The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Luxury Footwear Market.
It was estimated prior to this unanticipated outbreak Luxury Footwear Market will reach CAGR of 5.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Luxury Footwear Market Insights
Luxury and unique products are first choice of every millionaires, luxury footwear is one of them. According to report CNBC over 6 lakh millennial millionaires in the US. Luxury footwear market is likely to witness an impressive CAGR of 5.4% during the forecast period. Customization is also available in luxury footwear in different textiles, and style to make them comfortable, and light weight as per customer preference which increase the demand in the market.
Market Share Analysis
Luxury Footwear Market Share: By Product Type
Based on the product type, the luxury footwear market is segmented as formal shoes and causal shoes. The formal shoes segment held the larger share of the market in 2019, whereas causal shoes are expected to grow during the forecast period. Formal shoes are the first choice in corporate and workplace as they reflect one’s professionalism.
Luxury Footwear Market Share: By End-Use Type
Based on the end-use type, the luxury footwear market is segmented as men, women, and children. The women’s segment dominates the market, as there is significant increase of working women worldwide. According to research by the European Union there, almost 50% workforce are women. Further, the men’s segment is likely to have the fastest growth during the forecast year.
Luxury Footwear Market Share: By Distribution Channel Type
Based on the distribution channel, the market us segment as online and offline. The offline segment dominated the market with more than 60% share of the global revenue in 2019. Whereas the online segment is estimated to have a faster growth over the forecast year. The growing popularity of e-commerce websites such as amazon.com and time saving in online shopping are propelling the growth during the forecast period.
Luxury Footwear Market Share: By Region
In terms of regions, North America is estimated to be the largest as well as the fastest-growing luxury footwear market during the forecast period, followed by Europe and Asia Pacific. The growth of the market is driven by the presence of top millionaires with large disposal money, which is generating huge demand for luxury footwears and the presence of a large number of luxury footwear manufacturers in North America and Europe.
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