Formal shoes segment caters a significant share of the global
shoes market. The formal shoes industry includes shoes for business and formal
occasion for both men and women. These shoes are of many types and are
generally made from leather or synthetic leather. The types of leather used can
be of various types such as patent, long and short grain, suede, and others.
Authentic formal shoes are comparatively costlier from the casual types as they
are made up of finished leather and designed for a polished look. . Rising
commercialization & globalization of businesses and demand for branded
footwear in lieu of increasing disposable income, has resulted in the market
growth of formal shoes industry. Also, better finish, unique designs, and increased
durability of formal shoes is having a positive impact on the market.
Based on the type, the global formal shoes market includes
ballerina, mules, oxfords, brogues, derbys, boots, and others. Ballerina type
of formal shoes dominated the shoes segment for women due to their multipurpose
usability and comfort. However, mules are doubling-up with a higher growth rate
with their new designs to cater quickly changing fashion trends. Among men, the
segment is dominated by oxfords which are some of the oldest type of shoes
reinvented with new designs and advanced material. Oxfords are expected to
remain dominant during the forecast period. However, because of their use in
both formal and casual use along with material-use freedom, boots are
expected to grow with the highest growth rate.
According to distribution channel, the market of formal shoes
has been divided into store-based and non-store-based. The store-based segment
which is expected to dominate the formal shoes segment mainly because of the
option for trying and feeling, which is not the case with online retail.
However, online retail of formal shoes is expected to outplay brick and mortar
retail in the coming years with competitive pricing and similar buying
experience as in the case of store-based.
Moreover, non-store-based segment which is online shopping, is
expected to grow fastest due increasing internet penetration and ease of
buying. Increasing disposable income and growing demand for global brands of
formal shoes is expected to further help the market growth during the forecast
period.
Regional Analysis
The global formal shoes market has been regionally segmented
into North America, Europe, Asia-Pacific, and Rest of the World.
North America is expected to dominate due to the presence of
major market player and high demand of luxury formal shoes. However, market of
Asia Pacific is expected to propel with the fastest growth rate during the
forecast period. Large population size and increasing disposable income in the
region are expected to fuel the market of formal shoes during the forecast
period. Other factors helping the market in the region includes globalization
and growing penetration of online retail.
Segmentation
The global formal shoes market has been segmented based on
type, end-user, distribution channel, and region.
By type the market is segmented into ballerina, mules,
oxfords, brogues, derbys, boots, and others
By end-user the market is segmented into men and woman.
The global formal shoes market has been classified on the
basis of distribution channel into store-based and non-store-based.
Key Players
J. Clark (UK), Alberto Torresi (India), Cole Haan LLC (US),
Kenneth Cole Production Inc. (US), The Aldo Group Inc. (US), ECCO Sko A/S
(Denmark), Bata Limited (Canada), Hush Puppies (US), Steve Madden (US), Roush
(India).
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