The Latin America, Middle East and Africa Luxury Footwear Market would witness market growth of 12.8% CAGR during the forecast period (2020-2026).
Luxury formal footwear is designed so as to prompt the professionalism of the customer on the other hand luxury casual footwear is designed so as to deliver a gorgeous look showcasing stylishness. Athletic luxury shoes are specially designed for fitness and sports associated activities. Casual and formal luxury footwear is made of leather material while, athletic luxury footwear involves a combination of numerous textiles like polyester, nylon, and lycra in order to make them light-weighted and well-ventilated. Luxury footwear is obtainable in various distribution channels to supply the increasing demand.
The demand for luxury footwear has been increasing among the millennials. This footwear is categorized by improved qualities, like material, uniqueness, durability, and comfort, which is a conspicuous factor driving the market. The growing inclination for attractive luxury footwear as a representation of status and the fondness of consumers for flaunting various international brands, like Gucci, Chanel, Louis Vuitton, Burberry, and Prada, are boosting the product demand.
These brands of luxury footwear have been adopting beneficial ways to fascinate different customer classes, such as HENRYs (High-Earners-Not-Rich-Yet), who are digital shrewdness and are big financiers. Manufacturers offer comprehensive, customized, and self-expressive products to onboard this demographic that will drive the market growth. For example, Modello Domani, a luxury footwear company that focuses in handcrafted premium footwear, deals with complete footwear customization with designs and monograms for men, women, and children that costumes the consumer’s size and style.
Based on Product, the market is segmented into Formal Footwear and Casual Footwear. Based on End User, the market is segmented into Women, Men and Children. Based on Distribution Channel, the market is segmented into Online and Offline. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: Luxury Footwear Market in LAMEA is expected to register a CAGR of 12.8% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Adidas AG, LVMH SE, Chanel S.A., Prada S.p.A., Salvatore Ferragamo S.p.A, Sitoy Group Holdings Ltd. (A. Testoni), Airwair International Ltd. (Dr. Martens) (Permira), Base London, Ltd., Lottusse S.A. and Burberry Group PLC
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Companies Profiled
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