Luxury Footwear Market Trends

Growth Drivers

Increasing Demand For Personal Luxury Goods Amongst The Millennial Population

With the growing millennial population worldwide, the demand for personal luxury goods around the world is also growing at a rapid pace. The demand for personal luxury goods can also be attributed to the robust local consumption in developed nations around the world along with the increasing purchases among the tourists. Additionally, the shift in trend observed amongst consumers for preference on shoes whose manufacturing process has not harmed the environment, human or animal rights, is inducing footwear manufacturers around the globe to prioritize on alternative materials, such as plant-based rubber, bio-printed leather and others to manufacture the shoes. The growing need for value transparent communication of products amongst the consumers in the recent era is thereby anticipated to raise the demand for personal luxury goods, and in turn the growth of the global luxury footwear market.

Increasing Trade of Footwear Products Around the Globe

According to the statistics by the International Trade Centre (ITC), value of exports of footwear around the globe increased from USD 96.84 million in the year 2010 to 146.15 million in the year 2018.

The trade of footwears around the globe is growing at a rapid pace. Although preference for offline store-based retailing remain, manufacturers of luxury footwear are yet expanding their presence to online retail market via e-commerce platforms by realizing that luxury purchases in the recent era are majorly influenced by online experience. Additionally, several luxury footwear manufacturers are increasingly following the strategy of celebrity endorsement for awareness of their products, which is also contributing towards increasing trade of luxury footwears. Such factors are anticipated to drive the growth of the global luxury footwear market in the upcoming years.

Challenges

Concern for Counterfeited Products

Increasing concern amongst manufacturers of luxury footwear for the availability of counterfeited products around the globe is anticipated to act as a key restraint factor towards the growth of the global luxury footwear market.