According to the latest report by IMARC Group, titled “Luxury Footwear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global luxury footwear market is expected to grow at a CAGR of 4.6% during 2022-2027. Luxury footwear is manufactured using premium quality materials, such as leather, wood, rubber, plastic, jute, and fabric. It provides support, ease of locomotion, and comfort and prevents injuries by creating an extra layer of cushioning to the feet. Luxury footwear is flexible, adjustable, and durable and aids in relieving stress and back pain and preventing foot problems, such as fungal infections, corns, and ingrown toenails. As compared to affordable alternatives, luxury footwear is customizable and offers uniqueness and comfort.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Luxury Footwear Market Trends:
The changing fashion and aesthetic trends across the globe are creating a positive outlook for the market. Moreover, the shifting consumer inclination towards quality and stylish footwear with advanced technical fabrications, along with the growing popularity of high-end fashion brands as a status symbol, are favoring the market growth. In line with this, the rising influence of social media on the younger population and the thriving fashion industry is propelling the market growth. Apart from this, the rising environmental concerns have prompted luxury footwear manufacturers to adopt sustainable production methods, including using ethically sourced eco-friendly or recycled materials, which is providing an impetus to the market growth. Additionally, the increasing demand for premiumization and customization for superior quality and design of luxury footwear is acting as another growth-inducing factor. Besides this, easy product availability across e-commerce platforms during the COVID-19 pandemic, rising expenditure capacities of consumers, and aggressive promotional activities by brands to expand their existing consumer base are supporting the market growth.
- On the basis of the product, the market has been bifurcated into formal and casual shoes.
- Based on the end user, the market has been divided into men, women, and children.
- On the basis of the distribution channel, the market has been bifurcated into online and offline.
- On a region basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being A.Testoni (Sitoy Group Holdings Ltd), Adidas AG, Base London, Burberry, Chanel S.A. (CHANEL International B.V.), Dr. Martens (Airwair Group Limited), Hermès International S.A., Lottusse - Mallorca, LVMH Moët Hennessy - Louis Vuitton, Prada S.p.A (LUDO srl), Salvatore Ferragamo S.P.A. and Silvano Lattanzi srl.
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