The global women’s luxury footwear market is experiencing an upswing, with its value reaching US$30.5 billion in 2023, as per a report by RationalStat. The report projects an impressive compound annual growth rate (CAGR) of over 7.8 per cent from 2023 to 2030, signalling a prosperous era for the luxury footwear industry.
This surge in market value is largely attributed to the increasing disposable incomes among affluent consumers worldwide. As purchasing power grows, there’s a noticeable shift towards high-end, quality products, particularly in luxury goods such as premium footwear. This trend is not just limited to the wealthiest; the expanding population of high-net-worth individuals (HNWIs) and the upper-middle-class demographic are also contributing significantly to the rising demand for luxury items, including footwear.
Luxury brands are responding to this increase in demand by targeting affluent customers with exclusive, high-end products. These items are not just about quality but also about prestige, appealing to consumers eager to invest in renowned brands, as per RationalStat.
Another key factor driving the growth of the women’s luxury footwear market is the increasing focus on fashion and personal style. Consumers are continuously seeking unique and trendsetting footwear options. Luxury brands, known for setting fashion trends, are attracting fashion-conscious customers who desire to make bold statements with their footwear choices.
Source : Fashion Network
