The market for luxury footwear was worth USD 35.38 Billion in 2021. It is projected to grow at a CAGR of 5.8% between 2023 and 2032.
High-quality materials are used in the production of luxury shoes. It offers comfort, durability, and uniqueness that sets it apart from the more affordable alternatives. It is not mass-produced, making it rare, costly, and hard to find in the marketplace. The demand for luxury shoes is rising due to increased living standards and higher disposable incomes.
Request for Sample Copy of Luxury Footwear Market with Complete TOC and Figures & Graphs@ https://market.us/report/luxury-footwear-market/request-sample/
Luxury Footwear Market: Drivers
Millennials Have a Higher Demand for Luxury Products.
Due to the increasing millennial population, the global demand for luxurious personal goods is growing rapidly. The robust local consumption of luxury goods in developed countries worldwide and increasing tourist purchases can also explain this increase in demand. In addition, consumers are shifting to prefer shoes that have not been made in a way that harms the environment or violates human or animal rights. This is leading footwear manufacturers all over the globe to use alternative materials like plant-based rubber printed and other materials. This is due to the rising demand for personal luxury goods and the consequent growth in the global luxury footwear market.
Global Footwear Trade Increasing
According to the International Trade Centre statistics, the global value of footwear exports has increased from USD 96.84 million in 2010 to USD146.15 million in 2018.
The footwear trade is increasing rapidly around the world. However, there is still a preference for traditional retailing. Luxury footwear manufacturers are increasing their presence in online retailers by utilizing e-commerce platforms. This is because they realize that online shopping greatly impacts luxury purchases. Many luxury footwear brands are also using celebrity endorsement to promote their products. This helps increase the trade in luxury footwear. These factors will drive the global luxury shoe market’s growth in the coming years.
Luxury Footwear Market: Restraints
The steady rise in counterfeit products. The volatility of economic conditions in developing and developed countries and currency deflation are key factors that can hinder the global market growth. Global luxury footwear Market sales suffered due to the financial crisis. Demand limiting factors could include currency fluctuations or fewer outlets in emerging countries. In the luxury footwear market, raw materials play an important role. Their prices have increased dramatically in recent years.
Any Query?
Enquire Here for Report Customization: https://market.us/report/luxury-footwear-market/#inquiry
Luxury Footwear Market Key Trends:
Market growth is mainly driven by the growing fashion industry and rising living standards, which increases disposable income. Product demand is also driven by rapid urbanization and increasing social media penetration. The market is also driven by the availability of many key industries’ product lines and alliances. These partnerships allow for customized footwear and a wider range in size, color, and material. The market is also being boosted by the shift from offline to online distribution channels for the luxury footwear Market. The market will continue to grow due to other factors, such as the continuous adoption of sustainable footwear materials and assertive promotional activities that include numerous product innovations.
Recent development:
February 2020: PUMA SE announced that it has signed a long-term agreement with Athletics South Africa (ASA), to be its official sponsor. This deal allows for branding rights, licensing rights, as well as the opportunity to create experiential moments or pop-up retail at all events. All South African athletes will be able to wear the brand’s kit at all International Amateur Athletic Federation events.
January 2020 Adidas AG has announced that they will use more than half the polyester from recycled plastic waste to make their products in 2020.
Scope of the Report
| Attribute | Details |
| Market Size in 2022 | USD 35.38 Billion |
| Growth Rate | 5.8% |
| Historical Years | 2016-2020 |
| Base Year | 2021 |
| Quantitative Units | USD In Bn |
| No. of Pages in Report | 200+ Pages |
| No. of Tables & Figures | 150+ |
| Format | PDF/Excel |
| Direct Order This Report | Available- To Purchase This Premium Report Click Here |
Key Market Players:
- LVMH
- Chanel S.A.
- Burberry
- Prada S.p.A
- Martens
- Base London
- John Lobb Bootmaker
- Salvatore Ferragamo
- Adidas AG
- Other Key Players
By Product
- Formal Shoes
- Casual Shoes
By End-Use
- Men
- Women
- Children
By Distribution Channel
- Online
- Offline
Industry, By Region
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- Middle East & Africa [GCC, North Africa, South Africa]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
Key questions:
- What is the size of luxury footwear in 2022-2031?
- What is the CAGR for the Luxury Footwear Market
- What are the key factors that drive the luxury shoe market?
- What are the main players in the luxury shoe market?
- What is the forecast period for the market report?
- Which region will be the dominant market segment by 2031?
- What will the major trends in the market look like in the future?
- How do I obtain a sample report about the Luxury Footwear Market?
More Related Reports from Our Market.us Site:
The global market for athletic footwear was worth USD 115.51 Billion in 2021. This market is forecast to grow at a CAGR of 5.3% between 2023-2032.
Global Footwear Manufacturing Market Current Status, Historical Analysis and Forecast 2022 to 2031
Global Children’s Footwear Market 2031 – Comprehensive Market Study by Market.US
Global Industrial Safety Footwear Market is Set to Experience Revolutionary Growth by 2031
Global Hiking Footwear Market to Make Great Impact in Near Future by 2031 Predict Market.US
Global Testing, Inspection, And Certification TIC for Apparel/Footwear/Handbags Industries Market Attractive Market Opportunities in the by 2031
Global Footwear Sole Material Market Witness Robust Expansion throughout the Forecast 2022 to 2031
Global Anti-Fatigue Footwear Market to Witness a Healthy Growth During 2022 To 2031
Global Golf Apparel, Footwear, And Accessories Market Key Drivers, Technology Growth and Opportunities in Future 2022–2031
About Market.us
Market.US (Powered by Prudour Private Limited) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report providing firm.
Contact Details:
Global Business Development Team – Market.us
Address: 420 Lexington Avenue, Suite 300 New York City, NY 10170, United States
Phone: +1 718 618 4351 (International), Phone: +91 78878 22626 (Asia)
Email: [email protected]
(eTN): Global Luxury Footwear Market Is Poised to Value Over USD 35.38 Billion | CAGR of 5.8% | re-post license |Â post content
Â
