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Luxury Footwear Market Segments: By Product (Formal Shoes & Casual Shoes); Gender (Male, Female and Children); By Mode of Sale (Retail and Online); and Region - Global Analysis by Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
[ 170 + Pages Research Report ] Luxury Footwear Market to surpass USD 115.3 Billion by 2030 from USD 29.7 Billion in 2019 in terms of value growing at a CAGR of 3.9% throughout the forecast period, i.e., 2020-30.
Luxury footwear is a luxury of excellent quality. These shoes have distinctive craftsmanship and exclusivity that attract consumers to these shoes. To improve their social status and self-worth, customers and individuals deeply desire luxury goods. Such footwear is readily available and can be purchased from various distribution channels, such as wholesale, online, or e-commerce.
Luxury Footwear Market to surpass USD 115.3 Billion by 2030 from USD 29.7 Billion in 2019 in terms of value growing at a CAGR of 3.9% throughout the forecast period, i.e., 2020-30. Significant factors driving the global market growth are growing numbers of high-net-worth individuals worldwide, increasing people's disposable income, and increasing luxury footwear spending. Moreover, increasing consumer demand for various luxury goods is a key factor expected to drive the growth of the target market because of improved living standards and lifestyles. Growing penetration of the e-commerce industry along with the number of smartphone users around the world are some other factors expected to proliferate growth in the global market, resulting in the demand for different luxury footwear. In addition, growing product ads through social media and increasing perception of personal appearance are other factors that are expected to propel target market growth over the coming years.
Luxury Footwear Market is segmented by product type as Formal shoes and Casual shoes. The formal shoe luxury footwear segment is estimated to lead the market with a share of over USD 29.7 Billion in 2019 followed by casual shoes. The rising importance of luxury footwear is expected to remain a prominent factor in increasing product demand as a reflection of one's professionalism in the workplace, particularly in the corporate and fashion industries. Increasing demand for luxury footwear in this segment has led manufacturers to offer options for product customization. Shifting patterns from conventional to luxury footwear among individuals plays a crucial role in widening market reach. Casual luxury shoes offer an elegant look, style, exclusive design, and flexibility that can be worn on numerous occasions, including concerts, parties, and other public events, which are among the main factors driving the category.
Luxury Footwear Market is segmented by Gender into Male and females and children. The Female segment accounted for the largest revenue share of USD 29.7 Billion in 2019 due to Increasing spending on designer and branded luxury footwear by millennials and the working-class population has fueled the growth of the market worldwide. The women segment is anticipated to maintain its lead over the forecast period due to an increase in the number of women in the workforce. Celebrity endorsements play a vital 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.
Increase in the Rate of Urbanization
One of the influencing variables for the demand for luxury Footwear is the rise in the urban population. Urban society impacts the way people live. More than one-fourth of the world's population lives in rural areas. Over the forecast period, the effect of this factor is expected to increase, thereby fueling the demand for luxury Footwear. Due to higher disposable incomes, lifestyle changes, and a rise in corporate culture, the standard of living among individuals is growing. The increased influx of multinational companies in developed countries has popularized the consumer culture of costly and luxury Footwear. The new development in the global luxury Footwear industry is online sales. The growth in the market was fueled by a rise in the number of online portals as well as their growing popularity. The main factors responsible for improving online sales are growing in the number of working professionals and busy lifestyles complemented by technological knowledge. Online sales also provide direct-to-home delivery options, which is one of the major driving factors for both urban and semi-urban customers. The rise in online sales was restricted to developed countries but has recently gained popularity in developing countries.
The rising availability of counterfeit products
Improving the availability of counterfeit goods in retail Footwear, volatile economic conditions in developed and developing countries around the world, and currency deflation are some of the main factors that could impede the growth of the global market. The recent financial crisis hurt the sales of luxury footwear worldwide. Currency fluctuations and fewer brand outlets in emerging regions could be demand limiting variables. Raw materials also play a vital role in the luxury footwear industry, and their prices have increased significantly in recent years.
LVMH
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
Luxury Footwear Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Luxury Footwear Market in Europe led the market with a lion's share of more than USD 29.7 Billion in 2019 and is projected to maintain its lead over the forecast period followed by the market in North America, because of the high disposable income of individuals, the high capacity to spend on luxury Footwear and the large availability of luxury Footwear in countries in the region, such as Germany, France, the US, and Canada. The Asia-Pacific market, followed by the Latin American and the Middle East & African markets, is expected to expand significantly in the global market due to rising luxury footwear spending by individuals, the increasing e-commerce industry, and the growing consumer base in countries within these regions.
The Luxury Footwear market, which is highly competitive, consists of several major players such as Estee Lauder Companies Inc., LOral International, and LVMH Group hold a substantial market share in the Luxury Footwear market. Other players analyzed in this report are Kering SA, The Shiseido Company, Ltd., Prada S.p.A., Ralph Lauren Corporation, Swatch Group, Luxottica Group S.p.A, and Compagnie Financiere Richemont SA. LVMH Mot Hennessy-Louis Vuitton SA among others.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Luxury Footwear Market Segments:
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