Notable Developments in Women’s Footwear Market

Globally, the women’s luxury footwear market is estimated to be valued at US$30 Bn in 2022. This is expected to expand at a healthy CAGR during the forecast period of 2022-2029 as 2021 observed an increased number in the High-Net-Worth Individual (HNWI) population, reaching 22.4 million with a total wealth of US$61,275 Bn that year. Europe accounted for the high growth rate of HNWIs, with a HNWI population of almost 5.6 Mn. This growth leads to high purchasing power of individuals. 

Europe is expected to remain prominent in the global women’s luxury footwear market, owing to a high concentration of luxury footwear manufacturers such as Jimmy Choo PLC, Hermes, Christian Dior, Gucci and Chanel. 

So far in 2022, the sandals and casual flats segment is considered as the key attributor to the global women’s luxury footwear market compared to other categories such as boots, heels, sneakers or sports shoes. This can be attributed to the wide variety of designs available in the sandals and flats category.

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. Recent market trends in luxury footwear include sustainable footwear, smart shoes, and athleisure trends. 

There is also a surge in demand for custom footwear, attributed to the increasing number of high-net-worth individuals and advancements in technology pushing manufacturers to introduce innovative shoe designs. Maison Baum, a Germany-based luxury footwear manufacturer, launched a pain free high heel in 2019, using the company’s patented footbed technology and an insole with anatomical elevations to shift wearers’ weight from the ball of the foot.

Prominent players in the global women’s footwear market include Kering, Burberry, Caleres and others. Online retail is supported in becoming the most lucrative sales channel with a high exposure of consumers on websites such as Amazon and Walmart.