The market for women’s luxury footwear is anticipated to reach a value of US$ 30 billion in 2022 and to grow at a respectable CAGR from 2022 to 2029. In recent years, there has been an increase in the population of HNWIs in 2021. Globally, there were 22.4 million HNWIs, and in 2021, their combined wealth totaled US$ 61,275 billion. With over 5.6 million HNWIs, Europe had the highest pace of HNWI population increase. As a result, people have large purchasing power. Additionally, the rise in the number of working women and the inclusion of women in the labor force in nations like Japan, the UK, and France contribute.
Compared to other market segments (boots, heels & pumps, casual, sneakers & sports shoes), sandals and casual flats will contribute to the majority of the global sales of women’s luxury footwear in 2022.
Key Takeaways – Women’s Luxury Footwear Market
- Europe is expected to remain prominent in the global women’s luxury footwear market, owing to the high concentration of luxury footwear manufacturers such as JIMMY CHOO PLC, Hermes, Christian Dior, Gucci, Chanel, etc.
- The sandals & flats segment is considered a key attribute to the global women’s luxury footwear market, which can be attributed to their availability in a wide variety of designs.
- High exposure of consumers on websites such as Amazon, Walmart, etc., with a 10% online penetration rate, support online retail in becoming the most lucrative sales channel.
An increasing number of high-net-worth individuals (HNI) led to a surge in demand for custom footwear. Advancements in technology such as 3D printing and advanced sensors would also push manufacturers to introduce innovative shoe designs.
Top Trends in Women’s Luxury Footwear Market
Compared to the men’s footwear market, the women’s footwear market has a higher revenue share. The worldwide footwear market is significantly impacted by changing lifestyles, rising fashion awareness, and celebrity endorsement. Athleisure trends, smart shoes, and sustainable footwear are the most recent market trends in luxury footwear. Animal print boots, floral prints, feather heels, chunky bright sneakers, big-toe sandals, and other print styles have all had tremendous popularity in the past.
Competitive Landscape Analysis
The study spotlights some significant participants in the global market for women’s high-end shoes, including Kering, Burberry, Caleres, Jimmy Choo PLC, and others. Players in the market concentrate primarily on product innovation and design. A pain-free high heel was introduced in Q1 2019 by Maison Baum, a high-end footwear maker with headquarters in Germany. To move users’ weight away from the ball of the foot, the business uses its unique footbed technology and an insole with anatomical elevations.