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

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.

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.

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:

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: