Overview and Scope
The luxury footwear is a type of luxury product manufactured using premium quality materials and provide greater durability, uniqueness, and comfort. Price, quality, rarity, beauty, extraordinariness, and symbolism are all common qualities of luxury footwear. Luxury footwear products usually have characteristics that include higher price, premium quality, rarity, aesthetics, extraordinariness, and symbolism.
Sizing and Forecast
The luxury footwear market size has grown strongly in recent years. It will grow from $28.1 billion in 2023 to $30.19 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to globalization of fashion, brand prestige, craftsmanship and quality materials, limited editions and exclusivity, heritage and legacy.
The luxury footwear market size is expected to see strong growth in the next few years. It will grow to $39.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to sustainability focus, emerging market growth, inclusivity and diversity, wellness and comfort, crisis resilience. Major trends in the forecast period include digital marketing and social medial, cultural and artistic collaborations, direct-to-consumer (DTC) strategies, storytelling and brand narrative, innovative designs.
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Segmentation & Regional Insights
The luxury footwear market covered in this report is segmented –
1) By Product Type: Shoes, Sandals, Other Product Types
2) By Distribution Channel: Online, Offline
3) By End User: Men, Women, Children
North America was the largest region in the luxury footwear market in 2023. Western Europe was the second largest region in the luxury footwear market share in 2023. The regions covered in the luxury footwear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The surge in disposable income is expected to propel the growth of luxury footwear market going forward. Disposable income is the amount of money that households have available for spending and saving after income taxes have been deducted. As individuals experience higher levels of disposable income, they are more likely to allocate a portion of their funds to luxury footwear, driven by the desire for prestige, exclusivity, and superior quality associated with premium brands. For instance, in August 2022, according to World Bank, a US-based international financial institution, the per capita net disposal income of lower middle-income countries was in between $1,036 and $4,045 and per capita net disposal income of upper middle-income countries was in between $4,046 and $12,535 in 2021. Moreover, according to the Office For National Statistics, a UK-based government department, in the year 2021, there was a 3.6% growth in the gross disposable household income (GDHI) in the United Kingdom compared to the figures recorded in 2020. Therefore, the surge in disposable income is driving the growth of luxury footwear market.
Key Industry Players
Major companies operating in the luxury footwear market report are LVMH Moët Hennessy Louis Vuitton SE, Luxottica Group S.p.A., Adidas AG, Kering S.A., Chanel Limited, Hermès International S.A., Guccio Gucci S.p.A, Puma SE, Tricker’s Shoes Ltd., Burberry Group plc, Paraboot SAS, Prada S.p.A., Armani Group S.p.A., J Choo USA Inc., Reebok International Ltd., Stuart Weitzman LLC, Lee Cooper Group Limited, Aldo Brue Inc., A. Testoni & C. S.p.A, Airwair International Ltd., Base London Limited, Dr. Martens plc, Furla S.p.A., Grenson Shoes Ltd, John Lobb Bootmaker Ltd, Longchamp SAS, Lottusse S.A., Moreschi S.p.A., Mulberry Group plc, Scarosso S.r.l.
The luxury footwear market report table of contents includes:
1. Executive Summary
2. Luxury Footwear Market Characteristics
3. Luxury Footwear Market Trends And Strategies
4. Luxury Footwear Market – Macro Economic Scenario
5. Global Luxury Footwear Market Size and Growth
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32. Global Luxury Footwear Market Competitive Benchmarking
33. Global Luxury Footwear Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Luxury Footwear Market
35. Luxury Footwear Market Future Outlook and Potential Analysis
36. Appendix
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