Luxury Footwear Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.80 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Luxury Footwear Market Analysis
The luxury footwear market is projected to register a CAGR of 6.8% during forecast period.
- With the rise of disposable income, consumers in emerging economies, especially in the Asia-Pacific region, including India, China, Indonesia, and the Philippines, are increasingly investing in high-end footwear. Among the consumers aged 30-49 with the highest discretionary income in Hong Kong, there is a high demand for luxury goods. The Indian market is expected to experience similar growth factors, including a young population, increasing disposable income, an increase in the number of working women, and a growing affinity towards international media and travel, leading to a desire for luxury brands and specialty goods.
- Furthermore, the affordability of luxury goods has increased, and premiumization is becoming increasingly important for the expansion of the luxury footwear industry. Customers today seek exceptional quality and design in all consumer products, including footwear, despite their high price tags. Consequently, the demand for high-end shoe brands is increasing.
- Luxury footwear companies are concentrating on developing sustainable and innovative products with recycled plastics to meet the sustainability goals set by global organizations and governments worldwide. Louis Vuitton, for example, launched sustainable vegan sneakers made from corn in November 2021, becoming the latest luxury fashion brand to use plant-based materials instead of leather. The company used 90% recycled and bio-sourced materials in the design, setting a benchmark for other luxury footwear companies to follow. All of these factors are contributing to the growth of the luxury footwear market.
Luxury Footwear Market Trends
Increasing Disposable Income and Consumer Spending Power On Luxury Goods
- The luxury footwear market is predicted to experience growth as consumers continue to invest more in designer and branded goods. Luxury footwear pertains to clothing or accessories often worn by affluent or wealthy individuals.
- SaveMyCent, a US-based online discount code company, estimated that US consumers spent around USD 64.8 billion on luxury goods in 2020, making it the highest-spending country. China and Japan followed in second and third place, with expenditures of USD 51.8 billion and USD 21.2 billion, respectively. Therefore, the expansion of the luxury footwear market is primarily fueled by the rising expenditure of consumers on designer and branded luxury goods.
- The growth of the market is being driven by the increasing disposable income of consumers worldwide. For example, in Germany, high disposable income is among the main reasons for the sale of luxury footwear. The Federal Office of Statistics reported that in 2021, disposable income in private German households increased by 2.1% compared to the previous year. Additionally, consumer spending in private households grew by 3.5%. As a result, the spending power of consumers in the country is on the rise, and wearing luxury footwear has become a trend and status symbol among certain individuals.
- Furthermore, the rising female working population globally is also contributing positively to the market's growth, as women are the primary target consumer for luxury footwear. According to the Federal Office of Statistics, approximately 79% of men and 72% of women were employed in Germany in 2021.
- Moreover, the increasing number of fashion events organized by companies influences consumers to purchase luxury products. For instance, in February 2022, Gucci X Adidas launched their Gazelle sneakers during Milan fashion week. All of the aforementioned factors, coupled with the increasing number of luxury product launches and consumers' spending power on luxury products, are expected to drive the market in the years to come.
North America is Projected to be the Fastest Growing Market During the Forecast Period
- The North American market for luxury footwear is driven by a significant number of wealthy individuals with high disposable income. The rising number of high-net-worth individuals (HNWIs) has increased the demand for luxury products, including footwear.
- The increasing disposable income of consumers in the region is a significant driver of the market. In the United States, high disposable income is one of the primary reasons for the sale of luxury footwear. According to the Bureau of Economic Analysis (BEA), the disposable personal income in the United States was recorded at USD 16,018.8 billion in 2021.
- Last year, in 2022, the United States saw an unprecedented surge in consumer spending on footwear, expanding by 25% to a record high. Footwear imports also saw a similar surge, according to the US Bureau of Economic Analysis. Additionally, North America remains one of the most important destinations for luxury tourism, making it a unique market for luxury retail in the region.
- The emergence of e-commerce has further contributed to the overall growth of the North American luxury footwear market by providing easy access to product-related information and prices through online sources at any time.
- Furthermore, luxury brands are expanding their presence in the region due to the increasing demand by high-worth individuals. For example, over the past few years, French luxury group Kering SA has been opening and renovating Gucci stores across the United States, including the most recent one in Austin, Texas. Approximately 27% of Gucci's revenue comes from North America.
- In April 2022, Gucci leased a 10,000-square-foot space at the American Dream Mall in New Jersey. These factors are driving the sales of luxury footwear in North America, and the market is expected to expand in the coming years in the region.
