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The global luxury footwear market generated revenue of approximately USD 30.11 billion in 2020 and is expected to grow at a CAGR of over 5.40% during the forecast period 2021-2027 to reach approximately 47, 47 billion USD in 2027.
The global luxury footwear market generated revenue of approximately USD 30.11 billion in 2020 and is expected to grow at a CAGR of over 5.40% during the forecast period 2021-2027 to reach approximately 47, $ 47 billion in 2027. While the cumulative growth opportunity presented by the global value of luxury footwear is approximately $ 291.5 billion between 2021 and 2027.
Global Luxury Footwear Market, 2020-2027 (USD Million)
Luxury shoes are one of the important aspects of the luxury lifestyle. Footwear has a huge impact on human appearance and one of the most sought-after products in the luxury lifestyle, according to a human research study. Luxury shoes help to enhance the personality of the wearer and also showcase the social status of the wearer. The growing trend among millennials for luxury footwear is one of the major growth factors in the luxury footwear industry.
The raw materials used on luxury shoes and normal shoes are one and the same. What makes luxury shoes unique is their design, durability, superior workmanship and branding. Luxury shoes are sold at a premium price due to their exclusivity.
Browse the full report at https://www.credenceresearch.com/report/luxury-footwear-market
Casual shoes for exhibiting a quick CAGR
Formal shoes and casual shoes are two main categories of luxury footwear. Although formal shoes occupy the largest share, casual shoes are gaining popularity in recent years. The growing demand for luxury shoes among the young population is a major factor influencing the demand for luxury casual shoes.
Male end users dominate luxury shoes
Men, women and children are the main categories of end users for luxury shoes. Men dominate the global luxury footwear industry with a share of over 45% in 2020. While the segment of luxury footwear for women is growing at a rapid pace. Another important category of end-users is luxury children’s shoes. The growing population of wealthy people around the world is causing the demand for luxury shoes to explode.
Online channel to grow
Offline and online are major distribution channels for luxury footwear. Hypermarkets and supermarkets are the first offline distribution channels for Luxury Footwear. However, the online channel is gaining popularity among end users due to the multiple benefits it offers. Strong marketing campaigns, discount offers and door-to-door delivery are the main factors fueling the growth of luxury footwear.
Branding is the key to success
Base London, John Lobb Bootmaker, Chanel SA, LVMH, Lottusse – Mallorca, Burberry, Silvano Lattanzi, Prada SpA, A.Testoni, Salvatore Ferragamo, Adidas AG and Dr. Martens are some of the major players operating in the global market of the luxury shoe. . Wealthy people are very brand sensitive and want exclusive products. Therefore, branding and exclusivity are the key to success in the global luxury footwear market.
Global Luxury Footwear Market by Type, 2015 – 2027
- Formal shoes
- Casual shoes
Global Luxury Footwear Market by End User, 2015 – 2027
Global Luxury Footwear Market by Distribution Channel, 2015 – 2027
Global Luxury Footwear Market by Company, 2015 – 2027
- London base
- John Lobb Bottier
- Chanel SA
- LVMH
- Lottusse – Mallorca
- Burberry
- Silvano lattanzi
- Prada SpA
- Testoni
- Salvatore Ferragamo
- Adidas AG
- martens
- Others
Browse the full report at https://www.credenceresearch.com/report/luxury-footwear-market
See the table of contents: https://www.credenceresearch.com/toc/luxury-footwear-market/table-of-content
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