The market for women’s luxury footwear is currently worth close to US$ 30 Bn in 2022, and is projected to close in on a valuation of US$ 39 Bn by 2029, rising at a steady CAGR of 5% from 2022 to 2029.
Globally, there were 22.4 million HNWIs, and in 2021, their combined wealth totaled US$ 61,275 billion. With over 5.6 million HNWIs, Europe had the highest pace of HNWI population increase. As a result, people have large purchasing power. Additionally, the rise in the number of working women and the inclusion of women in the labour force in nations like Japan, the UK, and France contribute.
In 2022, worldwide sales of women’s luxury footwear are mostly contributed by sandals and flats casual as compared to other categories (boots, heels & pumps, and casual, sneakers & sports shoes) in the market.
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Key Takeaways – Women’s Luxury Footwear Market
- Europe is expected to remain prominent in the global women’s luxury footwear market, owing to high concentration of luxury footwear manufacturers such as JIMMY CHOO PLC, Hermes, Christian Dior, Gucci, Chanel, etc.
- The sandals & flats segment is considered as key attributor to the global women’s luxury footwear market, which can be attributed to their availability in wide variety of designs.
- High exposure of consumers in websites such as Amazon, Walmart, etc., with 10% online penetration rate, support online retail in becoming the most lucrative sales channel.
Increasing number of high-net-worth individuals (HNI) led to a surge in demand for custom footwear. Advancements in technology such as 3D printing and advanced sensors would also push manufacturers to introduce innovative shoe designs.
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Top Trends in Women’s Luxury Footwear Market
The women’s footwear market contributes high market revenue share as compared to men’s. Changing lifestyle, growing fashion concern, and celebrity endorsement have a significant impact on the global footwear market. The recent market trends in luxury footwear are – sustainable footwear, smart shoes, and athleisure trends. Different types of prints with huge popularity in the past include animal print boots, florals print, minimalist style heels, feather heels, bright chunky sneakers, big toe sandals, etc.
Competitive Landscape Analysis
The report highlights some prominent players in the global women’s luxury footwear market, which include Kering, Burberry, Caleres, Jimmy Choo PLC, and others. Market players primarily focuses on product design and innovation. Maison Baum, a Germany-based luxury footwear manufacturer, launched a pain free high heel in Q1 2019. The company uses its patented footbed technology and an insole with anatomical elevations to shift wearers’ weight from the ball of the foot.
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Key Segments of Women’s Luxury Footwear Industry Survey
Women’s Luxury Footwear Market by Product:
- Women’s Luxury Boots
- Women’s Luxury Heels & Pumps
- Women’s Luxury Sandals & Flats
- Women’s Luxury Casuals, Sneakers & Sports Shoes
Women’s Luxury Footwear Market by Material:
- Rubber Footwear
- Leather Footwear
- Polyester Footwear
- Velvet Footwear
- Canvas Footwear
- Textile Footwear
- Others
Women’s Luxury Footwear Market by Price Range:
- US$ 300-499
- US$ 500-699
- US$ 700-999
- US$ 1,000-1,299
- US$ 1,300-1,599
- US$ 1,600 & Above
Women’s Luxury Footwear Market by Sales Channel:
- Offline Sales of Women’s Luxury Footwear
- Department Stores
- Specialty Stores
- Monobrand Stores
- Off-price Stores
- Others
- Online Sales of Women’s Luxury Footwear
Women’s Luxury Footwear Market by Region
- North America Women’s Luxury Footwear Market
- Latin America Women’s Luxury Footwear Market
- Europe Women’s Luxury Footwear Market
- East Asia Women’s Luxury Footwear Market
- South Asia & Pacific Women’s Luxury Footwear Market
- Middle East & Africa (MEA) Women’s Luxury Footwear Market
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The post Women’s Luxury Footwear Market to Achieve A High CAGR Of 5% During Forecast Period -2032 | FMI appeared first on Future Market Insights.