The global luxury footwear market grew at a CAGR of around 5% during 2015-2020. Luxury footwear is manufactured using premium quality materials. It can be differentiated from its affordable counterparts in terms of durability, uniqueness and comfort. It is not mass-produced, which makes it exclusive, expensive and difficult to find in the market. At present, improving living standards and inflating disposable incomes are escalating the demand for luxury footwear around the world.
Rapid urbanization, in confluence with the rising influence of social media and the thriving fashion industry, represents one of the primary factors impelling the global luxury footwear market growth. Moreover, the growing preference for high-end fashion brands as a status symbol is also positively influencing the sales of handcrafted luxury footwear. Additionally, several leading brands are introducing a wide product range to expand their existing consumer base. In line with this, they are entering into strategic partnerships and alliances with various manufacturers to offer customized formal luxury footwear with a wide range of selections in material, design, color, and size. Apart from this, due to the sudden spread of the coronavirus disease (COVID-19) and the implementation of lockdown restrictions, leading players are shifting their focus from offline distribution channels to online platforms. Furthermore, increasing awareness about the environmental impact of footwear is encouraging manufacturers to adopt sustainable materials to develop ecological and sustainable luxury footwear. Such innovations, along with aggressive promotional activities, are anticipated to strengthen the growth of the market in the coming years. Looking forward, IMARC Group expects the global luxury footwear market to grow moderately during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the global luxury footwear market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, product, end user and distribution channel.
Breakup by Product:
Breakup by End User:
Breakup by Distribution Channel:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles 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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