Luxury Footwear Market Size, Share & Trends 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 Date: Aug, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68039-106-6
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 80

Report Overview

The global luxury footwear market size was valued at USD 31.61 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2020 to 2027. The market is driven by an increasing number of millionaires worldwide, especially among the millennial segment. According to a report by CNBC LLC, in 2019, in the U.S., there were 618,000 millennial millionaires, among which close to 93% of millennials hold a net wealth between USD 1 million to USD 2.5 million. Demand for luxury footwear has been rising among the millennials. This footwear is characterized by enhanced qualities, such as material, durability, uniqueness, and comfort, which is a prominent factor driving the market. Growing preference for attractive luxury footwear as a symbol of status as well as the inclination of consumers towards flaunting various international brands, such as Louis Vuitton, Gucci, Chanel, Burberry, and Prada, are driving the product demand.

U.S. luxury footwear market size

These brands have been adopting lucrative ways to attract different consumer classes, including HENRYs (High-Earners-Not–Rich-Yet), who are digital savvy and are big spenders. Manufacturers offer inclusive, individualized, and self-expressive products to onboard this demographic, which will fuel the market growth. For instance, Modello Domani, a luxury footwear company that specializes in handcrafted premium footwear, offers complete footwear customization with monograms and designs for men, women, and children that suits the consumer’s style and size.

Many manufacturers have been adopting sustainable manufacturing practices, given the rising popularity of ethically-sourced footwear around the world. According to a report by GlobeNewswire, Inc., in 2019, more than 25% of consumers consider sustainability factors while buying apparel and footwear with many people willing to pay a premium price for these products. This has led many designers of luxury footwear to focus on sustainability.  For instance, in February 2019, Alfredo Piferi, head designer at Jimmy Choo, debuted with his sustainable luxury footwear collection at Milan Fashion Week, consisting of composite sleek boots and curvy sandals made of recycled synthetics, recycled polyester, recycled lurex, and recycled plastic bottles.

Covid-19 has had a severe impact on the luxury footwear industry. Store closures due to quarantine and lockdown measures have resulted in grim consequences, with sales decreasing considerably from January to April 2020. According to a report by World Footwear, sales of footwear declined by close to 42% in the U.S at the end of the first quarter of 2020.

The pandemic disrupted production as well as sales of luxury footwear across many countries through both online and offline channels due to social distancing and stay home policies. In addition, the pandemic situation has goaded people to spend more judiciously and avoid frivolous purchasing. People have been refraining from buying luxurious footwear, which is usually way too costlier than the normal footwear

Product Insights

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 the product demand. Growing demand for luxury footwear in this segment has led manufacturers to offer personalization options in the product. For instance, Girotti SRL, an Italy-based luxury shoe company, offers customization in formal shoes in terms of premium leather selection, designs, color, size, and personalized message.

The casual shoe segment is anticipated to be the fastest-growing segment with a CAGR of 5.8% from 2020 to 2027. Shifting trends from conventional to luxury footwear among people is playing a crucial role in expanding customer reach. Casual luxury footwear offers an attractive look, elegance, unique design, and flexibility to be worn on multiple occasions, including concert, party, and other public gatherings, which is among the main factors driving the segment.  

End-use Insights

The women segment led the market and accounted for 47.2% share of the global revenue in 2019. Increasing spending on designer and branded luxury footwear by millennials and working-class population has fueled the growth of the market worldwide. The women segment is expected to maintain its lead over the forecast period owing to an increase in the number of women in the workforce. According to the data by the European Union, close to 46% of the workforce in the European Union’s 28 countries, including France, Germany, Greece, Hungary, Ireland, and Italy, comprised women in 2017.

The men segment is anticipated to be the fastest-growing segment with a CAGR of 5.9% from 2020 to 2027. Celebrity endorsements play a crucial role in influencing millennials to adopt the latest fashion trends. Major brands such as Giorgio Armani, Burberry, Prada, and Dolce & Gabbana significantly spend on celebrity endorsements as a large group of people worldwide are remarkably influenced by celebrities. For instance, in April 2019, Giorgio Armani, a renowned luxury brand, officially announced Wu Muye, an international piano artist, as its new brand ambassador for Greater China and the Asia Pacific.

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.

Global luxury footwear market share

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.

Regional Insights

North America dominated the market for luxury footwear and accounted for 29.1% share of the global revenue in 2019. The presence of a large number of wealthy individuals with high disposable income in this region has been one of the important factors driving the regional market. According to the Wealth-X report High Net Worth Handbook 2019, North America is home to 41% of the High-net-worth individuals (HNWIs) in the world. Thus, an increase in the number of HNWIs is boosting the demand for luxury products, including footwear.

Followed by North America, Europe is expected to emerge as the second-largest regional market for luxury footwear over the forecast period. The product demand has been increasing due to the high concentration of buyers who prefer luxury footwear with unique characteristics and brand value in developed countries, including Germany, France, Italy, and the U.K.

Key Companies & Market Share Insights

Prominent market players are likely to focus on establishing their business in the Asia Pacific owing to rapidly expanding customer base in countries, such as India and China. In this respect, key market participants are expected to invest in research & development activities to remain competitive over the forecast period. Some of the prominent players in the luxury footwear market include:

  • LVMH

  • Chanel S.A.

  • Burberry

  • Silvano Lattanzi

  • Prada S.p.A

  • A.Testoni

  • Dr. Martens

  • Base London

  • John Lobb Bootmaker

  • Salvatore Ferragamo

  • Lottusse - Mallorca

  • Adidas AG

Luxury Footwear Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 28.05 billion

Revenue forecast in 2027

USD 49.01 billion

Growth Rate

CAGR of 5.6% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD billion and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, end-use, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; MEA

Country scope

U.S.; Germany; Italy; France; China; Japan; Brazil

Key companies profiled

LVMH; Chanel S.A.; Burberry; Silvano Lattanzi; Prada S.p.A; A.Testoni; Dr. Martens; Base London; John Lobb Bootmaker; Salvatore Ferragamo; Lottusse - Mallorca; Adidas AG

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global luxury footwear market report on the basis of product, end-use, distribution channel, and region:

  • Product Outlook (Revenue, USD Billion, 2016 - 2027)

    • Formal Shoes

    • Casual Shoes

  • End-use Outlook (Revenue, USD Billion, 2016 - 2027)

    • Men

    • Women

    • Children

  • Distribution Channel Outlook (Revenue, USD Billion, 2016 - 2027)

    • Online

    • Offline

  • Regional Outlook (Revenue, USD Billion, 2016 - 2027)

    • North America

      • The U.S.

    • Europe

      • Germany

      • Italy

      • France

    • Asia Pacific

      • China

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa (MEA)

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