Global Luxury Footwear Market by End Use (Men, Women, Children), by Distribution Channel (Online, Offline), by Product (Casual Shoes, Formal Shoes) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2019, the global luxury footwear market was worth USD 31.61 trillion. It is projected to grow at a compound annual rate (CAGR of 5.6%) between 2020 and 2027. This market is being driven by a growing number of millionaires, particularly in the millennial sector. CNBC LLC reported that in 2019, there were 618,000 millionaires in America. Nearly 93% of these millionaires are millennials. Their net worth ranged from USD 1 million to USD 2 million. The millennial generation is increasingly looking for high-end footwear. The market is driven by this luxury footwear, which has a number of unique qualities such as material, durability, uniqueness and comfort. 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, Burberry, Chanel and Louis Vuitton.

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 25% of shoppers consider sustainability when purchasing apparel and footwear in 2019. 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. In February 2019, Alfredo Piferi (head designer at Jimmy Choo) presented his sustainable luxury footwear collection, which consisted of sleek, composite boots and curvy sandals made from recycled plastic bottles, recycled polyester and recycled lurex.

Covid-19 has had a devastating impact on luxury footwear. The negative effects of quarantine and lockdown measures on store closures have had a dramatic impact on sales, with sales dropping significantly from January 2020 to April 2020. World Footwear reports that footwear sales in the United States declined by nearly 42% at the end the first quarter 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 stopped buying it.

Product Insights

Formal shoes and luxury footwear accounted for 58.3% of global revenue in 2019. Luxury footwear is expected to continue to be a major factor in boosting product demand. Manufacturers have begun to offer customization options for luxury footwear. Girotti SRL, an Italian luxury shoe company that manufactures formal shoes, allows customization in terms of leather type, design, color, size and personal message.

With a CAGR between 2020 and 2027 of 5.8%, 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 Insights

Women dominated the market, accounting for 47.2% of global revenue in 2019. The market has grown worldwide due to rising spending by millennials and 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 forecast period. The European Union data shows that close to 46% (including France, Germany and Greece) of the 28 EU member countries were made up of women in 2017.

Men are expected to grow at the fastest rate with a 5.9% CAGR from 2020-2027. Celebrity endorsements are a key factor in encouraging millennials to follow the latest fashion trends. Celebrities are a huge influence on major brands like Giorgio Armani and Burberry. Giorgio Armani, a well-known luxury brand, announced Wu Muye as its brand ambassador for Greater China, the Asia Pacific, and in April 2019.

Distribution Channel Insights

The market was dominated by offline distribution channels, which accounted for 75.9% of global revenue in 2019. Consumers love brick and mortar stores, including 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 forecast 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 manufacturers to sell their products online. Amazon.com, Inc., and Herring Shoes Limited are the top online retailers for luxury shoes around the world. In January 2020, Amazon.com, Inc., announced that it would launch a platform for luxury fashion. This platform will allow luxury brands to control the design of their online spaces, according to Amazon.com.

Regional Insights

North America was the dominant market for luxury shoes and accounted for 29.1% of global revenue in 2019. One of the key factors in driving the market is the presence of wealthy individuals in the region with high disposable income. According to Wealth-X's High Net Worth Handbook 2019, North America hosts 41% of all the high-net-worth individuals (HNWIs), in the world. The demand for luxury goods, such as footwear, is increasing due to an increase in HNWIs.

Europe will be the second largest regional market for luxury shoes, following North America. Due to the large number of customers who are looking for luxury footwear with distinctive characteristics and brand value in developed nations such as Germany, France and Italy, the product demand is increasing.

Market Share Insights & Key Companies

Due to the rapid growth of their customer base in China and India, prominent market players will likely focus on 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:

• 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

Up Market Research published a new report titled “Luxury Footwear Market research report which is segmented by End Use (Men, Women, Children), by Distribution Channel (Online, Offline), by Product (Casual Shoes, Formal Shoes), By Players/Companies ATestoni, Salvatore Ferragamo, LVMH, Prada SpA, Base London, Lottusse - Mallorca, Chanel SA, Dr Martens, Burberry, Adidas AG, Silvano Lattanzi, John Lobb Bootmaker”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Luxury Footwear Market Report Segments:

The market is segmented by End Use (Men, Women, Children), by Distribution Channel (Online, Offline), by Product (Casual Shoes, Formal Shoes).

Luxury Footwear Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Luxury Footwear Market

Overview of the regional outlook of the Luxury Footwear Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Luxury Footwear Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Luxury Footwear Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Men

                2. Women

                3. Children

                1. Online

                2. Offline

                1. Casual Shoes

                2. Formal Shoes

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Luxury Footwear Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Luxury Footwear Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.