The Business Research Company’s Luxury Footwear Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, May 6, 2022 /EINPresswire.com/ -- 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.
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The global luxury footwear market size is expected to grow from $24.37 billion in 2021 to $25.78 billion in 2022 at a compound annual growth rate (CAGR) of 5.8%. The global luxury footwear market size is expected to grow to $32.48 billion in 2026 at a CAGR of 5.9%.
Major players covered in the global luxury footwear industry 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.
TBRC’s global luxury footwear market report is segmented by product type into shoes, sandals, others, by distribution channel into online, offline, by end-user into men, women, children.
Luxury Footwear Global Market Report 2022 – By Product Type (Shoes, Sandals, Other Product Types), By Distribution Channel (Online, Offline), By End-User (Men, Women, Children) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a luxury footwear market overview, forecast luxury footwear market size and growth for the whole market, luxury footwear market segments, geographies, luxury footwear market trends, luxury footwear market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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