Estimated to be valued at US$30 billion in 2022, the global women’s luxury footwear market is expected to expand at a healthy CAGR during the forecast period of 2022-2029, according to a report by Future Market Insights.
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.
In 2021, the High-Net-Worth Individual (HNWI) population reached 22.4 million, and their total wealth accounted for US$61.275 trillion. This leads to high purchasing power of individuals.
Europe is expected to remain prominent in the global women’s luxury footwear market, owing to a HNWI population of 5.6 million and a high concentration of luxury footwear manufacturers such as Jimmy Choo PLC, Hermes, Christian Dior, Gucci, Chanel.
The increasing number of HNWI has led to a surge in demand for custom footwear and advancements in technologies such as 3D printing and advanced sensors has also pushed manufacturers to introduce innovative shoe designs.
Other recent market trends in luxury footwear include sustainable footwear, smart shoes, and athleisure trends. Different types of prints and embellishments with huge popularity in the past have made a comeback - animal prints, florals, minimalist style heels, feather heels, bright chunky sneakers and big toe sandals.
In 2022, worldwide sales are mostly contributed to by sandals and casual flats. The sandals and flats segment is considered as a key attributor to the global women’s luxury footwear market due to their availability in a wide variety of designs.
