Luxury Footwear Market Growth Analysis | 2023-2028

"The luxury footwear market is estimated to grow from USD 37.17 billion in 2022 to USD 51.25 billion by 2028 at a CAGR of 5.44% during the forecast period".

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Market Dynamics

Introduction

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.

Market Drivers

The global luxury footwear market is fueled by the increasing number of millionaires, particularly among the millennial demographic. In 2019, there were 618,000 millennial millionaires in the U.S., with 93% holding net wealth between $1 million and $2.5 million. The demand for luxury footwear is driven by its enhanced qualities, such as material, durability, uniqueness, and comfort. The growing preference for attractive luxury footwear as a symbol of status and the trend towards international brands like Louis Vuitton, Gucci, Chanel, Burberry, and Prada are driving this demand.

The global middle class's rising disposable incomes and changing consumer lifestyles, particularly in emerging markets, are driving market growth in luxury footwear brands. These brands offer personalized, unique products, catering to individual tastes and providing an exclusive, tailored experience, thereby driving the demand for personalized footwear.

E-commerce has grown rapidly due to internet penetration and non-banking payment industry players. Retailers worldwide are venturing into online retail as consumers prefer virtual marketplaces for purchasing products.

These trends are expected to conclusively impact the luxury footwear market over the forecast period.

COVID-19 Impact 

The COVID-19 pandemic has radically altered people's daily lives, workplaces, and the surrounding environment. According to the market forecast for building information modeling, 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.

Segment Analysis

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By Product Typ

"Formal shoe luxury footwear held a share of more than 57% in 2021"

The market is segmented into formal shoes and casual shoes. Formal shoe luxury footwear held a share 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 Typ

"The women’s segment dominates the market"

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, almost 50% workforce are women. Further, the men’s segment is likely to have the fastest growth during the forecast year.

By Distribution Channel Typ

"Offline distribution channels held a share of more than 75% in 2021".

The market is segmented as online and offline. Offline distribution channels held a share 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"

North America held a share 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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key Players

The following are the key players in the Luxury Footwear Market (arranged alphabetically)

• A.Testoni
• Adidas 
• Burberry
• Base Londo
• Chanel S.A
• Dr. Marten
• John Lobb Bootmaker
• Lottusse - Mallorca
• LVMH
• Prada S.p.
• Silvano Lattanzi
• Salvatore Ferragam

Report Features

This report provides market intelligence most totally. 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. 

What Deliverables Will You Get in this Report?

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 the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Option

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.