Research Nester has released a report titled “Luxury Footwear Market – Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The International Trade Centre (ITC), in one of its statistics stated that exports of footwear around the globe reached to 146.15 million in the year 2018 from USD 96.84 million in the year 2010.
The statistics portray the growing trade of footwear products around the globe owing to several promotional strategies taken by footwear brands to improve their sales. Luxury footwear manufacturers around the globe are increasingly using the e-commerce platforms to expand their online retail market presence owing to the growing preference of consumers for purchasing goods online. Several luxury footwear manufacturers are also utilizing celebrity brand endorsement strategies to promote their luxury goods and create a connection with their customers. Additionally, increasing millennial population worldwide, along with robust local consumption in developed nations and increasing purchases by tourists visiting the developed nations are some of the factors that are increasingly raising the demand for personal luxury goods around the world. Consumers in the recent era are also preferring for luxury footwears whose manufacturing process has not harmed the environment, human or animal rights. Such factors are contributing towards the growing trade of luxury footwear and in turn driving the growth of the global luxury footwear market.
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The global luxury footwear market is anticipated to grow with a modest CAGR during the forecast period, i.e. 2020-2028. The market is segmented by demographics into men, women and children. Among these segments, women segment is anticipated to hold the largest market share on account of increasing fashion trends, such as the streetwear athleisure trends amongst women that is inducing manufacturers of luxury footwear to meet the desire of women consumers to balance comfort and style. Additionally, the availability of a wide variety of footwear for women as compared to men and children is also anticipated to contribute towards the growth of the segment in the global luxury footwear market.
Geographically, the global luxury footwear market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, North America is anticipated to hold the largest market share on account of growing demand for luxury footwear amongst the consumers, especially in nations such as the United States where the disposable income of individuals is very high as compared to other nations of the region. Moreover, Asia Pacific is anticipated to gain significant market share on account of the consumption for footwear in several highly populated nations, such as China and India. The statistical report World Footwear Yearbook 2019 of the Portuguese Footwear, Components and Leather Goods Manufacturers’ Association (APICCAPS), stated that, in the year 2018, China and India constituted to 18.4% and 11.7% of the share of consumption of footwears around the world.
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However, concerns regarding the negative impact on the brand reputation and sales of products of the manufacturer of luxury footwear on account of the availability of counterfeited products around the globe, is thereby estimated to act as a barrier to the growth of the global luxury footwear market.
This report also studies existing competitive scenario of some of the key players of the global luxury footwear market, which includes profiling of PUMA SE (ETR: PUM), adidas AG (ETR: ADS), LEE COOPER, Reebok International, Guccio Gucci S.p.A., Louis Vuitton Malletier SAS, Stuart Weitzman, PRADA (HKG: 1913), J Choo USA, Inc., Nike Inc. (NYSE: NKE).
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Luxury Footwear Market – Global Demand Analysis & Opportunity Outlook 2028”, analyses the overall luxury footwear industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global luxury footwear market in the near future.
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