The global luxury footwear market size is expected to hit around USD 49 billion by 2027, according to a new report Vision Research Reports. The global luxury footwear market size was valued at USD 31.50 billion in 2019 and is expected to grow at a CAGR of 5.5% from 2020 to 2027.
The rising number of millennials across the globe has been a prominent reason for fueling the market growth. Demand for luxury footwear has been rising among the millennials. This footwear is characterized by enhanced qualities, such as material, durability, uniqueness, and comfort, which is a prominent factor driving the market. Growing preference for attractive luxury footwear as a symbol of status as well as the inclination of consumers towards flaunting various international brands, such as Louis Vuitton, Gucci, Chanel, Burberry, and Prada, are driving the product demand.
Formal shoe luxury footwear led the market and accounted for 58% share of the global revenue in 2019. With the growing demand for luxury shoes among the millennial population worldwide, many luxury footwear brands have started catering to the casual shoe category to gain the attention of the consumers. For instance, in 2018, KIZIK design, a luxury footwear brand, announced the launch of its patented hands-free technology that offers automatic fit to the wearer. The shoes come without shoelace and when worn, the technology ensures that shoes are flexibly opened to let the foot go in without the involvement of the hands.
The casual shoe segment is anticipated to be the fastest-growing segment with a CAGR of 5.5% from 2020 to 2027. New product launches in sustainable space, latest styles, fashion shows by famous personalities, and celebrity endorsements in luxury footwear are among the major reasons attracting varied set of consumers worldwide.
The COVID-19 (coronavirus) outbreak is likely to reduce the demand for luxury footwear across the globe. Store closures due to lockdown measures have resulted in grim consequences, with sales of footwear and accessories from both offline and online channels declining consistently. For instance, sales data reported for Amazon between mid-February and mid-March 2020 showed that apparel and footwear sales fell by an average of 40 percentage points. Consumers have become more conscious of their spending habits and tend to avoid buying frivolous or luxury products, which is a major challenge for the market.
The women segment led the market and accounted for 47% share of the global revenue in 2019. The increasing participation of women in corporate roles has raised the number of first-time buyers of luxury footwear across the globe. According to the data from the United States Department of Labor, in 2018, close to 45% of the workforce in the U.S. were women. A large number of women are opting for unique and luxury footwear to experience products of high quality and portray a certain image in the society.
Offline distribution channels dominated the market and accounted for a 75.4% share of the global revenue in 2019. Wide product range, offers, and discounts attracting a larger number of consumers are the key strategies opted by such channels to increase revenue and footfall in any store. In addition, consumers have the propensity of physically verifying the making, durability, and the uniqueness of the luxury footwear in person by visiting a store as these examinations offer them more confidence to buy the product.
The online distribution channel is expected to witness the fastest growth over the forecast period. The rising popularity of e-commerce channels among the manufacturers and high internet penetration has been driving the sales through this channel. In addition, an increase in the number of luxury private sales websites, such as gilt.com, ruelala.com, and hautelook.com, has been boosting the segment growth.
North America dominated the market for luxury footwear and accounted for 29% share of the global revenue in 2019. Growth in the market is powered by the strong presence of high net worth individuals (HNW) in the region. According to a report by Wealth-X, in 2018, New York was the home to the most HNW individuals in the world that is 65% larger than the second city in the world. The people in this region have high disposable income and affluence for luxury products, which is fueling the regional market growth.
Some of the prominent players in the luxury footwear market include:
John Lobb Bootmaker
Lottusse - Mallorca
A new study on the global luxury footwear market has been published by Vision Research Reports. It presents a wealth of information on key market dynamics, including the drivers, market trends, and challenges, as well as the structure of the global luxury footwear market. The study offers valuable information about the global luxury footwear market to illustrate how the market would grow during the forecast period 2020-2027. The report provides the value and volume of the global luxury footwear market for the period 2020–2027, considering 2020 as the base year and 2027 as the forecast year. The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study.
Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), are elucidated in the study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global luxury footwear market during the forecast period.
An extensive analysis on business strategies of leading market players is also featured in study on the global luxury footwear market. This can help readers understand principal factors to foresee growth in the global luxury footwear market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global market, which is expected to guide market players in making apt decisions in the future.
The report also delves into the competition landscape of the global luxury footwear market. Key players operating in the global market have been identified, and each one of these has been profiled for their distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global market report.
Distribution Channel Outlook
Central & South America
Middle East & Africa (MEA)
Key Questions Answered in Luxury footwear Market Study
- What are the key factors influencing the luxury footwear market in each region?
- What will be the CAGR of the global luxury footwear market between 2016 and 2027?
- What is the future scope and changing trends in technologies in the global luxury footwear market?
- Which factors will impede the growth of the global luxury footwear market during the forecast period?
- Which are the leading companies in the global luxury footwear market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- What is the volume (Units) of different luxury footwear across all regions during the forecast period?
- Which segment will have the highest revenue globally in 2027 and which segment will expand at the fastest CAGR during the forecast period?
A unique research methodology has been utilized by Vision Research Reports to conduct a comprehensive research on the growth of the global luxury footwear market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global luxury footwear market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from luxury footwear industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making Vision Research Reports estimates on the future prospects of the global market more reliable and accurate.