New York, U.S., Oct. 04, 2022 (GLOBE NEWSWIRE) — Market overview
The Market Research Future (MRFR) report points out, “formal footwear market Information by Type, End User, Distribution Channel and Region – Forecast to 2030“, the market will reach $12,389.1 million by 2030, at a CAGR of 11.82%.
Market summary
Formal shoes are a crucial part of attire worn to work, social events, and important meetings. There are many categories of dress shoes, including ballet flats, mules, oxfords, derbies and boots. The outfit has a more formal look thanks to these shoes. Since formal shoes are exceptionally comfortable and offer good design articulation even in appropriate looks, they have seen noticeable improvement over time. The majority of traditional shoes are made primarily from cowhide. Formal or dress shoes for men are high-end products that account for a significant share of the global footwear market. Additionally, the market for men’s dress shoes is booming with developments that produce a distinctive look, better finish, and durability. People are embracing new fashion trends, boosting the market for emerging and well-known companies in shoe types, styles, grains, and cuts.
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Report Scope:
| Report attribute | Details |
| Market size in 2030 | $12,389.1 million |
| CAGR | 11.82% (2022-2030) |
| Year of reference | 2021 |
| Forecast period | 2022-2030 |
| Historical data | 2020 |
| Forecast units | Value (USD million) |
| Report cover | Revenue forecasts, competitive landscape, growth factors and trends |
| Segments Covered | by type, end user, distribution channel, region |
| Geographical areas covered | North America, Europe, Asia-Pacific and Rest of the World (RoW) |
| Key Market Drivers | Increase disposable income |
| Business globalization in developing countries |
Market Competitive Landscape:
The illustrious contenders in the dress shoe market are:
- C. & J. Clark (UK)
- Alberto Torresi (India)
- Cole Haan LLC (USA)
- The Aldo Group Inc. (USA)
- ECCO Sko A/S (Denmark)
- Bata Limited (Canada)
- Hush Puppies (USA)
- Steve Madden (USA)
- Kenneth Cole Production, Inc. (USA)
- Roush (India)
Covered USP market:
Market factors:
The advancement of women’s representation in business sectors in developing countries is evidenced by economic development and women’s awareness of education. Governments are also encouraging women to enter the labor market, improving women’s economic empowerment and reducing the gender participation gap in the labor force. The number of working women is increasing, which has increased consumers’ disposable income per person and changed consumption habits. As it connects marketers and customers, social media provides an important opportunity for product introductions and branding.
The rapid growth of social media has changed the business landscape and provided new opportunities for market players. Startups are spreading the word about dress shoes, mostly through social media advertising. Therefore, social media is greatly expanding the market for dress shoes worldwide. Being able to help customers connect with a brand makes it a successful interactive strategy.
Browse the in-depth market research report (90 pages) on formal footwear: https://www.marketresearchfuture.com/reports/formal-shoes-market-7242
Market constraints:
The formal footwear market is extremely fragmented, with many companies operating globally. Players are in intense competition with each other for the best designs, materials, costs and supply chains. However, the predominance of the informal sector is the main obstacle to their development. Due to their widespread availability, low prices, and ease of customization, local sellers have significantly hindered sales for major players. The expansion is limited by the availability of counterfeit shoes made from synthetic leather created by regional producers.
COVID 19 analysis
The COVID-19 outbreak and subsequent economic turmoil has had a detrimental effect on the formal footwear market for many customers and most geographies. It is widely accepted that leather shoes are a luxury item. The launch of new products by several brands has been the main driver of market growth. Growth is expected to be fueled by strong product acceptance, even in regions with somewhat warmer conditions. Many technological developments and advances contribute to the growing demand for flexible and lightweight products. As casual shoes, designer shoes and sturdy work boots have high levels of durability and can be worn indoors and outdoors, and leather shoes are becoming increasingly popular with consumers. .
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Market segmentation
On the basis of distribution channel, the global formal footwear market has been segmented into store and non-store.
On the basis of product type, the global formal footwear market has been segmented into oxfords, derbies, ballet flats, mules, and boots.
On the basis of end user, the global formal footwear market has been segmented into male and female.
Regional outlook
Since the European footwear industry uses a wide range of materials and products, ranging from various footwear for men, women and children to more specialized items such as formal boots and protective footwear, Europe brings a considerable contribution to the formal footwear market. Additionally, the growing customer preference for high-end and luxury footwear ranges in formal categories is a major factor driving the European industry. This is caused by a general acceleration of economic expansion and an increase in the purchasing power of consumers. Positive market prospects are thus created.
The dress shoes market in North America is booming owing to the increasing trend awareness of customers. The demand for formal athletic shoes is also increasing across the region owing to advances in product design, health and wellness trends, and vigorous shoemaker marketing campaigns. The popularity of lightweight shoes among consumers and the advent of new avant-garde designs have contributed to the growth of the market in the United States. In addition, the expansion of the footwear market in North America was positively impacted by the increase in online sales.
Rising demand in emerging economies like India and China has greatly helped the men’s formal footwear market in Asia Pacific. International footwear brands have prospects due to the growing urbanization of the Asia-Pacific region and the demand for Western brands. Additionally, the region’s outlook for online footwear sales was supported by a surge in online shopping among Asia-Pacific consumers. Rapid expansion and increasing urbanization have produced many consumers with more money to spend in the market and a desire for fashion. Due to India’s strong growth and rapidly changing apparel retail sector, significant new growth opportunities are opening up for both domestic and foreign players.
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