Global Luxury Footwear Market Growth, Trends, COVID-19 impact and Forecast (2020-2025)
The global luxury footwear market is segmented on Product Type (Shoes, Sandals, Slippers, and Others); Demographics (Men, Women, and Children) and Distribution Channel (Online and Offline), and Region (APAC, North America, Europe, and ROW).
Introduction
Luxury footwear is a type of luxury good and is referred to the footwear products which are usually associated with wealthy or affluent people.
The demand for luxurious goods increases proportionally less than income and is brought by consumers to support self-worth and status or for the quality and the craftsmanship of the product.
Luxury footwear products generally have characteristics that include price, rarity, aesthetics, quality, extraordinariness, and symbolism.
The COVID-19 (coronavirus) outbreak is likely to reduce the demand for luxury footwear across the globe. Store closures due to lockdown measures have resulted in grim consequences, with sales of footwear and accessories from both offline and online channels declining consistently.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6. Five Force analysis
7. Market Sizing
8. Market segmentation
9. Geographical Landscape
9.1 APAC
9.2 Europe
9.3 North America
9.4 ROW
10. Growth drivers
10.1 Growing product ads through social media and increasing perception of personal appearance
10.2 growing need for value transparent communication of products amongst the
consumers.
11. Key Market Trends
12. Impact of Covid-19
13. Challenges
14. Customer Insights analysis
15. Major Market Players
15.1 Adidas Group
15.2 Nike
15.3 Puma
15.4 Reebok
15.5 Lee Cooper
15.6 Louis Vuitton
15.7 Guccio Gucci
15.8 Jimmy Choo
15.9 Miuccia Prada
16. Recent Developments
17. Future Scope
18. Strategic Recommendations
Market Overview
The Global luxury footwear market is expected to grow to $43.6 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with 6% CAGR.
North America dominated the market for luxury footwear and accounted for 29.1% share of the global revenue in 2020. Growth in the market is powered by the strong presence of high-net-worth individuals (HNW) in the region. The people in this region have high disposable income and affluence for luxury products, which is fueling the regional market growth.
Key Trends
The global luxury footwear market is thriving on the back of the 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 footwear.
Shift in trend observed amongst consumers for preference on shoes whose manufacturing process has not harmed the environment.
Key Market Players
The most prominent players in the market are Adidas Group, Nike, Puma, Reebok International, Lee Cooper, Louis Vuitton, Guccio Gucci, Jimmy Choo, Miuccia Prada, Stuart Weitzman, Brian Atwood, and Porter Group.
Growth Drivers and Challenges
Changing lifestyle and rise in disposable income is driving the Growing product ads through social media, and increasing perception of personal appearance are other factors that are expected to propel target market growth over the coming years.
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.