According to a new report published by KD Market Insights, titled, “Designer and Luxury Market Insights, Trends, Opportunity & Forecast, 2021–2026,” the global designer and luxury footwear market size is anticipated to witness a single digit growth during the forecast period i.e. 2021-2026. The expansion of luxury products outlets in malls, especially in the developing countries by major brands such as Prada, Guess Gucci, and Carlton London is one the primary factors contributing towards the growth of the designer and luxury footwear market.
Factors such as the increasing disposable incomes of people in the developed and developing countries, the changing consumer spending habits, the surging number of established market players and the increasing popularity of private labels is anticipated to escalate the designer and luxury footwear market’s growth during the forecast period. Moreover, the increasing number of attractive offerings by market players including footwear customization, the adoption of sustainable manufacturing practices considering the popularity of ethically sourced footwear and the shifting of conventional to luxury footwear trends among millennial consumers is creating tremendous growth opportunities for the designer and luxury footwear market for the upcoming years.
North America dominated the designer and luxury footwear market in 2020. This can be attributed to the presence of large number of wealthy individuals with high disposable income in the region. The Asia-Pacific region is expected to emerge as the fastest-growing market over the forecast period.
According to distribution channel, the online sales channel segmented is expected to witness the fastest growth over the forecast period. This can be attributed to the rising popularity of e-commerce channels for shopping. According to product type, the casual shoe segment is anticipated to be the fastest-growing segment during the years of forecast. According to end-user, the women segment led the market in 2020. However, the men segment is anticipated to be the fastest-growing segment during 2021-2026.
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The global designer and luxury footwear market is segmented into product type, end-user, material, distribution channel and region. Based on product type, it is classified into casual shoe, formal shoes, and athletic. Based on material, it is classified into leather and non-leather. Based on end user, it is classified into kids, men, and women. Based on distribution channel, it is classified into specialty store, brand outlets, and online sales channel.
The global designer and luxury footwear market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).
Impact of COVID-19
Luxury goods manufacturers have been adversely hit by the COVID-19 pandemic. There has been a decrease in tourism across the globe due to the lockdown, which has caused grater falls in traditional retail sales of luxury products as travelers contribute a larger share of total sales of luxury products.
Accordingly, the pandemic has disrupted the production of foot wears in almost every country and the sales have decreased through both online and offline channels due to social distancing policies. According to a World Footwear sales report, footwear declined by nearly 42% in the U.S at the end of the first quarter of 2020 due to COVID pandemic.
Key Insights of Designer and Luxury Market
- On the basis of distribution channel, the online sales channel segmented is expected to witness the fastest growth over the forecast period.
- On the basis of product type, the casual shoe segment is anticipated to be the fastest-growing segment during the years of forecast.
- On the basis of end-user, the women segment led the market in 2020. However, the men segment is anticipated to be the fastest-growing segment during 2021-2026.
- On the basis of region, North America dominated the designer and luxury footwear market in 2020 and the Asia-Pacific region is expected to emerge as the fastest-growing market over the forecast period.
Some of the major designer and luxury footwear companies profiled in the report include Adidas Group, PUMA, Nike. NC, Reebok International, LOUIS VUITTON, Lee Cooper, Guccio Gucci, Miuccia Prada, JIMMY CHOO and Porter Group.
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