, sub-segments, and regional markets.
● Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations).
● Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
● Strategic recommendations in key business segments based on market estimations.
● Competitive landscaping mapping the key common trends.
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