Luxury Footwear Market Size, Share & Trends Analysis Report By Product (Fashion Footwear, Formal Footwear, Sneakers, Loafers), By End-user (Men, Women), By Price Point by Type, By Distribution Channel, By Region, and Segment Forecasts, 2024 - 2030

Luxury Footwear Market Size, Share & Trends Analysis Report By Product (Fashion Footwear, Formal Footwear, Sneakers, Loafers), By End-user (Men, Women), By Price Point by Type, By Distribution Channel, By Region, and Segment Forecasts, 2024 - 2030

Luxury Footwear Market Growth & Trends

The global luxury footwear market size is anticipated to reach USD 57.38 billion by 2030 and is projected to grow at a CAGR of 7.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing influence of casual and streetwear on high-end fashion is also responsible for the rise of luxury footwear globally, where it is now increasingly acceptable to pair footwear with a tailored suit. Luxury brands like Kering, Prada, and Balenciaga are launching striking and expensive designs in sneakers, putting them in direct competition with large sportswear players like Asics, Nike, Puma, New Balance, and Adidas.

Formal shoe luxury footwear led the market in 2023. 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 from 2024 to 2030. 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.

The women segment led the market in 2023. 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 in 2023. 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 CAGR 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 with a revenue share of 29.0% in 2023. 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, approximately 65% as compared to that of second city with HNW in the world. The people in this region have high disposable income and affluence for luxury products, which is fueling the regional market growth.

Luxury Footwear Market Report Highlights

• In terms of distribution channel, the online segment is expected to witness the fastest CAGR of 7.4% 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
• Asia Pacific is expected to register the fastest CAGR of 7.3% from 2022 to 2030. 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
• In terms of product, the fashion luxury footwear segment dominated the market with a revenue share of 40.5% in 2023. Shifting trends from conventional to luxury footwear among people is playing a crucial role in expanding customer reach

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