Luxury Footwear Market Expected to Reach $39,987.4 million by 2030-Allied Market Research

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.

Social media marketing is one of the major strategies adopted by various companies and industries, including wearable products market, on imparting awareness about their product offerings among target customers on social media channels. Thus, through social media marketing strategy, the global luxury footwear market sights critical opportunity is gaining traction and eventually increase its registration among its target segments. Meanwhile, companies are also re-examining the value of brand heritage and brand history for their customers. Consumer demand has become the core focus of the business, hence the adoption of an onmi-personal approach, irrespective of the choice of channel.

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.

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

According luxury footwear market analysis, the luxury footwear market is classified on the basis of product, end use, distribution channel, and region. By product, the market is segmented into formal footwear and casual footwear. The formal footwear holds the largest market share in 2020, due to increase in working population. By end use, the luxury footwear market is categorized into men, women, and children. The women hold the largest market share in 2020, due to rise in number of working women.

Based on distribution channel, the luxury footwear market is segregated into duty free stores, online stores, discount stores, hypermarkets, and specialty stores. The specialty stores was the highest revenue generator because specialty stores provide vast variety of products specific to the particular market. Region wise, the luxury footwear market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Europe contributed the highest revenue in 2020 and is expected to dominate the market during the forecast period.

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.

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.

Multiple taxes such as local tax, import duty, high internal shipment cost, and trade margins cumulatively increase the prices of the imported luxury products. Accounting to such factors, the price of the product for the buyer is extremely high and hence pricing becomes a major threat for the luxury footwear market.

The major players operating in the luxury footwear industry 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. These major players have adopted various strategies to expand their market reach globally. The strategies such as product launch, business expansion, and partnership are adopted by market players.

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 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 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 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%.