Formal Footwear Market Size, Share of Industry Analysis Research Report: Information by Type (Ballerinas, Mules, Brogues, Brogues, Derbys, Boots), End User (Men and Women), Distribution Channel ( store and non-store), region (North America, Europe, Asia-Pacific, RoW) – Global forecasts until 2027.
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Market overview
From 2019 to 2023, the dress shoes market is expected to grow at a compound annual growth rate of 5.60%. Formal shoes complete the look with appropriate attire. A variety of traditional shoe options are available for a variety of occasions including gatherings, sports, and casual occasions. Formal shoes come in a variety of designs, including derbies, oxfords, slippers, boots, and loafers. These shoes lend an air of formality to the attire.
Market dynamics
Formal shoes have seen significant growth in recent years as they are really nice and provide adequate design articulation even in formal outfits. The majority of traditional shoes are made from cowhide. Oxfords and Monk shoes have gained popularity for their design and comfort. Additionally, brogues are popular, especially among young people.
With the growing influence of online media and a booming fashion industry, rapid urbanization is one of the major growth factors for the global extravagant footwear market. Additionally, the growing tendency to favor high-end designer brands as a superficial point of interest is having an effect on the sales of extravagant, meticulously produced shoes.
A few big brands are diversifying their product offerings to expand their current customer base. As a result, they form critical associations and collaborations with various producers to deliver reimagined formal luxury footwear in an assortment of materials, designs, hues, and sizes.
Additionally, due to the rapid expansion of COVID-19 and the implementation of lockdown restrictions, driving players are shifting their focus from offline broadcast channels to online stages.
Additionally, the growing awareness of the natural impact of footwear allows producers to use controllable components to promote organic and affordable extravagant footwear. Such developments coupled with aggressive special operations are expected to support the growth of the market in the near future.
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Segmental analysis
The formal footwear market has been segmented by type, end-user, distribution channel, and geography.
The market is segmented by type including ballerinas, asses, oxfords, brogues, derbies and boots. Formal ballet shoes have dominated the women’s shoe market due to their versatility and comfort. Mules, on the other hand, are doubling their growth rate due to their new designs that cater to rapidly changing fashion trends. Men’s shoes are dominated by oxfords, which are among the oldest shoe styles updated with modern designs and materials.
The market is segmented by end customer into men and women. The formal footwear industry is heavily gendered, with men’s formal footwear capturing the lion’s share of the market. Indeed, more and more men regularly wear formal shoes in settings such as offices, business parties and meetings, as well as formal shoes with business suits and other formal attire.
The Global formal shoe market was categorized into in-store and non-store segments based on the channel of appropriation. The in-store category is expected to dominate the formal footwear market, primarily due to the ability to try on and feel the shoes, which is not possible with internet shopping. However, the internet sale of dress shoes is expected to surpass physical retail in the next few years due to competitive pricing and a comparable shopping experience.
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Regional overview
The global dress shoes market has been divided into four regions: North America, Europe, Asia-Pacific, and Rest of the World.
North America is expected to dominate the market owing to the existence of a large player and growing demand for dress shoes.
However, the Asia-Pacific market is expected to grow at the fastest rate throughout the forecast period. The region’s large population and rising disposable income are expected to propel the formal footwear industry during the forecast period. Globalization and the increasing spread of Internet retailing are also helping the market in the region.
Competitive dynamics
The major market players are 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 (USA), Steve Madden (USA), Roush (India).
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