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Luxury Footwear Market size was valued at USD 36.15 billion in 2023 and is expected to reach USD 83.99 billion by 2036, registering around 6.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of luxury footwear is assessed at USD 38.09 billion.
The global luxury footwear market is thriving on the back of increasing number of millionaire population around the globe along with the rising household disposable income of individuals which is resulting in the increase in the purchasing power of consumers for luxury goods such as luxury footwears. According to the statistical report Global Wealth Report 2019 of the Credit Suisse Research Institute, the world observed a change of 2.6% or USD 9087 billion in household wealth during the period 2018-19. Additionally, increasing production of footwears around the globe is also anticipated to contribute significantly towards the growth of the global luxury footwear market. According to the statistical report World Footwear Yearbook 2019 of the Portuguese Footwear, Components and Leather Goods Manufacturers’ Association (APICCAPS), footwear production around the globe in the year 2018 grew by 2.7% from the year 2017, reaching a total of 24.2 billion pairs.
Growth Drivers
Increasing Demand For Personal Luxury Goods Amongst The Millennial Population
With the growing millennial population worldwide, the demand for personal luxury goods around the world is also growing at a rapid pace. The demand for personal luxury goods can also be attributed to the robust local consumption in developed nations around the world along with the increasing purchases among the tourists. Additionally, the shift in trend observed amongst consumers for preference on shoes whose manufacturing process has not harmed the environment, human or animal rights, is inducing footwear manufacturers around the globe to prioritize on alternative materials, such as plant-based rubber, bio-printed leather and others to manufacture the shoes. The growing need for value transparent communication of products amongst the consumers in the recent era is thereby anticipated to raise the demand for personal luxury goods, and in turn the growth of the global luxury footwear market.
Increasing Trade of Footwear Products Around the Globe
According to the statistics by the International Trade Centre (ITC), value of exports of footwear around the globe increased from USD 96.84 million in the year 2010 to 146.15 million in the year 2018.
The trade of footwears around the globe is growing at a rapid pace. Although preference for offline store-based retailing remain, manufacturers of luxury footwear are yet expanding their presence to online retail market via e-commerce platforms by realizing that luxury purchases in the recent era are majorly influenced by online experience. Additionally, several luxury footwear manufacturers are increasingly following the strategy of celebrity endorsement for awareness of their products, which is also contributing towards increasing trade of luxury footwears. Such factors are anticipated to drive the growth of the global luxury footwear market in the upcoming years.
Challenges
Concern for Counterfeited Products
Increasing concern amongst manufacturers of luxury footwear for the availability of counterfeited products around the globe is anticipated to act as a key restraint factor towards the growth of the global luxury footwear market.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.7% |
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Base Year Market Size (2023) |
USD 36.15 billion |
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Forecast Year Market Size (2036) |
USD 83.99 billion |
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Regional Scope |
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The market is segmented by demographics into men, women and children, out of which, women segment is anticipated to hold the largest market share on the back of growing fashion trends of women, especially the streetwear athleisure trends, that have strongly influenced premium fashion footwear manufacturers to design and manufacturer footwears that meet the desire of women consumers to balance comfort and style. Moreover, the availability of a wide variety of footwear for women as compared to men and children is also anticipated to contribute towards the growth of the segment in the global luxury footwear market.
Our in-depth analysis of the global market includes the following segments
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By Product Type |
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By Demographics |
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By Distribution Channel
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On the basis of regional analysis, the global luxury footwear market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America industry is anticipated to dominate majority revenue share by 2036, as demand for luxury footwear amongst the consumers is increasingly high owing to high disposable income of individuals in the region. Asia Pacific is anticipated to gain significant market share on the back of presence of nations such as China and India, where the consumption of footwears is comparatively very high owing to the nations having a huge population.
February 2020: PUMA SE announced the signing of a long-term deal with Athletics South Africa (ASA) for being its official sponsor. The deal includes acquisition of branding rights, licensing rights as well as opportunity to create experiential moments and pop-up retail for all events. Moreover, all South African athletes will also wear the brand’s kits at all International Amateur Athletic Federation (IAAF) events.
January 2020: adidas AG announced that for the first time in the year 2020 the company has planned to utilize more than half of the polyester made from recycled plastic waste for the manufacturing of their products.
Author Credits: Parul Atri
Copyright © 2024 Research Nester. All Rights Reserved
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