Global Luxury Footwear Market Analysis & Trends - Industry Forecast to 2030

Global Luxury Footwear Market Analysis & Trends - Industry Forecast to 2030

Luxury Footwear: Market Size

From $49.1 billion in 2024, the global Luxury Footwear Market is projected to reach $85.1 billion by 2030. Based on our analysis the market is expected to grow at a CAGR of 9.6% from 2024 - 2030 timeframe. Some of the prominent trends that the market is witnessing include rising people's disposable income, growing penetration of the e-commerce industry and improved living standards and lifestyles.

Global Luxury Footwear Market: Market Dynamics

The increase in the online retail of luxury footwear, rise in demand for fancy yet comfortable footwear, rapid urbanization, the rising influence of social media, and the thriving fashion industry are driving the market growth. Besides, the increasing numbers of millennials across the globe is boosting the market. Furthermore, numerous brands are using eco-friendly raw materials such as recycled car tires, recycled carpet padding, organic cotton, for producing footwear products, which is anticipated to increase the adoption of footwear among its end users, thereby contributing toward the growth of the market.

On the other hand, the high taxation and import duties on luxury goods, rising availability of counterfeit products is likely to obstruct the profit boundaries. In addition, adopting 3D printing technology in footwear production will further boost the Luxury Footwear Market.

Impact of COVID-19 on Luxury Footwear

The huge disruption of the supply chain and shutdown of production units hampered the growth of the market, especially during the initial phase. However, as the situation is getting better across the world, the market is anticipated to get back on track soon. The downward pressure on the global economy, which had previously shown signs of recovery, has grown once more. The spread of the virus has added dangerous factors to the global economy's already sluggish development. The coronavirus's negative global effects are already evident, and they will have a considerable impact on Luxury Footwear. 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. 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. Store closures owing to quarantine and lockdown measures have resulted in grim consequences, with sales decreasing considerably.

By Mode of sale

Online Segment Dominate the Market in 2024

The Online segment made huge revenue in 2024 and growing its prominence during the forecast period. The rising popularity of e-commerce channels among the manufacturers and high internet penetration have been driving the sales through this channel. Moreover, an increase in the number of luxury private sales websites has been boosting the segment growth. 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.

By Geography

North America Region is Leading in the Global Market Place

North America region is likely to have a huge demand in the forecast period, owing to the presence of a large number of wealthy individuals with high disposable income in this province has been one of the important factors driving the regional market. Growth in the market is powered by the strong presence of high net worth individuals (HNW) in the region. New York was the home to the most HNW individuals in the world. The people in this region have high disposable income and affluence for luxury products, which is fueling the regional market growth.

List of the Key Players Profiled in the 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

List of the Regions/Countries Profiled in the Market Include:

North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others