Luxury Footwear Market Forecast & Analysis

Market Insights

The Luxury Footwear market is projected to grow from USD 35.1 billion in 2021 to USD 51.25 billion by 2028 at a CAGR of over 5.49 % during the forecast period of 2022-2028.

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Drivers

The growth of the Luxury Footwear market is primarily driven by:

• Customization is also available in luxury footwear in different textiles, and styles to make them comfortable, and lightweight as per customer preference which increases the demand in the market.
• Luxury and unique products are the first choices of every millionaire and luxury footwear is one of them.

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What is Luxury Footwear?

Luxury cars, watches, houses, and clothes are the ways to show one’s richness and are the status symbols for millionaires. Luxury footwear is no exception. The demand for luxury footwear is directly associated with the increase of millionaires across the globe. Luxury footwear showcases one’s standard of living and provides unique footwear of different designs to showcase elegance with causal shoes to professionalism with formal shoes.

Key Players

Some of the major manufacturers are-

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

Segment Analysis

By Product Type

The market is segmented into formal shoes and casual shoes. Formal shoe luxury footwear held a share of more than 57% in 2021. The casual shoe segment is anticipated to be the fastest-growing segment with a CAGR of nearly 5.6% during the forecast period. Formal shoes are the first choice in corporate and workplace as they reflect one’s professionalism.

By End-Use Type

The market is segmented into men, women, and children. The women’s segment dominates the market, as there is a significant increase of working women worldwide. According to research by the European Union there, almost 50% workforce are women. Further, the men’s segment is likely to have the fastest growth during the forecast year.

By Distribution Channel Type

The market is segmented as online and offline. Offline distribution channels held a share of more than 75% in 2021. Whereas the online segment is estimated to have faster growth over the forecast year. The growing popularity of e-commerce websites such as amazon.com and timesaving in online shopping is propelling growth during the forecast period.

By Region

North America held a share of more than 30% in 2021 and is estimated to be the largest as well as the fastest-growing luxury footwear market during the forecast period, followed by Europe and Asia Pacific. The growth of the market is driven by the presence of top millionaires with large disposal money, which is generating huge demand for luxury footwear and the presence of many luxury footwear manufacturers in North America and Europe.

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market. 

The luxury footwear market is segmented into the following categories. 

By Product Type:

• Formal Shoes 
• Casual Shoes 

By End-Use Type:

• Men 
• Women 
• Children

By Distribution Channel Type:

• Offline 
• Online 

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis.
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Trend and forecast analysis.
• Segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with companies across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Target Audience

The target audience of the Luxury Footwear market includes-

• Luxury Footwear companies
• Luxury Footwear distributors
• Government organizations

COVID-19 Impact on Luxury Footwear Market

The COVID-19 pandemic has radically altered people's daily lives, workplaces, and the surrounding environment. According to the market forecast for building information modelling, the current estimate for 2027 is expected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has had little impact on the growth of the Luxury Footwear market because the COVID-19 lockdown enabled the widespread adoption of Luxury Footwear. The pandemic has compelled the development of safer and more efficient methods of constructing offices and homes.

Critical Questions Answered in the Report

• What are the key trends in the market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by end-use type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.