According to a new report Global Luxury Footwear Market, published by KBV research, The Global Luxury Footwear Market size is expected to reach $46.8 billion by 2026, rising at a market growth of 11.8% CAGR during the forecast period.
The men segment is expected to be the fast-growing segment from 2020 to 2026. Celebrity endorsements play a vital role in prompting millennials to adopt modern fashion trends. Major brands like Burberry, Giorgio Armani, Prada, and Dolce & Gabbana considerably spend on celebrity endorsements as an enormous group of people across the world are remarkably inclined by celebrities.
Formal shoe luxury footwear dominated the market and have the highest revenue share of the global market in the year 2019. The increasing importance of luxury footwear is due to the fact that these shoes are seen as a reflection of one’s professionalism at the place of work, predominantly in fashion and corporate industries, is anticipated to persist a prominent factor boosting the product demand. Increasing demand for luxury footwear informal shoes segment has made manufacturers to give personalization options in their product.
The online distribution channel is likely to show the fastest growth over the foreseeable period. The increasing popularity of e-commerce channels is expected to result in considerable growth views for the market owed to a varied distribution network and greater product availability. These factors influence makers to trade their products via online channels. Herring Shoes Limited and Amazon.com, Inc. are some of the prominent online retailers of luxury footwear in the world.
The Europe market dominated the Global Luxury Footwear Market by Region 2019, growing at a CAGR of 11.6 % during the forecast period. The North America market is experiencing a CAGR of 10.8% during (2020 - 2026). Additionally, The Asia Pacific market would showcase a CAGR of 13.3% during (2020 - 2026).
Structural Insights: https://www.kbvresearch.com/luxury-footwear-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Adidas AG, LVMH SE, Chanel S.A., Prada S.p.A., Salvatore Ferragamo S.p.A, Sitoy Group Holdings Ltd. (A. Testoni), Airwair International Ltd. (Dr. Martens) (Permira), Base London, Ltd., Lottusse S.A. and Burberry Group PLC.
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