Global women’s footwear market to grow at 7.8% CAGR till 2030: Report
29 November 2023, Mumbai
The global market for luxury women's footwear is expected to register a Compound Annual Growth Rate (CAGR) of 7.8 per cent from 2023 to 2030, states a RationalStat report. In 2023, the market reached a valuation of $30.5 billion.
This upswing in value is driven by increasing disposable incomes of affluent consumers, a growing population of high-income individuals, and the expansion of the higher-middle class.
changing paradigm
Luxury brands are responding to these changing dynamics by introducing new and exclusive products that not only meet customers' expectations in terms of quality but also provide them with the opportunity to invest in well-established brands, as highlighted in the RationalStat report.
Fueled by consumers' growing emphasis on personal style and fashion, the global luxury footwear market is undergoing significant growth. The market is witnessing the emergence of various new fashion trends as consumers actively seek innovative and distinctive footwear options.
