According to a report, “Luxury Footwear Market Size, Share & Trends Analysis Report By Product (Formal Shoes, Casual Shoes), By End Use (Men, Women, Children), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc., The global luxury footwear market size is anticipated to reach USD 49.01 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.6% from 2020 to 2027. The rising number of millennials across the globe has been a prominent reason for fueling the market growth. According to the Wealth-X report, in 2018, the global high net worth millionaires hold over USD 61 trillion in combined wealth. Moreover, the population of millionaires rose by 1.9% in 2018 compared to the previous year to reach 22.4 million.
Formal shoe luxury footwear led the market and accounted for 58.3% share of the global revenue in 2019. 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 the consumers. For instance, in 2018, KIZIK design, a luxury footwear brand, announced the launch of its patented hands-free technology that offers automatic fit to the wearer. The shoes come without shoelace and when worn, the technology ensures that shoes are flexibly opened to let the foot go in without the involvement of the hands.
The casual shoe segment is anticipated to be the fastest-growing segment with a CAGR of 5.8% from 2020 to 2027. New product launches in sustainable space, latest styles, fashion shows by famous personalities, and celebrity endorsements in luxury footwear are among the major reasons attracting varied set of consumers worldwide.
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The COVID-19 (coronavirus) outbreak is likely to reduce the demand for luxury footwear across the globe. Store closures due to lockdown measures have resulted in grim consequences, with sales of footwear and accessories from both offline and online channels declining consistently. For instance, sales data reported for Amazon between mid-February and mid-March 2020 showed that apparel and footwear sales fell by an average of 40 percentage points. Consumers have become more conscious of their spending habits and tend to avoid buying frivolous or luxury products, which is a major challenge for the market.
The women segment led the market and accounted for 47.2% share of the global revenue in 2019. 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 the society.
Offline distribution channels dominated the market and accounted for a 75.9% share of the global revenue in 2019. 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 of physically verifying the making, durability, and the uniqueness of the 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 over the forecast period. The rising popularity of e-commerce channels among the manufacturers and high internet penetration has been driving the 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 the segment growth.
North America dominated the market for luxury footwear and accounted for 29.1% share of the global revenue in 2019. Growth in the market is powered by the strong presence of high net worth individuals (HNW) in the region. According to a report by Wealth-X, in 2018, New York was the home to the most HNW individuals in the world that is 65% larger than the second city in the world. The people in this region have high disposable income and affluence for luxury products, which is fueling the regional market growth.
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Luxury Footwear Market Report Highlights
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By product, formal shoe luxury footwear led the market and accounted for 58.3% share of the global revenue in 2019. 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
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By distribution channel, the online segment is expected to witness the fastest growth 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
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Asia Pacific is expected to register the fastest CAGR of 6.0% from 2020 to 2027. 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.
Distribution Channel Insights
Offline distribution channels dominated the market and accounted for a 75.9% share of the global revenue in 2019. Brick and mortar stores including boutique shops and independent luxury footwear stores are popular among consumers. These stores are quick to adapt to the fashion trends in the luxury products market and tend to offer exclusive deals to their customers, thereby boosting the sale growth. Multi-brand luxury footwear stores are among other popular distribution channels. These stores allow customers to choose from numerous brands before making a purchase.
The online distribution channel is expected to witness the fastest growth over the forecast period. The rising popularity of e-commerce channels is likely to lead to considerable growth prospects for the market owing to a wider distribution network and greater product availability. Such factors influence manufacturers to sell their products through online channels. Amazon.com, Inc. and Herring Shoes Limited are some of the major online retailers of luxury footwear across the globe. For instance, in January 2020, Amazon.com, Inc. announced its plan to launch a platform exclusively for luxury fashion. The company added that this new platform would give luxury brands complete control to customize the look of their online space.
Luxury Footwear Market Segmentation
Grand View Research has segmented the global luxury footwear market on the basis of product, end-use, distribution channel, and region:
Luxury Footwear Product Outlook (Revenue, USD Billion, 2016 – 2027)
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Formal shoes
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Casual shoes
Luxury Footwear End-use Outlook (Revenue, USD Billion, 2016 – 2027)
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Men
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Women
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Children
Luxury Footwear Distribution Channel Outlook (Revenue, USD Billion, 2016 – 2027)
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Online
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Offline
Luxury Footwear Regional Outlook (Revenue, USD Billion, 2016 – 2027)
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North America
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The U.S.
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Europe
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Germany
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Italy
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France
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Asia Pacific
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China
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Japan
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Central & South America
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Brazil
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Middle East & Africa
List of Key Players of Luxury Footwear Market
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LVMH
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Chanel S.A.
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Burberry
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Silvano Lattanzi
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Prada S.p.A
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A.Testoni
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Dr. Martens
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Base London
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John Lobb Bootmaker
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Salvatore Ferragamo
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Lottusse – Mallorca
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Adidas AG
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