Market Size of Luxury Footwear Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.80 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Luxury Footwear Market Analysis
The luxury footwear market is projected to register a CAGR of 6.8% during forecast period.
- With the rise of disposable income, consumers in emerging economies, especially in the Asia-Pacific region, including India, China, Indonesia, and the Philippines, are increasingly investing in high-end footwear. Among the consumers aged 30-49 with the highest discretionary income in Hong Kong, there is a high demand for luxury goods. The Indian market is expected to experience similar growth factors, including a young population, increasing disposable income, an increase in the number of working women, and a growing affinity towards international media and travel, leading to a desire for luxury brands and specialty goods.
- Furthermore, the affordability of luxury goods has increased, and premiumization is becoming increasingly important for the expansion of the luxury footwear industry. Customers today seek exceptional quality and design in all consumer products, including footwear, despite their high price tags. Consequently, the demand for high-end shoe brands is increasing.
- Luxury footwear companies are concentrating on developing sustainable and innovative products with recycled plastics to meet the sustainability goals set by global organizations and governments worldwide. Louis Vuitton, for example, launched sustainable vegan sneakers made from corn in November 2021, becoming the latest luxury fashion brand to use plant-based materials instead of leather. The company used 90% recycled and bio-sourced materials in the design, setting a benchmark for other luxury footwear companies to follow. All of these factors are contributing to the growth of the luxury footwear market.
