According to the latest report by IMARC Group, titled, “Luxury Footwear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global luxury footwear market is expected to exhibit a growth rate (CAGR) of 4.4% during 2023-2028.
What is Luxury Footwear?
Luxury footwear is made up of premium quality materials. On the basis of durability, uniqueness, and comfort, it can be compared to its affordable counterparts. It is expensive, exclusive, and scarcely available in the market as it is not mass-produced. The increasing preference for lavish fashion brands as a status symbol is positively impacting the market.
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What are the growth prospects and trends in the Luxury Footwear industry?
The growing fashion industry and improving living standards with inflating disposable income are primarily driving the market growth. Moreover, increasing penetration of social media with rapid urbanization is also propelling the product demand. Furthermore, advent of a wide product range by various key industries with alliances and strategic partnerships to enable customized footwear and a broad selection range in material, design, color, and size to expand the consumer base is catalyzing the market growth. Additionally, the rapid shift in distribution channels of luxury footwear from offline towards online platforms is further augmenting the market. Other factors, including continuous adoption of sustainable materials in manufacturing footwear with increasing environmental awareness and assertive promotional activities with numerous product innovations, will proliferate the market growth in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Formal Shoes
- Casual Shoes
Breakup by End User:
- Men
- Women
- Children
Breakup by Distribution Channel:
- Online
- Offline
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
- Silvano Lattanzi srl.
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