Luxury Footwear Industry Overview
The global luxury footwear market is a fiercely competitive industry, with a few key players dominating a major portion of the market share. These prominent companies include LVMH, Inc., Prada S.p.A, Chanel, Inc, Jimmy Choo S.r.l, and Guccio Gucci S.p.A., among others. These companies have established a strong foothold in the industry through their effective branding, product offerings, strategic partnerships, and advertising campaigns.
To meet the demands of the luxury footwear market, these progressive brands have adopted various strategies, such as aggressive digital marketing campaigns, offering a wide range of innovative and customizable products, including sustainable footwear, unique designs, and gender-neutral options that cater to consumers of all ages. These companies are constantly innovating and improving their offerings to stay ahead of the competition and satisfy the evolving tastes and preferences of their discerning clientele.
Luxury Footwear Market Leaders
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LVMH, Inc.
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Chanel, Inc.
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Prada S.p.A
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Jimmy Choo S.r.l.
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Guccio Gucci S.p.A.
*Disclaimer: Major Players sorted in no particular order
Luxury Footwear Market News
- August 2022: Chanel Ltd. introduced two new sneaker styles for its fall/winter 2022-2023 pre-collection. The sneakers come in two different autumnal colorways, offering customers a fresh take on seasonal fashion.
- August 2022: Louis Vuitton Malletier SAS launched sustainable sneakers designed by Virgil Abloh, an American fashion designer and entrepreneur. It is a new version of the LV trainer made from 90% recycled and organic material.
- July 2022: Revolve Group, a global fashion retailer, launched a new in-house everyday luxury footwear brand called A'mmonde Atelier. This footwear label is an extension of the company's owned brand portfolio, which already includes more than 20 brands under an in-house design team. The A'mmonde Atelier collection will be available on both Revolve and Fwrd, offering customers a range of options for high-quality footwear.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Formal Footwear
5.1.2 Casual Footwear
5.2 By End-User
5.2.1 Men
5.2.2 Women
5.2.3 Children
5.3 By Distribution Channel
5.3.1 Online Retail Stores
5.3.2 Offline Retail Stores
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Germany
5.4.2.3 Spain
5.4.2.4 France
5.4.2.5 Italy
5.4.2.6 Russia
5.4.2.7 Rest Of Europe
5.4.3 Asia Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 Rest of Asia Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle East & Africa
5.4.5.1 United Arab Emirates
5.4.5.2 South Africa
5.4.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 LVMH, Inc.
6.3.2 Burberry Group PLC
6.3.3 Prada S.p.A
6.3.4 Zintala S.r.l (Silvano Lattanzi)
6.3.5 Amedeo Testoni
6.3.6 Permira I.P Limited (Dr. Martens)
6.3.7 Chanel, Inc.
6.3.8 Guccio Gucci S.p.A.
6.3.9 Jimmy Choo S.r.l.
6.3.10 Stuart Weitzman
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Luxury Footwear Industry Segmentation
Luxury footwear is manufactured using premium quality materials and provides greater durability, uniqueness, and comfort. Luxury products are controlled by limited availability. They are not mass-produced. This means that designer shoes are by nature unique, exclusive, feature sophisticated designs, and are uncommon in the market. They are exceptionally crafted to make a visual impression.
The scope of the global luxury footwear market includes type, end user, distribution channel, and geography. By type, the market is segmented into formal footwear and casual footwear. By end user, the market is segmented by men, women, and children. By distribution channel, the market is segmented into online retail stores and offline retail stores. By geography, the market is segmented by North America, Europe, Asia Pacific, South America, the Middle East & Africa.
For each segment, market sizing and forecasts have been done based on the value in USD million.
| By Type | |
| Formal Footwear | |
| Casual Footwear |
| By End-User | |
| Men | |
| Women | |
| Children |
| By Distribution Channel | |
| Online Retail Stores | |
| Offline Retail Stores |
| By Geography | |||||||||
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Frequently Asked Questions
What is the current Luxury Footwear Market size?
The Luxury Footwear Market is projected to register a CAGR of 6.80% during the forecast period (2024-2029)
Who are the key players in Luxury Footwear Market?
LVMH, Inc., Chanel, Inc., Prada S.p.A, Jimmy Choo S.r.l. and Guccio Gucci S.p.A. are the major companies operating in the Luxury Footwear Market.
Which is the fastest growing region in Luxury Footwear Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Luxury Footwear Market?
In 2024, the Europe accounts for the largest market share in Luxury Footwear Market.
What years does this Luxury Footwear Market cover?
The report covers the Luxury Footwear Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Luxury Footwear Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Luxury Footwear Industry Report
Statistics for the 2024 Luxury Footwear market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Luxury Footwear analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
