Report Description
A recent market intelligence report that is published by Data Insights Partner on the global Luxury Footwear Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Luxury Footwear Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Luxury Footwear Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Luxury Footwear Market is offered. In accordance with the report, the global Luxury Footwear Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:
Definition
Luxury Footwear is a unique amalgamation of functionality, elegance and style. These products are characterized by the use of superior raw materials, enhanced durability and supreme comfort that accrue to the users. These products can be modified and customizable as per the consumers tastes and preferences. Premium texture and exquisitely enhanced product design is the primary drivers of the luxury footwear market.
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Market Drivers
A surge in the millionaire population and millennial population globally is providing the initial impetus to this market. A rise in the high-income group population those are spendthrift by nature especially in the developing and emerging nations is driving the growth of this market.
The adoption of luxury footwear to symbolize wealth, power and status and the indulgence of consumers in brandishing is fueling the growth of this market.
The customization facilities provided by the key players of this market are bolstering the growth of this market. Manufacturers are now shifting their operation towards the production of exclusive and individualistic products which is positively influencing this market. For instance, Modello Domain offers customization of products by making use of monograms, and production of luxury handcrafted footwear.
Soaring environmental concern complementary to the adoption of the sustainable production of luxury footwear by the manufacturers are powering the growth of this market. the employment of recycled plastic bottles, recycled lurex, recycled polyester and synthetics are some of the strategies of the leading players for sustainable development.
The advertisement and sales strategies used by the leading players of this market which involve the advertisements and endorsements made by global celebrities and famous sports person is augmenting the growth of the luxury footwear market.
Market Restraints
Luxury footwear companies are global brands and their products are immoderately priced. Such premium prices of the product are swaying away the majority of population which comprises of middle- and low-income groups and hampering the market growth.
The practice of forging the products of the leading brands is taking a toll on this market. Although rigid directives have been formed to keep a check on product counterfeiting but it is not that effective on global and regional markets.
The Covid-19 Pandemic situation has negatively affected this market. Due to global lockdown and work from home practices the demand for luxury footwear has registered a fall. Moreover, this situation has put a strain on the purchasing power and thrift of the population calling them to spend money judiciously which is hindering the growth of this market.
Opportunities
The growing penetration of internet and social media platforms is expected to give a boost to lifestyle blogging activities and increase the demand for luxury footwear on a multiplied basis.
With rapid urbanization and transition of consumer lifestyle and choices, the utilization of luxury footwear is likely to rise and unfold various aspects and provide lucrative opportunities to the market operators.
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Trends
The Formal shoe segment of luxury footwear dominates the luxury footwear market and is expected to continue its domination in the forecast period owing to the symbolization of the user’s professionalism in the glamour industry and the corporate world. The women segment of the luxury footwear market is expected to dominate due to the growing female participation in the workforce. But the Male segment is projected to be experience fastest growth. The North American region is the leader in terms of market and will continue with its leadership in the forecast period due to the presence of high-income groups and the leading companies of this market. Europe is estimated to follow North America in the luxury footwear market. This progress can be traced back to the presence of buyers of this product in the European Region.
Segment Covered:
This market intelligence report on the global Luxury Footwear Market encompasses market segments based on product type, material type, end use and country.
By Product Type the global Luxury Footwear Market has been divided into:
q Formal Shoe
q Casual Shoe
q Athletic
By Material Type the global Luxury Footwear Market has been divided into:
q Leather
q Non-Leather
By End Use the global Luxury Footwear Market has been divided into:
q Women
q Men
q Kids
By country/region, the global Luxury Footwear Market has been divided into:
q North America (the U.S., Canada),
q Latin America (Brazil, Mexico, Argentina and other countries),
q Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
q Jimmy Choo
q Giorgio Armani
q LVMH
q Adidas AG
q John Lobb Bootmaker
q Burberry
q Chanel S.A.
q Prada S.p.A
q Base London
q A.Testoni
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Luxury Footwear Market related investment & spending and developments by major players of the market are tracked in this global report.
Report Highlights:
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Few Recent Developments
Giorgio Armani
In April 2019, Wu Muye was officially announced as the brand ambassador of Giorgio Armani. Wu Muye is a global figure as a piano artist.
Jimmy Choo
In February 2019, the head designer of Jimmy Choo, Alfredo Piferi exhibited the very first collection on sustainable luxury footwear in the Milan Fashion Week. The collection comprised of curvy sandals and sleek boots crafted by recycling plastic bottles, lurex, polyester and synthetics.
Salient Features:
Ø This study offers comprehensive yet detailed analysis of the Luxury Footwear Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Luxury Footwear Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of Type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Luxury Footwear caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Luxury Footwear Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the Luxury Footwear Market
v Identification of key factors driving investment opportunities in the Luxury Footwear Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues