Luxury Footwear Global Market to Reach $32.48 Billion by 2026

The global luxury footwear market is expected to grow from $24.37 billion in 2021 to $25.78 billion in 2022 at a compound annual growth rate (CAGR) of 5.8%. The market is expected to grow to $32.48 billion in 2026 at a compound annual growth rate (CAGR) of 5.9%.

North America was the largest region in the luxury footwear market in 2021. Western Europe was the second largest region in the luxury footwear market in 2021. The regions covered in the luxury footwear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing spending on designer and branded luxury items is expected to propel the growth of the luxury footwear market. Luxury footwear is a type of luxury item that refers to footwear items that are typically associated with the wealthy or affluent.

According to SaveMyCent, a USA-based online coupon code provider, in 2020, US consumers spent $64.8 billion on luxury items. Consumers in China ($51.8 billion) and Japan ($21.2 billion) came in second and third, respectively. The Americas accounted for 28% of total global luxury expenditure in 2020. Therefore, the increasing spending on designer and branded luxury items is driving the growth of the luxury footwear market.

Technological advancements are a key trend gaining popularity in the luxury market. The companies operating in the luxury footwear market are focusing on developing future-sustainable and innovative products with recycled plastics, to meet sustainability goals set by global organizations and governments across the globe. For instance, in 2020, Adidas, a Germany-based designer, and producer of apparel, luxury footwear, accessories, and sports equipment, has developed plant-based leather material which is made from mycelium, which is part of a fungus, for making shoes. Also, in 2020, the company has produced 15 million pairs of shoes that were made from recycled plastic waste collected from beaches and coastal regions.