Newark, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 30.4 billion in 2022 Luxury Footwear market will reach USD 56.2 billion by 2030. Demand for the product is being driven by consumers' growing preference for fashionable, high-end footwear as a status symbol and their propensity to showcase various foreign labels like Gucci, Burberry, Louis Vuitton, Chanel, and Prada.
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Key Insight of the Luxury Footwear Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest luxury footwear market share. Key factors favouring the growth of the Luxury Footwear market in North America are the presence of major key players and increasing disposable income. Furthermore, the increase in demand for durable and branded products from prominent brands in the region also adds impetus to the market’s growth.
The formal segment is expected to augment the luxury footwear market during the forecast period.
The formal segment is anticipated to dominate the market over the forecast period. The segment's growth can be attributed to increasing purchase of formal footwear for office use among men and women.
The women segment market size is 14.2 billion in 2022
The women segment held the largest market share in 2022 and is expected to continue during the forecast period. Women are starting new businesses that give them self-sufficiency and financial freedom all around the world, and the number of working women is increasing rapidly which propel the segment’s growth.
The offline segment is expected to augment the luxury footwear market during the forecast period.
The offline segment is anticipated to dominate the market over the forecast period. The growth of offline segment is anticipated to be growing as they offer various footwear products from different brands. In, the return policy is also easy which increase the demand for the offline segment. These shops frequently offer consumers special deals in order to increase sales. They also quickly respond to current trends in the market for luxury footwear products, propelling the segment’s growth.
Advancement in market
In June 2022, Guccio Gucci S.p.A. and Adidas AG intended to unveil their eagerly anticipated footwear collection centred on the Gazelle silhouette.
In March 2022, A new flagship store for Burberry has opened on Rue Saint-Honoré in Paris, becoming the first independent store in the area to carry the brand's fresh, global design aesthetic, according to a statement from Burberry plc.
In June 2021, With online sensations Charli D'Amelio and Emma Chamberlain, Louis Vuitton debuted its LV Squad sneaker and LV Sunset mule shoe advertisements. All of the brand's retail locations and online retailers now carry the new footwear designs.
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Market Dynamics
Driver: Use of Improved Attributes
The market is being driven largely by the improved features in footwear, such as material, durability, uniqueness, and comfort. Demand for the product is being driven by consumers' growing interest for fashionable, high-end footwear as a status symbol and their properity to showcase various foreign labels like Louis Vuitton, Gucci, Chanel, Burberry, and Prada.
Restraint: Expensive
Luxury footwear companies charge excessive prices for their goods. The majority of the population, which is made up of middle- and low-income groups, is being turned away by such high pricing of the product, which is stifling market expansion.
Opportunity: Increase In Sales
During the forecast period, there will be a significant increase in the market for luxury footwear due to the high demand of these shoes among women. A significant increase in the sales of footwear-related products is also anticipated to spur the rise of the luxury footwear sector over the forecast period.
Challenge: Availability of substitutes
There are several factors that are expected to challenge market growth, including the availability of counterfeit footwear products from most of the reputed brands at cheaper costs. Furthermore, the materials used for making these footwears are also cheap which challenges the market’s growth.
Some of the major players operating in the luxury footwear market are:
● LVMH
● Chanel Limited
● Burberry Group PLC
● Silvano Lattanzi
● Prada S.p.A
● A.Testoni
● Dr. Martens
● Base London
● John Lobb Bootmaker
● Salvatore Ferragamo
● Lottusse - Mallorca
● Adidas AG
Key Segments cover in the market:
By Product:
● Casual
● Formal
By End-User:
● Children
● Men
● Women
By Distribution Channel:
● Offline
● Online
By Region
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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