| Report Code: A04933 | Pages: 271 | Oct 2021 | 9222 Views | ||
| Author(s) : Aniket Kadam , Roshan Deshmukh | Tables: 133 | Charts: 70 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Luxury Footwear Market
Request Now !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 iscategorized as a luxury product,which can be worn by men, women, and children. Luxury footwearsare available in two types, formal footwear and casual footwear.
The emerging economies especially of Asia-Pacific, including India, China, Indonesia, and Philippines are progressively spending on luxury footwear products, owing to increase in disposable income. Consumers in Hong Kong aged 30–49 with the highest disposable income are the majorbuyers of luxury products in the country. Similarly, in India, factors such as presence of young populace, increase in disposable income, rise in number of working women, and surge in affordability of luxury products are expected to drive the growth of the market. The demand for luxury brands and specialized products is on rise, as Indian consumers gain additional acquaintance to global media and travel more.
Premiumization has facilitated a bridge between the desirability of luxuriousexperience and the necessity of mass market. As a result, premiumization plays a key role in the overall luxury footwear market growth. Presently,customer seeks for superior quality and design when it comes to using any kind of consumer good products, including footwear irrespective of its high-end price tags. This results in increase in demand for premium shoe brand.
However, presently ban on cow slaughter and its associated leather products led to shortage of leather, which is used as a key raw material in the luxury footwear industry, thus hampering the growth of the global market. In addition, inadequate availability of hide or skin, which is essential raw materialfor leather footwear products has resulted in high prices of leather across the world. Furthermore, the demand for leather footwear is high, as it is regarded as a premium product in this industry. However, ban on the use of leather in footwear manufacturing by the Council for Leather Exports, India has ultimately reduced the production of leather footwear in India, which is a major exports hub of developed countries. High price of leather is restricting individuals to buy leather footwear, which are sold at comparatively higher prices, thereby restricting the market growth.
The impact of COVID-19 pandemic on luxury footwear market was negative. The supply chain disruption and shutdown of production units hamper the growth of luxury footwear market.
The global luxury footwear market is segmented into product, end use, distribution channel, and region. Depending on the product, the market is fragmented into formal footwear and casual footwear. In 2020, the formal footwear segment accounted for the largest share in the global market, owing to rise in working population.
On the basis of end use, the global luxury footwear market is segregated into men, women, and children. In 2020, the women segment accounted for the largest share in the global market, due to increase in number of working women.
Depending on distribution channel, the market is categorized into duty-free stores, online stores, discount stores, hypermarket, and specialty stores.In 2020, the specialty stores segment accounted for the largest share in the global market, as specialty stores provide high service quality and detail product specification & expert guidance to the consumers.
Region wise, the luxury footwear market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Europeanluxury footwear market garnered a major share in 2020, and is expected to maintain its dominance during the forecast period.
With increase in demand for fancy yet comfortable footwear, affordable pricing and enhanced designs of footwear at a cheaper price is expected to boost the overall growth of the industry. Moreover, various brands such as Nike, New Balance, and Under Armour are adopting 3D printing technology in footwear production. Such features attract the attention of customers for purchasing the footwear, which is projected to provide lucrative opportunities for market expansion during the forecast period.
Continuous increase in demand for trendy yet comfortable footwear, affordable pricing, and enhanced designs of footwear at a cheaper price are expected to boost the overall growth of the market. Moreover, various brands are using eco-friendly raw materials such as recycled car tires, recycled carpet padding, organic cotton, and vegetable-dyed leathers for producing footwear products, which is expected to increase the adoption of footwear among its end users, thereby contributing toward the growth of the global luxury footwear market.
The prominent luxury footwear industry players include 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., and ZV France SAS.
Key Benefits For Stakeholders
Key Market Segments
By Product
By End Use
By Distribution Channel
By Region
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According to the insights of CXOs of leading companies, luxury footwear are footwear that may be worn with any attire, whether formal or casual. There are several different varieties of luxury footwear on the market, which are classified primarily by their fastening and the type of leather used in the shoe's outers, lining, and sole. The product launches and customer-friendly developments in the footwear sector, as well as improved shoe performance and durability, are driving the global luxury footwear market. The market has grown as disposable income has increased and millennials and baby boomers have been more interested in innovative styles and high-end shoe brands. In addition, the need for stylish and comfortable footwear has fueled the market growth.
Some of the most well-known luxury brands are found in North America, Europe, and Asia-Pacific. As a result, the luxury shoe market is predicted to grow in these regions. Because of the rising demand for fashionable footwear, the global luxury footwear market is one of the most promising divisions of the apparel industry. With Asia-Pacific rising as the fastest-growing area, particularly China, which is a significant exporter of footwear to Europe and North America, Europe is predicted to grow with the largest market share in the luxury footwear market. As China becomes more expensive due to higher employee salaries, labor costs, and material costs, prospects for suppliers from other developing nations such as India and Vietnam have grown. In the following years, the European luxury shoe market is predicted to expand.
A. 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 is gaining momentum in the market.
A. The CAGR of luxury footwear market is 4.7% from 2021 to 2030. The luxury footwear can be worn on both formal and casual. The luxury footwear is quite expensive as compared to normal footwear. This footwear can be worn by men, women, and children.
A. The sample report of luxury footwear market is available on request on the website of Allied Market Research. Also, related reports of luxury footwear market are available on request on the website of Allied Market Research.
A. The forecast period in the luxury footwear market report is 2021 to 2020. 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.
A. The luxury footwear market is segmented on the basis of product, end use, distribution channel, and region. On the basis of product, the market is categorized into formal footwear and casual footwear. According to end use, the luxury footwear market is fragmented into men, women, and children. As per distribution channel, the market is divided into duty free stores, online stores, discount stores, hypermarket, and specialty stores. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, Netherlands, and the rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, Africa, and the rest of LAMEA).
A. The top companies operating in the global luxury footwear market are 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., and ZV France SAS. The market players have implemented strategies such as celebrity endorsement to increase the demand and sale of the luxury footwear in the market.
A. By region, Europe dominated the market by the end of 2030. Europe contributed the highest revenue in 2020 and is expected to dominate the market during the forecast period. High penetration of luxury footwear in the European market has influenced the companies to launch new and innovative luxury footwear to sustain in the competitive market.
A. 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.
A. 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.
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