Reportlinker.com announces the publication of the "Luxury Footwear Global Market Report 2022". The global luxury footwear market is expected to grow from $24.37 billion in 2021 to $25.78 billion in 2022 with a compound annual growth rate (CAGR) of 5.8%. The market is expected to grow to $32.48 billion in 2026 at a compound annual growth rate (CAGR) of 5.9%.
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.
The main luxury footwear products include shoes, sandals, and other product types.Luxury shoes are manufactured using premium quality materials and provide greater durability, uniqueness and comfort.
Some of the qualities which differentiate luxury shoes from the rest are their uncommon quality of rarity, sophisticated design, extraordinary craftsmanship, longevity and timelessness. The different distribution channels for luxury footwear include online and offline for end-users including men, women and children.
North America was the largest region in the luxury footwear market in 2021.Western Europe was the second largest region in the luxury footwear market in 2021.
The regions covered in the luxury footwear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
Technological advancements are a key trend gaining popularity in the luxury market.The companies operating in the luxury footwear market are focusing on developing future-sustainable and innovative products with recycled plastics, to meet sustainability goals set by global organizations and governments across the globe.
For instance, in 2020, Adidas, a Germany-based designer, and producer of apparel, luxury footwear, accessories, and sports equipment, has developed plant-based leather material which is made from mycelium, which is part of a fungus, for making shoes. Also, in 2020, the company has produced 15 million pairs of shoes that were made from recycled plastic waste collected from beaches and coastal regions.
In June 2021, Fosun Fashion Group, a China-based international luxury fashion group acquired Sergio Rossi S.p.A. from Absolute Luxury Holding S.r.l for an undisclosed amount. The acquisition is expected to enrich FFG’s luxury brand portfolio which presently includes Lanvin, Wolford, Caruso, and St. John Knits, complementing the group’s core capacity through luxury accessories and will also expand into newer markets. Sergio Rossi S.p.A is an Italy-based manufacturer of luxury footwear.
The countries covered in the luxury footwear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Major players in the luxury footwear market are 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.
