According to a new report published by Allied Market Research, titled, “Luxury Footwear Market by Product, End Use, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030,” The global luxury footwear market was valued at $25,549.3 million in 2020, and is projected to reach $39,987.4 million by 2030, registering a CAGR of 4.7% from 2021 to 2030.
Luxury footwear are the footwear which are quite expensive as compared to normal footwear. It is because this kind of footwear can be customized according to customer’s need and demand. Thus, the luxury shoe is gaining traction in the market.
The footwear aid in covering and protecting the foot from ground textures, temperatures, and gravel roads. Footwear are made up of different materials such as leather, plastic, rubber, and fabric. Leather is one of the prominent materials used for the first version of a footwear. Companies such as Nike are using eco-friendly raw materials such as recycled car tires, recycled carpet padding, organic cotton, and vegetable-dyed leathers for manufacturing footwear products.
The rise in number of working professionals has increased the overall demand for formal footwear and casual footwear. Rise in demand among children for a wide variety of footwear, augments the growth of the global market. In addition, increase in number of working professionals paired along with rise in fashion consciousness and need to look stylish & trendy fueled the overall growth of the luxury footwear market.
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However, high prices and rise in popularity of footwear brands such as Nike, Adidas, and Puma have led to the advent of counterfeit brands. Counterfeit brands are usually available in developing economies where customers are highly price-sensitive. This factor hampers the sale of the existing original footwear brands in these economies.
Increase in penetration of various online portals in developing regions and rise in number of offers or discounts attract consumers to purchase footwear through online channels. Moreover, online sales channel increased the consumer reach owing to which it has evolved as a key source of revenue for many companies.
Furthermore, the online sales market is expected to expand in the near future due to rapid growth in online and mobile user customer bases in emerging markets. Increase in e-commerce sales, improvements in logistics services, ease in payment options, and the facility to enter in new international markets for major brands further augment the growth of the luxury footwear market.
The COVID-19 pandemic had negative impact on the luxury footwear market growth. The supply chain disruption had a negative impact on the luxury footwear market. But the e-commerce platforms helped to increase the sales of footwear to some extent.
The key market players profiled in the report:
• LVMH
• Furla SpA
• Longchamp
• Luxottica Group
• Mulberry Group
• Vera Bradley
• Guccio Gucci S.p.A
• Samsonite International S.A./Tumi brand
• Valentino S.p.A.
• ZV France SAS.
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Key findings of the study:
• The global luxury footwear market was valued at $25,549.3 million in 2020, and is projected to reach $39,987.4 million by 2030, registering a CAGR of 4.7% from 2021 to 2030.
• By product, the formal footwear segment was the highest contributor to the market, with $14,325.3 million in 2020, and is estimated to reach $22,868.0 million by 2030, at a CAGR of 4.9% during the forecast period.
• By distribution channel, the specialty stores segment was the highest contributor to the market, with $13,840.2 million in 2020, and is estimated to reach $20,261.5 million by 2030, at a CAGR of 4.0% during the forecast period.
• By end use, the women segment was the highest contributor to the market, with $12,376.7 million in 2020, and is estimated to reach $18,288.5 million by 2030, at a CAGR of 4.1% during the forecast period.
• By region, Europe was the highest revenue contributor, accounting for $8,942.5 million in 2020, and is estimated to reach $12,796.8 million by 2030, with a CAGR of 3.8%.
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