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Women’s Luxury Footwear Market to reach US$ 30 Bn in 2029 – FMI
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The women's luxury footwear market is set to reach $30Bn by 2029, driven by HNWI growth and fashion trends. Europe leads in market growth.
The recent past has observed an increased in number of HNWI population in 2021. Globally, HNWI population reached 22.4 million, and their total wealth accounted for US$ 61,275 Bn in 2021. Europe accounted for high growth rate of HNWI population, with almost 5.6 Mn HNWI population. This leads to high purchasing power of individuals. In addition, growing working women population and women’s labor force participation in regions such as Japan, the United Kingdom, and France help increase their purchasing power to buy luxury footwear.
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On the back of these factors, the women’s luxury footwear market is estimated to be valued at US$ 30 Bn in 2022, and expected to expand at a healthy CAGR during the forecast period of 2022-2029. In 2022, worldwide sales of women’s luxury footwear are mostly contributed by sandals and flats casual as compared to other categories (boots, heels & pumps, and casual, sneakers & sports shoes) in the market.
Key Takeaways – Women’s Luxury Footwear Market
The women’s footwear market contributes high market revenue share as compared to men’s. Changing lifestyle, growing fashion concern, and celebrity endorsement have a significant impact on the global footwear market. The recent market trends in luxury footwear are – sustainable footwear, smart shoes, and athleisure trends. Different types of prints with huge popularity in the past include animal print boots, florals print, minimalist style heels, feather heels, bright chunky sneakers, big toe sandals, etc.
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The report highlights some prominent players in the global women’s luxury footwear market, which include Kering, Burberry, Caleres, Jimmy Choo PLC, and others. Market players primarily focuses on product design and innovation. Maison Baum, a Germany-based luxury footwear manufacturer, launched a pain free high heel in Q1 2019. The company uses its patented footbed technology and an insole with anatomical elevations to shift wearers’ weight from the ball of the foot.
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The article discusses the growth of the women's luxury footwear market, projected to reach $30Bn by 2029.
The growth is driven by an increase in HNWI population, rising purchasing power, and fashion trends.
Europe is leading in the global women's luxury footwear market growth.
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