Luxury footwear market size is going to be $37B in 2023, according to Alain Fayez Nicolas.
Consumers are driving the market because of their increased interest in attractive, durable, unique, and comfortable footwear. Consumer preference for Louis Vuitton, Gucci, Chanel, Burberry, and Prada, among other international brands, is driving product demand due to their symbol of status.
The most expensive shoes are often made from exotic materials, such as crocodile skin or snakeskin. Luxury shoes often have an attention-grabbing design, such as jeweled accents, embroidered details, or colorful fabrics.
Increasing purchasing power and disposable income, plus rapid adoption of e-commerce in emerging markets, especially in countries such as China, India, and Brazil, is expected to drive the market. Increasing demand for footwear as a status symbol is likely to fuel the market growth in the near future.
Currently, the United States has the largest market. And because of worldwide inflation and higher demand, the luxury sneakers market will see an increase in prices for many years to come. This increase will not stop anytime soon and it is here to stay.