PUBLISHER: The Business Research Company | PRODUCT CODE: 1436449
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436449
Luxury footwear refers to high-end shoes made from top-quality materials, offering greater durability, uniqueness, and comfort. Luxury footwear is characterized by its higher price, premium quality, rarity, aesthetics, extraordinariness, and symbolism.
The main luxury footwear products include shoes, sandals, and other types of footwear. Luxury shoes are crafted using premium quality materials to provide greater durability, uniqueness, and comfort. What sets luxury shoes apart are their rare quality, sophisticated design, exceptional craftsmanship, longevity, and timeless appeal. These luxury footwear products are available through both online and offline channels and cater to men, women, and children.
The luxury footwear market research report is one of a series of new reports from The Business Research Company that provides luxury footwear market statistics, including global market size, regional shares, competitors with a luxury footwear market share, detailed luxury footwear market segments, market trends and opportunities, and any further data you may need to thrive in the luxury footwear industry. This luxury footwear market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The luxury footwear market size has grown strongly in recent years. It will grow from $28.1 billion in 2023 to $30.19 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. Historically, the growth in the fashion industry can be attributed to factors such as the globalization of fashion, the prestige of brands, emphasis on craftsmanship and quality materials, the appeal of limited editions and exclusivity, and the heritage and legacy associated with certain brands.
The luxury footwear market size is expected to see strong growth in the next few years. It will grow to $39.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period can be attributed to a focus on sustainability, the growth of emerging markets, efforts towards inclusivity and diversity, an emphasis on wellness and comfort, and the resilience of businesses in times of crisis. Major trends expected in this period include the use of digital marketing and social media, collaborations with cultural and artistic entities, the adoption of direct-to-consumer (DTC) strategies, a focus on storytelling and brand narrative, and the introduction of innovative designs.
The anticipated increase in disposable income is set to drive the growth of the luxury footwear market in the future. Disposable income denotes the funds available to households for expenditure and savings post-tax deductions. As individuals experience higher disposable incomes, they tend to allocate a portion toward luxury footwear, driven by the allure of prestige, exclusivity, and superior quality associated with premium brands. For instance, based on World Bank data in August 2022, lower middle-income countries recorded per capita net disposable incomes ranging from $1,036 to $4,045, while upper middle-income countries ranged from $4,046 to $12,535 in 2021. Additionally, according to the Office for National Statistics in the UK, there was a 3.6% increase in gross disposable household income (GDHI) in 2021 compared to the previous year. Hence, the surge in disposable income is a key factor propelling the growth of the luxury footwear market.
The burgeoning expansion of the e-commerce industry is expected to drive the growth of the luxury footwear market in the coming years. E-commerce, or electronic commerce, denotes the buying and selling of goods and services over the internet. Through online platforms, luxury footwear retailers can exhibit their products, engage with a broader audience, provide a convenient and accessible shopping experience, and attract customers. For example, as reported by the United States Department of Commerce in May 2021, US e-commerce sales witnessed a significant increase of 39.0% in the first quarter of 2021 compared to the same period in 2020. Hence, the escalating expansion of the e-commerce industry is propelling the growth of the luxury footwear market.
Prominent companies in the luxury footwear market are pioneering innovative products such as sneakers to establish a competitive edge. Sneakers, also known as athletic shoes or trainers, are footwear primarily intended for sports, physical activities, and casual wear. For instance, in August 2022, Chanel Ltd., a UK-based luxury brand, unveiled Chanel's Fall/Winter 2022/2023 Pre-Collection-a captivating lineup of sneakers seamlessly blending luxury fashion with athletic functionality. This collection introduces two distinct styles offered in rich autumnal color palettes. Embracing an athleisure aesthetic, these sneakers integrate iconic Chanel design elements, such as quilted midsoles inspired by the brand's signature flap bags and mesh interlocking C's. By harmonizing classic silhouettes with elevated details, Chanel continues to leave an imprint in the sneaker landscape, presenting a stylish fusion of heritage and innovation. Available for purchase at Chanel boutiques, the collection's prices range from $1275 to $1350 USD.
Prominent companies in the luxury footwear sector are embracing strategic partnership approaches to enrich their offerings by fostering exclusive collaborations with esteemed high-end designers or brands. Strategic partnerships entail companies leveraging each other's strengths and resources to attain mutual advantages and achieve collective success. For instance, in December 2023, Aditya Birla Fashion and Retail, an India-based fashion retail powerhouse, joined forces with Christian Louboutin S.A., a France-based footwear and accessories icon, renowned for its iconic red-soled shoes. This strategic collaboration involves the formation of a new subsidiary under ABFRL, with both partners holding an equal stake, exemplifying their joint commitment to influencing and enhancing India's luxury footwear market. The collaboration between ABFRL and Christian Louboutin aspires to deliver unmatched elegance and style to the discerning Indian consumer base, amalgamating the strengths of a leading Indian fashion conglomerate with the esteemed reputation of a global luxury footwear brand.
In June 2021, Fosun Fashion Group (FFG), an international luxury fashion conglomerate headquartered in China, purchased Sergio Rossi S.p.A. from Absolute Luxury Holding S.r.l. for an undisclosed sum. This acquisition is projected to enhance FFG's array of luxury brands, currently encompassing Lanvin, Wolford, Caruso, and St. John Knits, by integrating luxury accessories. Additionally, it aims to facilitate the group's expansion into new markets. Sergio Rossi S.p.A., an Italian luxury footwear manufacturer, aligns with FFG's strategy to broaden its luxury offerings and geographical reach.
Major companies operating in the luxury footwear market report are LVMH Moet Hennessy Louis Vuitton SE, Luxottica Group S.p.A., Adidas AG, Kering S.A., Chanel Limited, Hermes International S.A., Guccio Gucci S.p.A, Puma SE, Tricker's Shoes Ltd., Burberry Group PLC, Paraboot SAS, Prada S.p.A., Armani Group S.p.A., J Choo USA Inc., Reebok International Ltd., Stuart Weitzman LLC, Lee Cooper Group Limited, Aldo Brue Inc., A. Testoni & C. S.p.A, Airwair International Ltd., Base London Limited, Dr. Martens PLC, Furla S.p.A., Grenson Shoes Ltd., John Lobb Bootmaker Ltd., Longchamp SAS, Lottusse S.A., Moreschi S.p.A., Mulberry Group PLC, Scarosso S.r.l.
North America was the largest region in the luxury footwear market in 2023. Western Europe was the second largest region in the luxury footwear market share in 2023. The regions covered in the luxury footwear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the luxury footwear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The luxury footwear market consists of sales of fashion boots, cowboy boots, hiking boots, sneakers and heels. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Luxury Footwear Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on luxury footwear market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for luxury footwear ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The luxury footwear market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.