DUBLIN, Aug. 16, 2023 /PRNewswire/ — The “Luxury Footwear Market Size, Share & Trends Analysis Report By Product (Formal Shoe, Casual Shoe), By End-user (Men, Women, Children), By Distribution Channel (Online, Offline), By Region, and Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The allure of luxury footwear is sweeping across the globe, with the projected global market size poised to soar to USD 57.78 billion by 2030.
Embarking on a trajectory of growth, this market is set to expand at a commendable CAGR of 7.0% from 2023 to 2030. As the worlds of casual wear and high-end fashion intermingle, the influence of streetwear is undeniably shaping the luxury footwear landscape. In a bold departure from traditional norms, the blending of tailored suits with meticulously designed footwear is redefining elegance.
Prominent luxury brands such as Kering, Prada, and Balenciaga are unveiling audacious and opulent sneaker designs, effectively engaging in direct competition with sportswear giants including Asics, Nike, Puma, New Balance, and Adidas. This melding of fashion and functionality is forging an exciting path forward in the luxury footwear sector.
Formal shoe luxury footwear led the market and accounted for 58.2% share of the global revenue in 2021. 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 consumers.
The casual shoe segment is anticipated to be the fastest-growing segment with a CAGR of 7.4% from 2020 to 2027. New product launches in sustainable space, the latest styles, fashion shows by famous personalities, and celebrity endorsements in luxury footwear are among the major reasons attracting varied sets of consumers worldwide.
The women segment led the market and accounted for 47.1% share of the global revenue in 2021. 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 society.
Offline distribution channels dominated the market and accounted for a 75.7% share of the global revenue in 2021. 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 to physically verify the making, durability, and uniqueness of 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 during the forecast period. The rising popularity of e-commerce channels among manufacturers and high internet penetration has been driving 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 segment growth.
North America dominated the market for luxury footwear and accounted for a 29.1% share of the global revenue in 2021. Growth in the market is powered by the strong presence of high-net-worth individuals (HNW) in the region.
No. of Pages
2022 – 2030
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2030
Compound Annual Growth Rate
Luxury Footwear Market Report Highlights
- By product, formal shoe luxury footwear led the market and accounted for 58.2% share of the global revenue in 2021. The rising importance of luxury footwear as a reflection of one’s professionalism at the workplace, particularly in corporate and fashion industries, is expected to remain a prominent factor augmenting product demand
- By distribution channel, the online segment is expected to witness the fastest growth of 7.6% throughout the forecast period. The increasing availability of a wide range of luxury footwear of different brands, free delivery, and seasonal discount on e-retailer platforms are among the major reasons driving the segment
- Asia Pacific is expected to register the fastest CAGR of 7.6% from 2022 to 2030. Social media marketing campaigns, growing preference for luxury footwear by millennials, and increasing disposable income have been boosting the number of first-time buyers, thus driving the market in the region.
- Chanel Limited
- Burberry Group PLC
- Silvano Lattanzi
- Prada S.p.A
- Dr. Martens
- Base London
- John Lobb Bootmaker
- Salvatore Ferragamo
- Lottusse – Mallorca
- Adidas AG
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Luxury Footwear Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.2.1. Raw Material Outlook
3.2.2. Manufacturing and Technology Outlook
3.2.3. Profit Margin Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint Analysis
3.3.3. Market Opportunities
3.3.4. Market Challenges
3.4. Industry Analysis – Porter’s Five Forces Analysis
3.5. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
4.1. Demographics Analysis
4.2. Consumer Trends and Preferences
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Adoption
4.5. Key Observations & Findings
Chapter 5. Luxury Footwear Market: Product Estimates & Trend Analysis
5.1. Product Movement Analysis & Market Share, 2022 & 2030
5.2. Formal Shoe
5.3. Casual Shoe
Chapter 6. Luxury Footwear Market: End-user Estimates & Trend Analysis
6.1. End-user Movement Analysis & Market Share, 2022 & 2030
Chapter 7. Luxury Footwear Market: Distribution Channel Estimates & Trend Analysis
7.1. Distribution Channel Movement Analysis & Market Share, 2022 & 2030
Chapter 8. Luxury Footwear Market: Regional Estimates & Trend Analysis
8.1. Regional Movement Analysis & Market Share, 2022 & 2030
Chapter 9. Competitive Analysis
9.1. Recent developments & impact analysis, by key market participants
9.2. Company Categorization
9.3. Participant’s Overview
9.4. Financial Performance
9.5. Product Benchmarking
9.6. Company Market Share Analysis, 2022 (%)
9.7. Company Heat Map Analysis
9.8. Strategy Mapping
For more information about this report visit https://www.researchandmarkets.com/r/rghr2u
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Originally published at https://www.prnewswire.com/news-releases/global-luxury-footwear-market-report-2023-a-57-75-billion-market-by-2030—the-influence-of-streetwear-is-shaping-the-market-landscape-301902368.html
Some images courtesy of https://pixabay.com