Rise in High-Net-Worth Individuals (HNWI) to 22.4 million in 2021 is likely to boost the women’s luxury footwear market in 2022. Future Market Insights latest report, values the market at $30 billion, and likely to expand at 5 per cent CAGR from 2022-29 to reach $39 billion by 2029.
Young population, sustainability to drive growth
Women’s luxury footwear market has been attracting consumers of all age groups. However, the younger generation is considered key drivers. Gen Y and Z consumers are likely to contribute a significant share to future market growth owing to high purchasing power and growing influence of online sales channels.
The market also enables manufacturers to produce sustainable or eco-friendly products. Manufacturers are prioritizing use of alternative materials including plant-based rubber, bio-printed leather, and natural textile while making their footwear. This is encouraging other players to the enter eco-friendly segment.
Europe to remain prominent growth market
With the presence of prominent luxury footwear brands such as Jimmy Choo, Hermes, Christian Dior, Gucci, Chanel, etc, Europe is expected to remain a prominent market for women’s luxury footwear. The market is expected to see significant development due to consumers’ rising preference for luxury brands. Rising demand for premium footwear with distinct characteristics is also expected to drive future growth.
The US is expected to lead growth with manufacturers diversifying their product portfolio to maintain a competitive advantage. The market is being driven by the presence a large number of elite customers having high disposal incomes. These customers are encouraging luxury footwear producers in the country to prioritize R&D and launch new products in accordance with demand.
Market growth in China is being driven by the tendency of women to follow latest fashion trend, brands’ extensive promotional methods as well as brand engagement. Chinese customers are also benefitting from discounts offered by their favorite women’s designer shoe companies on e-commerce channels. They are likely to be attracted by the high-priced editions of women’s custom footwear being introduced in the market.
Boots’ market share to reach 40%
Availability in a wide variety of designs is likely to boost the global market share of boots to over 40 per cent in 2022. Propelled by the desire to balance fashion with comfort, boots are expected to lead sales in women’s luxury footwear over the next decade. Earlier focused on performance and functionality, boots have been given fashion reinterpretation with celebrity endorsements. Future advancements in technology such as 3D printing and advanced sensors are also likely to push manufacturers to introduce innovative
Omni-channel to be the future of retail
Though most women still prefer buying footwear in stores, online sales channel is becoming equally popular as people become more digitally savvy. This is encouraging manufacturers to design new user experiences and create new business plans. E-commerce channels have been influencing luxury footwear manufacturers and compelling them to adopt an omni-channel strategy.
The pandemic led to many store closures; disrupted logistic systems and forced manufacturers to suspend operations. On the other hand, it pushed consumers to turn to e-commerce for purchases, enabling manufacturers to enhance their internet presence.
Mergers and acquisitions on the rise
Players in the luxury footwear market are also taking to mergers and acquisitions to drive growth. In June 2021, Louis Vuitton launched the LV Squad sneaker and LV Sunset mule footwear commercials with online sensations Emma Chamberlain and Charli D'Amelio. The new footwear styles are now available at all brand's retail locations and online retailers.
