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Home ➤ Consumer Goods ➤ Luxury & premium products ➤ Luxury Footwear Market
Luxury Footwear Market

Luxury Footwear Market

Published date: Aug 2022 • Formats:
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  • Home ➤ Consumer Goods ➤ Luxury & premium products ➤ Luxury Footwear Market

Global Luxury Footwear Market By Product, By End-Use, By Distribution Channel, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

  • Published date: Aug 2022
  • Report ID: 38653
  • Number of Pages: 391
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
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    Luxury Footwear Market Overview:

    The Luxury Footwear Market size is expected to be worth around USD 65.63 billion by 2032 from USD 35.3 billion in 2021, growing at a CAGR of 5.8% during the forecast period from 2022 to 2032.

    The market is driven by a growing preference for luxury shoes as a sign of status and the desire of consumers to wear international brands such as Gucci, Chanel Burberry, Chanel, Louis Vuitton, Prada, and Burberry.

    Global Luxury Footwear Market Scope:

    Product Analysis

    Formal shoes and luxury footwear accounted for 60.4% of global revenue in 2021. Luxury footwear is projected to continue to be a major factor in boosting product demand. Manufacturers have begun to offer customization options for luxury footwear. Girotti SRL is an Italian company of luxury shoe that manufactures formal shoes and allows customization in leather type, design, color, size & personal message.

    With a CAGR of 5.3%, the casual shoe segment will be the fastest-growing segment. The shift from traditional to luxurious footwear is a key factor in increasing customer reach. The segment is driven by its attractive design, unique design, elegance, and versatility.

    luxury footwear market

    End-Use Analysis

    Women accounted for 50.2% of global revenue in 2021 and led the market. The market has grown worldwide due to rising spending by millennials & the working-class population on luxury designer footwear. Due to the increase in women working, the women segment will continue to lead the market over the estimated period.

    Men are expected to grow at the fastest rate with a 6.3% CAGR from 2023-2032. Celebrity endorsements are a key factor in encouraging millennials to follow the latest trends in fashion.

    Distribution Channel Analysis

    The market was dominated by offline distribution channels, which accounted for 73.4% of global revenue in 2021. Consumers love brick & mortar stores, with independent luxury footwear shops and boutique shops. These stores can quickly adapt to fashion trends and offer customers exclusive deals, which helps to increase sales growth. Another popular distribution channel is multi-brand luxury shoe stores. These stores let customers choose from multiple brands before they make a purchase.

    Online distribution channels are expected to experience the greatest growth during the estimated period. Due to the availability of more products and a larger distribution network, e-commerce is expected to see significant growth in the market. These factors encourage companies to sell products online.

    Herring Shoes Limited, & Amazon.com, Inc. are the top online retailers for luxury shoes around the world. In January 2020, Amazon.com Inc. declared that it would introduce a platform for luxury fashion. This platform will allow luxury brands to control the design of their online spaces, according to Amazon.com.

    Key Market Segments:

    By Product

    • Formal Shoes
    • Casual Shoes

    By End-Use

    • Men
    • Women
    • Children

    By Distribution Channel

    • Online
    • Offline

    Market Dynamics:

    These brands have been adopting lucrative ways to attract different consumer classes, including HENRYs (High-Earners-Not-Rich-Yet), who are digital savvy and are big spenders. To attract this market, manufacturers offer products that are inclusive, personalized, and self-expressive. This will help to fuel growth. Modello Domani, which is a luxury footwear company specializing in handcrafted premium shoes, offers footwear customization that includes monograms and designs that are appropriate for each consumer’s personal style and size.

    Due to the increasing popularity of ethically-sourced footwear, many manufacturers are now adopting sustainable manufacturing methods. GlobeNewswire, Inc. reports that more than 29% of shoppers consider sustainability when purchasing apparel and footwear in 2021. This is despite the fact that many consumers are willing to pay higher prices for these products. Many luxury footwear designers have shifted their focus to sustainability.

    Covid-19 has had a devastating impact on luxury footwear. The negative effects of quarantine and lockdown measures on luxury footwear have led to store closures that resulted in sales declines from January 2020 to April 2020. World Footwear reports that footwear sales in the United States declined by nearly 45% at the end of the first quarter of 2020.

    Due to social distancing policies and stay-home policies, the pandemic disrupted sales and production of luxury footwear in many countries. People have been compelled to be more prudent and less frivolous in their spending due to the pandemic. Luxurious footwear is often more expensive than regular footwear so people have been avoiding buying it.

