Market Overview:
The Global Luxury Footwear Market size is expected to grow from USD 33.52 billion in 2022 to USD 59.78 billion by 2030, at a CAGR of 7.5% during the forecast period (2023-2030).
Luxury footwear, often associated with the affluent, encompasses items like athletic, leather, and textile shoes, sneakers, sandals, and more. Notable for their rarity, premium quality, aesthetics, and symbolism, luxury footwear has gained popularity globally, spurred by new designs from major players. Adidas, for example, introduced the Adizero Adios Pro in September 2020, a cutting-edge running shoe for athletes. Growing design innovation coupled with a high-net-worth demographic is driving the expansion of the luxury footwear market.
Top Key Players for Luxury Footwear Market:
Chanel S.A.(France), Burberry (UK), Silvano Lattanzi(Italy),Prada S.p.A (Italy), A.Testoni (Italy), Dr. Martens (UK), Base London (UK), John Lobb Bootmaker (UK), Salvatore Ferragamo (Italy), Lottusse – Mallorca (Baleares), LVMH (France), Adidas AG(India), and other major players.
Market Dynamics and Factors for Luxury Footwear Market:
Drivers:
The Growing Rate of Urbanization
The burgeoning urban population is a key driver of the luxury footwear market's growth in recent years. Urbanization brings about lifestyle changes, higher disposable incomes, and a corporate culture that fuels interest in luxury goods. Developed countries, hosting multinational corporations, have popularized the consumer culture for upscale footwear. Increased internet penetration in urban areas boosts online sales, offering the convenience of remote work. Hectic lifestyles and technical savvy further drive online purchasing, with various designs and discounts available for luxury footwear. This elevated demand for luxury footwear contributes to market expansion.
Opportunities:
The Huge Opportunity In the Innovative Products
The luxury footwear market stands to benefit from a surge in new product launches in the upcoming years. Manufacturers are heavily invested in researching and developing novel luxury footwear options. In 2020, Adidas, a German company renowned for apparel, luxury footwear, and sports gear, introduced plant-based leather made from mycelium, a fungal component. The same year saw the production of 15 million pairs of shoes using recycled plastic waste from beaches and coasts. This active focus on footwear design innovation through research and development presents a promising opportunity for the luxury footwear market's growth in the forecast period.
Segmentation Analysis of the Luxury Footwear Market:
By Product Type, the formal shoe is expected to have maximum market growth in the luxury footwear market. The formal shoe is one of the parts of professionalism in the workplace specifically in the corporate and fashion industries. In the past few years, more peoples give preference to working in the corporate sector.
By End-Users, women are projected to have the highest market growth in the luxury footwear market. Women as compared to men are more fascinated by shopping. They like to live in a standard and modern way. They invest more in the purchase of luxury products including luxury footwear. Luxury footwear is more adopted in the fashion industries and in these industries, the women population is high. Thus, the demand for luxury footwear is increasing.
Regional Analysis of the Luxury Footwear Market:
North America leads the luxury footwear market due to its affluent population's affinity for modern goods and a strong financial position. The region's preference for a contemporary lifestyle, coupled with rapid growth in corporate and fashion sectors, drives luxury footwear demand. Online shopping is bolstered by widespread smart device usage and high internet penetration. Manufacturing industries of footwear in the region further contribute to its market growth potential. Overall, North America's dominance in the luxury footwear market is supported by a combination of economic strength, lifestyle preferences, and technological advancements.
Key Industry Development:
In June 2021, a China-based international luxury fashion group, Fosun Fashion Group, acquired an Italy-based manufacturer of luxury footwear, Sergio Rossi S.p.A. from Absolute Luxury Holding S.r.l. for an undisclosed amount. The acquisition aimed to expand the portfolio.
In June 2021, LV Squad sneaker and LV Sunset mule footwear commercials were launched by Louis Vuitton with online sensations Emma Chamberlain and Charli D'Amelio. The footwear styles are now available at all of the brand's retail locations and online retailers.
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
