Luxury Footwear Market Size & Growth Analysis to 2030

The global luxury footwear market size is anticipated to register a significant CAGR of ~ 7% during the forecast period from 2023 to 2030. The growing demand for luxury footwear among young people, the rising influence of social media, and the growing fashion industry are some prominent factor driving the market growth. Furthermore, the rising trend of high-end fashion brands and the growing demand for better quality and craftsmanship are anticipated to propel the industry over the forecast period. Moreover, the high demand for high quality, improved aesthetic value, durable footwear, and the rising inclination towards international brands are projected to propel the market growth in the next upcoming years.

Market Snapshot:

Market Drivers:

Rising Disposable Income: Increasing disposable income among consumers, particularly in emerging economies, has contributed to the growth of the luxury footwear market. As consumers have more disposable income, they are willing to spend on high-quality and luxurious products, including luxury footwear.

Growing Affluence and Aspirational Lifestyles: The desire for luxury products, including luxury footwear, is fueled by the aspiration for an affluent lifestyle. Luxury footwear is often associated with status, prestige, and exclusivity, leading consumers to seek out these products to enhance their personal image and style.

Influence of Fashion and Celebrity Culture: Fashion trends and celebrity endorsements play a significant role in driving demand for luxury footwear. Consumers are influenced by fashion icons, celebrities, and influencers who showcase luxury footwear brands, leading to increased desirability and demand for these products.

Increasing Consumer Awareness and Brand Consciousness: Consumers are becoming more aware of luxury brands, their heritage, craftsmanship, and quality. There is a growing appreciation for the value and exclusivity that luxury footwear brands offer. Consumers are willing to invest in high-end footwear that represents superior quality, craftsmanship, and design.

Growing E-commerce and Online Retail Channels: The rise of e-commerce and online retail channels has significantly contributed to the growth of the luxury footwear market. Online platforms provide easy access to a wide range of luxury footwear brands, making it convenient for consumers to explore and purchase these products. E-commerce platforms also enable global reach and allow brands to target a wider customer base.

Shift in Consumer Preferences: There has been a shift in consumer preferences towards premium and luxury products, including footwear. Consumers are seeking unique and personalized products that reflect their individuality and style. Luxury footwear brands often offer customization options, limited editions, and unique designs that cater to these evolving consumer preferences.

Growing Travel and Tourism Industry: The global travel and tourism industry has witnessed significant growth in recent years. Luxury footwear is often associated with travel, as consumers seek stylish and comfortable footwear options for their trips. The increasing number of travelers, particularly high-net-worth individuals, has contributed to the demand for luxury footwear.

Focus on Sustainable and Ethical Practices: Sustainability and ethical considerations are becoming increasingly important in the luxury footwear market. Consumers are demanding transparency in supply chains, environmentally friendly materials, and fair labor practices. Luxury footwear brands that emphasize sustainability and ethical practices are attracting environmentally conscious consumers and driving market growth.

Product Innovation and Differentiation: Luxury footwear brands continually strive for product innovation and differentiation to capture consumer interest. They focus on unique designs, use of high-quality materials, and incorporation of innovative technologies to offer superior comfort, durability, and style. Product innovation and differentiation help luxury footwear brands stand out in a competitive market and attract discerning consumers.

Growing Male Luxury Footwear Market: The male luxury footwear market has witnessed significant growth in recent years. Traditionally, luxury footwear was primarily targeted towards women, but the increasing fashion consciousness among men and their willingness to invest in high-end footwear have expanded the market. Luxury footwear brands are now focusing on developing exclusive collections for men, further driving market growth.

Market Insights:

By product type, the formal shoe segment is accounted to dominate the global luxury footwear market in the benchmark year

The global luxury footwear market is bifurcated into product type, end-user, distribution channel, and geography. On the basis of product type, the market is further segmented into the formal shoe and casual shoes. The formal shoe segment dominated the global market in 2022 and is expected to maintain its dominance over the forecast period. The increasing adoption of formal luxury footwear among professionals in the workplace, especially in the corporate and fashion industry is estimated to drive the segment growth. On the flip side, the growing trend of luxury footwear among people is anticipated to fuel the casual shoe segment over the forecast period.

By end-user, the women segment is accounted to hold the largest market share by the end of the forecast period

On the basis of end-user, the market is segmented into men, women, and children. The women segment is accounted to dominate the global luxury footwear market in 2022 and expected to hold the largest revenue share of around half of the market by the end of the analysis period. The significant spending on branded and designer luxury footwear among millennials and the working population is a major factor driving the segment growth. Furthermore, the increasing number of working women, especially in European countries is further anticipated to propel the segment growth. On the flip side, the men’s segment is accounted to register the highest CAGR over the forecast period due to the rising adoption of the latest fashion trends among millennials.

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The luxury footwear comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2023 to 2030. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The luxury footwear market research report presents the analysis of each segment from 2020 to 2030 considering 2022 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2023 to 2030.

Historical & Forecast Period

• 2020-21 – Historical Year
• 2022 – Base Year
• 2023-2030 – Forecast Period

Market Segmentation:

By Product Type:

• Formal Shoe
• Casual Shoe

By End-User:

• Men
• Women
• Children

By Distribution Channel:

• Online
• Offline

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

By region, North America dominated the global market owing to the higher expenses and disposable income per capita

On the basis of region, North America dominated the global luxury footwear market in 2022 and is estimated to hold the largest revenue share of around 1/3 market by the end of the analysis period. The high expenses, higher disposable income, and the adoption of the latest trends are some major factors driving the market growth in the region. Furthermore, the increasing demand for branded footwear, the growing working population, and the significant growth in the fashion industry is further anticipated to propel the industry growth over the forecast period.

Geographically, the luxury footwear market report comprises dedicated sections centering on the regional market revenue and trends. The luxury footwear market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The luxury footwear market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Luxury footwear market estimates have also been provided for the historical years 2020 & 2021 along with forecasts for the period from 2023 – 2030.

Competitive Assessment:

Some of the prominent market players operating in the global luxury footwear market are LVMH, Chanel Limited, Burberry Group PLC, Silvano Lattanzi, Prada S.p.A, and A.Testoni. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• LVMH
• Chanel Limited
• Burberry Group PLC
• Silvano Lattanzi
• Prada S.p.A
• Testoni
• Martens
• Base London
• John Lobb Bootmaker
• Salvatore Ferragamo
• Lottusse – Mallorca
• Adidas AG

Key Questions Answered by Luxury Footwear Market Report

• Global luxury footwear market forecasts from 2023-2030
• Regional market forecasts from 2023-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2023-2030 covering 15 major countries from the regions as mentioned above
• Luxury footwear submarket forecasts from 2023-2030 covering the market by product type, end-user, distribution channel, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level luxury footwear markets from 2023-2030
• Competitive Landscape and market positioning of the top 10 players operating in the market