Luxury footwear is a category of luxury goods that comprises leather footwear, athletic footwear, textile footwear, and sneakers as well as sandals, and other shoes. Luxury footwear products generally have the following characteristics: quality, price, extraordinariness, rarity, aesthetics, and symbolism. Increasing the consumer demand for various luxury goods is a prime factor likely to drive the growth of the target market due to improved living standards & lifestyles.
As per analysis, “Luxury Footwear Market: Market Segments: By Product (Formal Shoes & Casual Shoes); Gender (Male, Female and Children); By Mode of Sale (Retail and Online); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030” the key companies operating in the global luxury footwear market include John Lobb Bootmaker, Chanel S.A, A.Testoni, Lottusse – Mallorca, LVMH, Base London, Burberry, Salvatore Ferragamo, Prada S.p. A, Dr. Martens, Adidas AG, Silvano Lattanzi and among others. Leading market participants are anticipated to invest in research & development (R&D) activities to remain the competition throughout the forecast period.
By product type, the luxury footwear market is bifurcated as casual shoes and formal shoes. Casual luxury footwear provides an attractive look, unique design, elegance, and flexibility to be worn on multiple occasions such as parties, concerts, and other public gatherings, which is among the key factors driving the segment. By gender, the market is bifurcated as male, female, and children. The female segment holds the major share in the global market owing to an increase in spending on designer & branded luxury footwear by millennials. Additionally, by sale mode, the market is bifurcated as retail mode and online mode. The retail or offline mode segment dominates the market. Wide product range and discounts attracting a huge number of customers are the key strategies opted by offline channels to augment the revenue and footfall in any store. The online segment is expected to exhibit higher CAGR due to the rise in popularity of e-commerce channels among the manufacturers and an increase in internet penetration during the forecast period.
The luxury footwear market is driven by rising in household disposable income of individuals, followed by an increase in the number of millionaire population around the globe. However, the rise in concern amongst manufacturers of luxury footwear for the availability of counterfeited products may impact the market. Moreover, an increase in the production of footwear around the globe is a key opportunity for the market.
By geography, Europe is a leading region in the global luxury footwear market, followed by North America, owing high capacity to spend on luxury footwear coupled with a rise in disposable income of individuals across the region. The Asia-Pacific region is expected to exhibit a substantial growth rate due to the rise in luxury footwear spending by individuals and growth in consumer base in countries over the forecast period. It is projected that the global luxury footwear market will be reached at a rapid pace as a result of growth in the e-commerce industry coupled with an increase in spending on designer & branded luxury footwear by millennials during the forecast period.
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Ankur Gupta, Head Marketing & Communications