Market Size of Luxury Footwear Industry
| 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 |
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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 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 |
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Luxury Footwear Market Size Summary
The luxury footwear market is experiencing significant growth, driven by increasing disposable incomes and a rising demand for high-end footwear in emerging economies, particularly in the Asia-Pacific region. Consumers in countries like India, China, and Indonesia are increasingly investing in luxury brands, fueled by factors such as a young population, more working women, and a growing exposure to international media and travel. The trend of premiumization is also contributing to market expansion, as consumers seek exceptional quality and design in their footwear. Additionally, the market is witnessing a shift towards sustainability, with luxury brands like Louis Vuitton introducing innovative products made from recycled materials, setting new standards in the industry.
In North America, the luxury footwear market is bolstered by a substantial number of high-net-worth individuals and a significant increase in consumer spending on luxury goods. The region's market growth is further supported by the rise of e-commerce, providing consumers with easy access to luxury products. Brands are expanding their presence in North America to cater to the growing demand, with companies like Kering SA renovating and opening new stores. The competitive landscape is dominated by key players such as LVMH, Prada, and Chanel, who are leveraging digital marketing, innovative product offerings, and strategic partnerships to maintain their market share and meet the evolving preferences of affluent consumers.
Luxury Footwear Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitutes
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Formal Footwear
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2.1.2 Casual Footwear
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2.2 By End-User
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2.2.1 Men
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2.2.2 Women
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2.2.3 Children
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2.3 By Distribution Channel
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2.3.1 Online Retail Stores
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2.3.2 Offline Retail Stores
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.1.4 Rest of North America
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2.4.2 Europe
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2.4.2.1 United Kingdom
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2.4.2.2 Germany
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2.4.2.3 Spain
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2.4.2.4 France
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2.4.2.5 Italy
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2.4.2.6 Russia
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2.4.2.7 Rest Of Europe
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2.4.3 Asia Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 Rest of Asia Pacific
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle East & Africa
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2.4.5.1 United Arab Emirates
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle East & Africa
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Luxury Footwear Market Size FAQs
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.
