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.
The market of formal shoes has been divided on the basis of
end-user into men and woman. The formal shoes industry is heavily gender biased
with major market share resting with men formal shoes. This is due to the fact
that more men are wearing formal shoes on daily basis such as in offices,
business parties, meetings, and so on and also pairing-up formal shoes with
their business suits and other formal apparels. However, increasing
international business and globalization of fashion industry has attracted many
formal shoes manufacturers to focus on formal shoes industry.. Hence, it is
expected that there will be further design innovations and quality improvement
in women formal shoes industry.
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.
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.
Complete Report Details @ https://www.marketresearchfuture.com/reports/formal-shoes-market-7242
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