    Regional Analysis

    North America was the dominant market for luxury shoes & accounted for 34.1% of global revenue in 2021. The market’s main driver is the high number of wealthy people living in the region with higher disposable incomes. Wealth-X’s 2019 High Net Worth Handbook shows that North America is home to 44% of the highest net-worth individuals in the world (HNWIs). Due to the increase in HNWIs, luxury goods like footwear are on the rise.

    Europe will become the second-largest market for luxury footwear, after North America. The demand of products is growing because of the high number of people who want luxury shoes with exclusive characteristics & brand value in developed countries like Germany, France, and Italy.

    luxury footwear market value regional share

    Key Regions and Countries covered in the report:

    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • Germany
      • UK
      • France
      • Italy
      • Russia
      • Spain
      • Rest of Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Rest of Asia-Pacific
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • MEA
      • GCC
      • South Africa
      • Israel
      • Rest of MEA

    Market Share & Key Players Analysis:

    Due to the rapid growth of their customer base in China and India, prominent market players will likely focus on the Asia Pacific to establish their businesses. To remain competitive in the future, market leaders are likely to invest heavily in research and development activities. The following are some of the most prominent players in luxury footwear markets:

    luxury footwear market company share analysis

    Market Key Players:

    • LVMH
    • Chanel S.A.
    • Burberry
    • Prada S.p.A
    • Dr. Martens
    • Base London
    • John Lobb Bootmaker
    • Salvatore Ferragamo
    • Adidas AG
    • Other Key Players

    For the Luxury Footwear Market research study, the following years have been considered to estimate the market size:

    Attribute Report Details

    Market Size in 2022

    USD 35.3 Bn

    Growth Rate

    5.8%

    Forecast Value in 2032

    USD 65.63 Bn

    Historical Years

    2016-2020

    Base Year

    2021

    Estimated Year

    2022

    Short Term Projection Year

    2028

    Projected Year

    2023

    Long Term Projection Year

    2032

    Report Coverage

    Competitive Landscape, Revenue analysis, Company Share Analysis, Manufacturers Analysis, Volume by Manufacturers, Key Segments, Key company analysis, Market Trends, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis, strategy for existing players to grab maximum market share, and more.

    Regional Scope

    North America, Europe, Asia-Pacific, South America, Middle East & Africa

    Country Scope

    United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa

    Frequently Asked Questions (FAQ)

    Q: What is the size of the Luxury Footwear market in 2021?

    A: The Luxury Footwear market size is US$ 35,383.1 million in 2021.

    Q: What is the projected CAGR at which the Luxury Footwear market is expected to grow at?

    A: The Luxury Footwear market is expected to grow at a CAGR of 5.8% (2023-2032).

    Q: List the segments encompassed in this report on the Luxury Footwear market?

    A: Market.US has segmented the Luxury Footwear Market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By product, the market has been segmented into Formal Shoes & Casual Shoes; by end-use, the market has been segmented into Men, Women, & Children, and the distribution channel market has been segmented into Online & Offline.

    Q: List the key industry players of the Luxury Footwear market?

    A: LVMH, Chanel S.A., Burberry, Prada S.p.A, Dr. Martens, Base London, John Lobb Bootmaker, Salvatore Ferragamo, Adidas AG, and Other Key Players are the key vendors in the Luxury Footwear market.

    Q: Which region is more appealing for vendors employed in the Luxury Footwear market?

    A: North America accounted for the highest revenue share of 34.1%. Therefore, the Luxury Footwear industry in North America is expected to garner significant business opportunities over the forecast period.

    Q: Name the key areas of business for the Luxury Footwear Market.

    A: The US, Germany, Italy, France, China, Japan, Brazil, etc., are leading key areas of operation for Luxury Footwear Market.

    Q: Which segment accounts for the greatest market share in the Luxury Footwear industry?

    A: With respect to the Luxury Footwear industry, vendors can expect to leverage greater prospective business opportunities through the offline segment, as this area of interest accounts for the largest market share.

    Luxury Footwear Market
    Luxury Footwear Market
    Published date: Aug 2022 • Formats:
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  • account_circleAbout Me
  • ondemand_videoVideos
    • LVMH
    • Chanel S.A.
    • Burberry
    • Prada S.p.A
    • Dr. Martens
    • Base London
    • John Lobb Bootmaker
    • Salvatore Ferragamo
    • Adidas AG
    • Other Key Players
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