NEWARK, Del, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The global luxury footwear market size is expected to surge significantly by US$ 34,546.10 million by 2024. From 2024 to 2034, luxury footwear sales are predicted to accelerate at a robust 7.2% CAGR. The luxury footwear demand is expected to hit US$ 69,238.30 million in valuation by 2034.
Millennials are steadily increasing their demand for luxury footwear. Enhanced qualities like comfort, durability, uniqueness, and material in this footwear primarily drive the luxury shoe market. The exclusive footwear market is driven by consumers' increasing desire for stylish luxury footwear as a status symbol and their propensity to flaunt myriad luxury shoe brands, including Burberry, Prada, Gucci, Chanel, Louis Vuitton, and Burberry.
Factors Curbing the Growth Trajectory of Luxury Footwear
Changes in consumer preferences and fashion trends are negatively impacting the demand for luxury footwear. Sales of luxury footwear are hampered if consumers favor athletic or casual footwear over more conventional designs.
As trends come and go, fashion is, by its very nature, cyclical. If customers lose interest in the luxury footwear brands they carry, those who rely too much on particular themes or styles find it challenging to survive.
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Regional Dynamics in the Luxury Footwear Market:
- The growing middle class in countries like China and India and rising disposable incomes are soaring the robust upscale shoe industry growth in the Asia Pacific.
- Asia Pacific is becoming a global center for footwear innovation, showcasing a dynamic landscape that blends modern aesthetics with traditional craftsmanship.
- With an emphasis on heritage, craftsmanship, and iconic elite shoe brands, Europe continues to be a stronghold for designer shoes, catering to a customer base that values quality and tradition.
- Global fashion trends are set by cities like Milan, Paris, and London, which makes Europe a trend-setting continent where designers set the standard for sophistication. This surges the growth of the high-end shoe industry.
- Driven by an era of fashion consciousness and an eye for the premium footwear segment, North America's luxury footwear market thrives with a stable and affluent consumer base.
“Growing disposable incomes and changing fashion tastes compel consumer demand, fostering luxury footwear market expansion. Design innovations, environmentally friendly practices, and innovative marketing strategies are essential. Due to its ability to withstand economic downturns, the market remains lucrative for luxury footwear manufacturers and consumers.” says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights
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Key Takeaways
- The women segment in the end-user category to grab a share of 43.9% from 2024 to 2034.
- In the product type category, the formal shoes segment is set to acquire a market share of 58.2% between 2024 and 2034.
- The United States fashionable shoes market is anticipated to surge at a CAGR of 6.5% by 2024.
- Germany luxury footwear market to develop at a CAGR of 5.8% through 2024.
- China luxury footwear sales are expected to surge at a CAGR of 8.9% until 2034.
- India designer shoes market is anticipated to boost at a CAGR of 7.9% by 2024.
- Australia luxury footwear market to exhibit a CAGR of 7.4% by 2024.
Competitive Landscape
As the customer pool in economies like China and India is evolving quickly, leading market participants for luxury footwear are likely to focus on setting up shops in the Asia Pacific region. Pivotal luxury footwear vendors are anticipated to invest in research and development to stay competitive during the forecast period.
Leading Luxury Footwear Manufacturers
- Louis Vuitton Malletier SAS
- Chanel Limited
- Burberry Group PLC
- Silvano Lattanzi
- Prada S.p.A
- A.Testoni
- Dr. Martens
- Base London
- John Lobb Bootmaker
- Salvatore Ferragamo
- Lottusse - Mallorca
- Adidas AG
Novel Developments
- As part of its pre-collection for fall/winter between 2022 and 2023, Chanel Ltd. unveiled two new sneaker styles in August 2022. The sneakers are available in two distinct autumnal colorways, giving customers a unique perspective on seasonal fashion.
- Louis Vuitton Malletier SAS introduced sustainable sneakers created by American fashion designer and entrepreneur Virgil Abloh in August 2022. 90% organic and recycled materials go into making this new iteration of the LV trainer.
- Revolve Group introduced a new in-house luxury daily footwear brand called A'mmonde Atelier in July 2022. The company has over 20 owned brands under the control of an internal design team; this footwear label is an addition to that portfolio.
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Key Segments
By Product Type:
- Formal Shoe
- Casual Shoe
By End User:
- Men
- Women
- Children
By Distribution Channel:
- Online
- Offline
By Region:
- North America
- Europe
- Asia Pacific
- Central and South America
- The Middle East and Africa
Authored by:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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