India Luxury Footwear Market Size Likely to Grow at a CAGR of 12.1% By 2033

As per the current market research conducted by the CMI Team, the India Luxury Footwear Market size is expected to record a CAGR of 12.1% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 731.1 Million. By 2033, the valuation is anticipated to reach USD 2,043.5 Million.

India Luxury Footwear Market: Growth Factors and Dynamics

• Increasing Disposable Income: The rising disposable income among India’s affluent population has fueled the demand for luxury goods, including footwear. As consumers seek to elevate their lifestyle and status, there is a growing inclination towards premium and luxury footwear brands.

• Changing Consumer Preferences: Indian consumers are becoming more fashion-conscious and brand-aware, leading to a shift in preferences towards high-quality, stylish footwear. The desire to keep up with global fashion trends and make fashion statements drives the demand for luxury footwear brands.

• Urbanization and Westernization: The rapid urbanization and westernization of Indian cities have led to the adoption of Western fashion trends, including luxury footwear. Urban consumers, particularly in metro cities, are more receptive to luxury fashion, contributing to market growth.

• Expansion of Luxury Retail: The expansion of luxury retail infrastructure, including malls, boutiques, and flagship stores, provides greater accessibility to luxury footwear brands across India. Luxury brands are increasingly establishing a physical presence in key metro cities to tap into the growing demand.

• Celebrity Endorsements and Influencer Marketing: Celebrity endorsements and influencer marketing play a significant role in shaping consumer perceptions and driving demand for luxury footwear brands. The association of celebrities and influencers with luxury brands influences consumer purchasing decisions and fosters brand loyalty.

• E-commerce Growth: The rapid growth of e-commerce platforms has democratized access to luxury footwear brands, especially in tier 2 and tier 3 cities. Online platforms offer a convenient shopping experience, a wider product selection, and attractive discounts, attracting a broader consumer base to luxury footwear offerings.

• Rise of Aspirational Middle Class: The expanding middle class in India aspires to a higher standard of living and indulges in luxury purchases, including footwear, as a symbol of prestige and social status. This burgeoning segment presents a significant growth opportunity for luxury footwear brands, driving demand and market expansion in India’s increasingly affluent consumer landscape.

India Luxury Footwear Market: Partnership and Acquisitions

• In 2023, the Luxury European shoe brand Bugatti targets the Indian luxury footwear market, aiming to capitalize on the premiumization trend and market traction. Bugatti aims for significant growth in India with a focus on quality and style.

• In 2022, Louis Vuitton introduced an exclusive footwear collection for the Indian market, featuring the new color ‘Rani Pink’ and glittering designs. Celebrating India’s cultural heritage, the collection blends local influences with Louis Vuitton’s signature aesthetics and branding.

Report Scope

India Luxury Footwear Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the India Luxury Footwear Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Decline in Consumer Spending: The COVID-19 pandemic led to a decline in consumer spending on non-essential items, including luxury footwear, as individuals prioritized essential purchases and adopted more conservative spending habits due to economic uncertainty.

• Disruption in Supply Chain and Retail Operations: Lockdowns and restrictions imposed to curb the spread of the virus disrupted the supply chain and retail operations of luxury footwear brands, leading to delays in production, distribution, and store closures, thereby impacting sales.

• E-commerce Acceleration: Luxury footwear brands can leverage e-commerce channels to reach consumers directly, capitalize on the growing trend of online shopping, and offer virtual shopping experiences to engage consumers while ensuring safety and convenience.

• Promotional Campaigns and Discounts: Implementing targeted promotional campaigns, offering discounts, and exclusive deals can incentivize consumers to make luxury footwear purchases, stimulating demand and driving sales post-pandemic.

• Focus on Digital Marketing: Investing in digital marketing initiatives such as social media campaigns, influencer partnerships, and content marketing can enhance brand visibility, engage with consumers, and drive brand awareness and preference.

• Product Innovation and Differentiation: Introducing new collections, innovative designs, and limited-edition collaborations can attract consumer interest, create buzz, and differentiate luxury footwear brands, driving demand among fashion-forward consumers.

• Enhanced Customer Experience: Prioritizing customer experience by offering personalized services, VIP programs, and concierge services can build loyalty, foster long-term relationships with consumers, and drive repeat purchases, contributing to the recovery and growth of the luxury footwear market in India.

• Expansion into Tier 2 and Tier 3 Cities: Luxury footwear brands can explore opportunities for expansion into Tier 2 and Tier 3 cities, where there is a growing aspirational middle class with increasing purchasing power and a desire for luxury goods. Establishing a retail presence in these emerging markets can tap into new consumer demographics and drive market growth beyond metropolitan areas.

In conclusion, the COVID-19 pandemic has had a mixed impact on the India Luxury Footwear Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the India Luxury Footwear Market:

• Metro Brands Ltd.
• Bata India Ltd.
• Reliance Brands Limited
• ASICS India Pvt. Ltd.
• Puma Sports India Pvt. Ltd.
• Skechers South Asia Pvt. Ltd.
• Nike India Pvt. Ltd.
• Adidas India Marketing Pvt. Ltd.
• Crocs India Pvt. Ltd.
• Liberty Shoes Ltd.
• Hush Puppies India Pvt. Ltd.
• Woodland Worldwide
• Red Chief Retail Pvt. Ltd.
• Clarks Future Footwear Pvt. Ltd.
• Fila India Pvt. Ltd.
• Others

The India Luxury Footwear Market is segmented as follows:

By Product Type

• Shoes
• Boots
• Sneakers
• Sandals
• Loafers
• Heels
• Flats
• Others

By Material Type

• Leather
• Suede
• Exotic skins
• Synthetic materials
• Fabric

By Gender

• Men
• Women
• Unisex

By Distribution Channel

• Retail stores
• Online retailers
• Specialty luxury stores
• Others