The latest market report published by Credence Research, Inc. “Global Luxury Footwear Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Luxury Footwear Market generated revenue of around USD 30.11 billion in 2020 and is anticipated to grow at a CAGR of over 5.40% during the forecast period from 2021 to 2027 to reach around USD 47.47 billion in 2027. While, cumulative growth opportunity presented by the global Luxury Footwear is around USD 291.5 billion during 2021 to 2027.
Global Luxury Footwear Market, 2020 – 2027 (USD Million)
Browse the full report at Luxury Footwear Market Size, Trends, Share and Growth Report | Forecast to 2027 (credenceresearch.com)
Luxury Footwears are one of the important aspects of the luxury lifestyle. According to a human research study, footwears have considerable impact on human appearance and one of the most looked after products in luxury lifestyle. Luxury Footwears help to enhance the personality of wearer and also exhibit social status of the wearer. Growing trend among millennials for the luxury footwear is one of the major driving factors for the growth of Luxury Footwear industry.
Raw materials used on Luxury Footwear and normal footwear are one and the same. What makes Luxury Footwear unique is its design, durability, superior finishing and branding. Luxury Footwears are sold at premium price due to their exclusivity.
Casual Shoes to Exhibit Rapid CAGR
Formal Shoes and Casual Shoes are two major categories of Luxury Footwear. Although formal shoes held the largest share, casual shoes are growing in popularity over the past few years. Increasing demand for Luxury Footwear among young population is major factors influencing the demand for luxury casual shoes.
Men End-users Dominate Luxury Footwear
Men, Women and Children are major end-users’ categories for the Luxury Footwear. Men dominate the global Luxury Footwear industry with over 45% share in 2020. While Women Luxury Footwear segment is growing at a rapid pace. Children’s Luxury Footwear is another important category of end-users. Increasing population of high net worth people around the world is booming the demand for Luxury Footwear.
Online Channel to Grow
Offline and online are major distribution channels for the Luxury Footwear. Hypermarkets and supermarkets are leading offline distribution channels for the Luxury Footwear. However, online channel is growing in popularity among end-users owing to multiple benefits offered by it. Strong marketing campaigns, discount offers and doorstep delivery are the major factors fueling the growth of the Luxury Footwear.
Branding is Key to Success
Base London, John Lobb Bootmaker, Chanel S.A., LVMH, Lottusse – Mallorca, Burberry, Silvano Lattanzi, Prada S.p.A, A.Testoni, Salvatore Ferragamo, Adidas AG and Dr. Martens are some of the major players operating in the global Luxury Footwear market. High net worth people are highly brand conscious and the desire for exclusive products. Hence, branding and exclusiveness is the key to success in global Luxury Footwear market.
Global Luxury Footwear Market by Type, 2015 – 2027
- Formal Shoes
- Casual Shoes
Global Luxury Footwear Market by End-user, 2015 – 2027
Global Luxury Footwear Market by Distribution Channel, 2015 – 2027
Global Luxury Footwear Market by Company, 2015 – 2027
- Base London
- John Lobb Bootmaker
- Chanel S.A.
- Lottusse – Mallorca
- Silvano Lattanzi
- Prada S.p.A
- Salvatore Ferragamo
- Adidas AG