Luxury Footwear Market Size, Share, Trends, Growth and Forecast 2028

Luxury Footwear Market Insights

Zion Market Research has published a report on the global Luxury Footwear Market, estimating its value at USD 35.59 Billion in 2023, with projections indicating that it will reach USD 50.22 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 3.9% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Luxury Footwear Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Luxury Footwear Market Size And Industry Analysis

The global Luxury Footwear market accrued earnings worth approximately 32.1 (USD Billion) in 2020 and is predicted to gain revenue of about 57.3 (USD Billion) by 2028, is set to record a CAGR of nearly 5.7% over the period from 2021 to 2028. The report offers assessment and analysis of the Luxury Footwear market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2020 along with a forecast from 2021 to 2028 based on revenue (USD Billion).

Luxury Footwear Market: Overview

Luxury footwear is a luxury consumer good and is referred as footwear item related to affluent populace. Moreover, these items are purchased by end-users to exhibit their status along with enhancing self-worth. In addition to this, need for improving quality & craftsmanship of item will increase popularity of luxury footwear across the globe. Apparently, beneficial product features such as high quality, enhanced aesthetic value, durability, and low costs will increase product penetration.

Luxury Footwear Market: Growth Dynamics

Escalating demand for luxury footwear among millennials owing to its favorable features will drive luxury footwear market trends. Growing trend among customers towards use of foreign brands like Prada, Louis Vuitton, Chanel, Burberry, and Gucci will steer business growth. Apart from this, surge in per capita income of individuals in urban areas will further spur business landscape over assessment period. Large popularity of luxury footwear among women will translate into massive luxury footwear market growth in near future. Furthermore, a prominent surge in footwear product business is projected to boost luxury footwear industry expansion over projected timeline.

Moreover, shifting preference from traditional footwear to luxury footwear will provide new growth avenues for luxury footwear market during projected timeline. Apart from this, changing buying behavior of tourists and huge preference for personalized luxury items in developed economies will steer luxury footwear market size over 2021-2028. Nonetheless, entry of imitated products in business will prove to be hurdles in growth of luxury footwear market.

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Regional Landscape

North America To Make Notable Contributions Towards Market Value By 2028

The growth of luxury footwear market in North America during forecast timespan is due to presence of population having high per capita income. In addition to this, large-scale presence of reputed product manufacturers in sub-continent will steer expansion of luxury footwear market over predicted timeline.

Luxury Footwear Market: Report Scope

Competitive Landscape

• Salvatore Ferragamo
• Prada S.p.A.
• LVMH
• Dr. Martens
• Chanel S.A.
• Silvano Lattanzi
• Adidas AG
• John Lobb Bootmaker
• Lottusse-Mallorca
• A.Testoni.  

The global Luxury Footwear Market is segmented as follows:

By End-User

• Men
• Women
• Children

By Distribution Channel

• Offline
• Online

By Product

• Formal Shoes
• Casual Shoes

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa