According to the latest report by IMARC Group, “Luxury Footwear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, The global luxury footwear market is expected to exhibit a CAGR of 4.6% during 2022-2027.
Luxury footwear is made up of premium quality materials. On the basis of durability, uniqueness, and comfort, it can be compared to its affordable counterparts. It is expensive, exclusive, and scarcely available in the market as it is not mass-produced. The increasing preference for lavish fashion brands as a status symbol is positively impacting the market.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The growing fashion industry and improving living standards with inflating disposable income are primarily driving the market growth. Moreover, increasing penetration of social media with rapid urbanization is also propelling the product demand. Furthermore, advent of a wide product range by various key industries with alliances and strategic partnerships to enable customized footwear and a broad selection range in material, design, color, and size to expand the consumer base is catalyzing the market growth. Additionally, the rapid shift in distribution channels of luxury footwear from offline towards online platforms is further augmenting the market. Other factors, including continuous adoption of sustainable materials in manufacturing footwear with increasing environmental awareness and assertive promotional activities with numerous product innovations, will proliferate the market growth in the coming years.
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