Men Formal Shoe Market (Covid-19 update) 2020 | Deep analysis of the market with Top Key Players and Future Forecasts To 2022

Global men formal shoe market is estimated to grow at a CAGR of 6.2% from 2016 to 2022, to reach $9,881 million by 2022.

Formal shoes are provided with more attention than the casual shoes as they are worn in offices and also at social occasions. They can be black or brown shoes used in formal meetings, dance floors, dress code parties, special occasions, and as standard daily shoes.

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Formal shoes are footwear worn with smart casuals at formal occasions such as weddings, office, or business meetings. There are a number of types of men's formal shoes in the market which are mainly categorized by their fastening, and the leather type used in the shoe outers, lining, and sole.

The global men formal shoe market is driven by trendsetting product launches and customer-friendly innovations in the footwear industry, better shoe performance, and durability. Increase in disposable income and convergence of millennials and baby boomers towards new designs and high-end shoe brands have fueled the market growth. In addition, the demand for comfortable and designer footwear choices have boosted the market growth. Increase in consumer spending, worldwide, has driven the market.

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Shoes, such as loafers are lace-less and look timeless, are available in suede leather. Formal shoes nowadays gaining market because they are extremely comfortable and at the same time looks ultra-fashionable for a refined man's taste. Present day formal shoes can be can be paired up to have a casual look such as with a casual trousers, jeans and sweatshirts, and not just limited to business styled shirts. Boots are available in a wide range of colors and styles, and can be matched with a leather jacket or overcoat. Low heeled brogues and the classy Oxfords are in trend. Derby shoes are less formal than the oxford ones, and are characterized by an opened lace system. Brogues and oxfords have been gaining widespread popularity at workplaces, owing to the soft textures and vibrant prints within solid materials. People opt for monk strap shoes to complete their formal ensembles. Monk strap shoes are characterized by their unique fastening system of two leather straps with a metal buckle finish.

North America, Europe, and Asia- Pacific have some of the most celebrated fashion brands in the world. Hence, the men formal shoe industry segment is expected to flourish in these regions. The global men formal shoe market is one of the most promising segments of the apparel industry, owing to the growing demand for trendy footwear. Europe has the maximum market share in men formal shoe market with Asia-Pacific (APAC) emerging as the fastest-growing region during the last five years, particularly China which is a major exporter of formal shoes to Europe and North America. With China getting costlier with higher salaries to employees, increased labor cost, and costs of materials, the opportunities for suppliers from other developing countries such as India and Vietnam, have increased. The European men formal shoes market footwear market is expected to grow further in the coming years.

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