The global luxury footwear market size is expected to grow from $24.37 billion in 2021 to $25.78 billion in 2022 at a compound annual growth rate (CAGR) of 5.8%. The global luxury footwear market size is expected to grow to $32.48 billion in 2026 at a CAGR of 5.9%.
What is the Global Luxury Footwear Market?
The luxury footwear market consists of sales of luxury footwear products by entities (organizations, sole traders, and partnerships) that are manufactured using premium quality materials and provide greater durability, uniqueness and comfort. Luxury footwear is a type of luxury product that are typically associated with the wealthy or affluent. Price, quality, rarity, beauty, extraordinariness, and symbolism are all common qualities of luxury footwear. Luxury footwear products usually have the characteristics that include higher price, premium quality, rarity, aesthetics, extraordinariness, and symbolism.
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What drives the Global Luxury Footwear Market?
The increasing spending on designer and branded luxury items is expected to propel the growth of the luxury footwear market. Luxury footwear is a type of luxury item that refers to footwear items that are typically associated with the wealthy or affluent. According to SaveMyCent, a USA-based online coupon code provider, in 2020, US consumers spent $64.8 billion on luxury items. Consumers in China ($51.8 billion) and Japan ($21.2 billion) came in second and third, respectively. The Americas accounted for 28% of total global luxury expenditure in 2020. Therefore, the increasing spending on designer and branded luxury items is driving the growth of the luxury footwear market.
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Global Luxury Footwear Market Segments
The global luxury footwear market is segmented:
By Product Type: Shoes, Sandals, Others
By Distribution Channel: Online, Offline
By End-User: Men, Women, Children
By Geography: The regions covered in the luxury footwear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Luxury Footwear Global Market Report 2022provides market size and growth forecasts for the global luxury footwear market, global luxury footwear market share, luxury footwear market segments and geographies, luxury footwear market competitive landscape including leading competitors’ revenues, profiles and market shares. The luxury footwear market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Luxury Footwear Industry Playersinclude LVMH, A.Testoni, Adidas AG, Base London, Burberry Group PLC, Chanel, Dr. Martens, Furla SpA, Guccio Gucci S.p.A, Hermes International S.A., John Lobb Bootmaker, Longchamp, Lottusse, Luxottica Group, Mulberry Group, Prada Group, Airwair International Ltd., Armani Group, J Choo USA, Inc., Kering, Lee Cooper, Puma, Reebok International, and Stuart Weitzman. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
