Formal shoes are a necessity for the office going crowd and the working population at large. They are used for day-to-day meetings, parties, and office meetings. They are generally made from suede, long grain, grain, and other materials. Market Research Future (MRFR) has asserted in its global formal shoes market report various factors and restraints for the period between 2021 and 2028 (forecast period) keeping in mind the soci0-economic issues.
The global formal shoes insight market is poised to touch a significant value by exhibiting a CAGR from 2020 to 2030. It has gained recognition and popularity due to globalization. Globalization has assisted companies in establishing offices in developing economies for maintaining profits. Formal shoes form a necessary part of the daily attire. The large number of businesses across China, Brazil, India, and other developing nations can drive the market demand exponentially.
Formal shoes faced a sluggish growth previously but have since bounced back due to the use of various polymers with high weather resistance and durability. The use of different materials has managed to diversify the product offerings of shoe manufacturers and widen the customer base. Introduction of new types of shoes such as chukka and desert can bode well for the global formal shoes market growth.
Innovation in shoe designs and presence of various brands have widened the choices of customers. Social media has also played a vital role in increasing the brand name of manufacturers and create an image in the mind of customers and develop a customer need. Expansion of the workforce and establishment of shoe outlets can drive the market growth in Latin America and the Middle East.
Alberto Torresi, Hush Puppies, ECCO Sko A/S, Kenneth Cole Production, Inc., Bata Limited, Roush, Cole Haan LLC, Steve Madden, The Aldo Group Inc., and C. & J. Clark are prominent players of the global formal shoes market.
The global formal shoes market has been segmented based on type, by end-user, distribution channel, and region.
By type the market is segmented into ballerina, mules, Oxfords, brogues, derbys, boots, and others. Ballerina shoes dominated the market due to being heavily used by women for dual uses. Mules for women are gaining attention due to their new designs and ability to keep up with the changing fashion trends. Oxfords are being bought by men due to their style statement and elegant look and will remain dominant as well during the forecast period. Boots can command a high demand till 2030 due to being worn for casual and formal use.
By end-user the market is segmented into men and women. Men dominated the global formal shoes market due to being employed in the workforce early and the large disposable income levels. Furthermore, the need for formal shoes at meetings, parties, and offices can induce the market demand. Women also contribute to the market share due to buying formal shoes to pair with dresses.
By distribution channel, it is segmented into store-based and non-store-based. The store-based segment dominates the global market due to the feel factor offered by stores. On the other hand, the non-store-based segment can command a heavy share of the market due to having a presence globally. It can partner with logistic channels and deliver shoes to any place.
The global market has been analyzed for four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America can dominate the global formal shoes market due to high disposable income levels of customers and demand of luxury shoes. While APAC can exhibit the fastest growth rate during the forecast period due to the large population and penchant for new items.
Burberry Group, the British luxury fashion group, has launched a pair of brogue-style shoes for its 2020 collection. The shoes are studded with shiny crystals and offered in black and white leather.
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