Research Nester has released a report "Luxury Footwear Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global luxury footwear market in terms of market segmentation by product type, by demographics, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global luxury footwear market is segmented by demographics into men, women and children, out of which, women segment is anticipated to hold the largest market share owing to rising trends for fashion amongst women, such as the streetwear athleisure trend, which includes manufacturing of footwears that meet the desire of women consumers to balance comfort and style, along with the availability of a wide variety of footwear for women as compared to men and children.
The global luxury footwear market is anticipated to grow with a modest CAGR during the forecast period, i.e. 2020-2028. Growing number of millionaire population and the rising household disposable income of individuals which is raising the purchasing power of consumers for luxury goods, along with the increasing production of footwears around the globe are some of the factors anticipated to contribute significantly towards the growth of the global luxury footwear market. In the statistical report Global Wealth Report 2019 of the Credit Suisse Research Institute, change of 2.6% or USD 9087 billion in household wealth was observed around the world during the period 2018-19. Moreover, in the statistical report World Footwear Yearbook 2019 of the Portuguese Footwear, Components and Leather Goods Manufacturers’ Association (APICCAPS), 24.2 billion pairs of footwear were produced in the year 2018, which was an increase by 2.7% from 2017.
Regionally, the global luxury footwear market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is anticipated to hold the largest market share owing to the increasing demand for luxury footwear amongst the consumers, especially in nations such as the United States where the disposable income of individuals is very high as compared to other nations of the region. Additionally, Asia Pacific is anticipated to gain significant market share owing to the presence of several highly populated nations such as China and India where the consumption for footwear is also very high. In the statistical report World Footwear Yearbook 2019 of the Portuguese Footwear, Components and Leather Goods Manufacturers’ Association (APICCAPS), out of the total share of consumption of footwears around the world, China constituted to 18.4% and India constituted to 11.7% respectively during the year 2018.
Increasing Trade of Footwear Products Around the Globe
In the statistics by the International Trade Centre (ITC), value of exports of footwear around the globe peaked to 146.15 million from USD 96.84 million in-between 2010-2018.
The experience of purchasing goods online is majorly influencing several manufacturers of luxury footwear from around the globe to increasingly expanding their presence to online retail market via e-commerce platforms. Promotion of luxury products by the use of celebrity brand endorsement strategies are helping manufacturers to increase their sales and also raise product awareness amongst the consumers. Moreover, such strategies are also helping brands to connect to their consumers which is helping to gain an added advantage via brand reputation. Additionally, backed by the growing millennial population worldwide, along with robust local consumption in developed nations and increasing purchases by tourists visiting the developed nations are some of the factors that are increasingly raising the demand for personal luxury goods around the world. Furthermore, the shift in trend amongst consumers for preference of goods whose manufacturing process has not harmed the environment, human or animal rights, is inducing footwear manufacturers around the globe to prioritize on alternative materials, such as plant-based rubber, bio-printed leather and others to manufacture the shoes. Such factors are contributing towards the growing trade of luxury footwear around the globe which is anticipated to drive the growth of the global luxury footwear market.
However, concerns regarding the availability of counterfeited products around the globe, which hampers the brand reputation and sales of products of the manufacturer are some of the factors anticipated to limit the growth of the global luxury footwear market.
This report also provides the existing competitive scenario of some of the key players of the global luxury footwear market, which includes company profiling of PUMA SE (ETR: PUM), adidas AG (ETR: ADS), LEE COOPER, Reebok International, Guccio Gucci S.p.A., Louis Vuitton Malletier SAS, Stuart Weitzman, PRADA (HKG: 1913), J Choo USA, Inc., Nike Inc. (NYSE: NKE). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global luxury footwear market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.