Formal Footwear Market, Latest Trend, Future Growth, Top Manufactures, Geography & Forecast to 2023

The latest report on Formal Footwear Market by Infinium Global Research gives complete coverage of the Formal Footwear Market by Footwear Type (ballerinas, boots, brogue, derby, flat, high heels, loafers, sandals, slip-on’s, oxfords, wedge), and by Leather Type (full grain, patent leather, pebble, suede leather, synthetic leather, top grain) in terms of key trends, market size, forecast and CAGR growth over the period of 2017 to 2023. In addition, the study covers deep dive into key product and applications trends in the regional markets of Formal Footwear such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.

Formal foot wears are generally used along with formal dress for office, official events, business meetings, formal occasions, dance floor, parties and some special events. Formal foot wears are made from leather or synthetic leather. Formal footwear is classified as per the leather type and its texture. Various types of toes distinguish different formal foot wears from each other. The design aspects of laces also make difference to the formal footwear. Boots, brogue, derby, loafer and oxford are major types of men’s formal footwear. For men, loafers are easy to use formal footwear, while for ladies slip-on’s and sandals are easy to use. The designs of ladies formal footwear are bit different from that of men. Heels and toes are major aspect of ladies formal footwear. Ballerinas, boots, flat, sandals, high heels, wedge, peep toe are some of the major types of ladies formal footwear.

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Product innovation, expansion of distribution channels, heavy spending in branding and marketing of the products, use of modern technologies and materials characterises the global formal footwear market. The affinity for adopting new trends in designs among the consumers is driving the growth of the formal footwear market. The increasing popularity of e-commerce is driving the growth of the global formal footwear market, as it gives the consumers the comfort of shopping from anywhere and gives them more options to choose. Increasing brand awareness among the consumers is driving the demand for branded formal footwear. Increasing number official and formal events in official and personal lives of people are influencing the sales of the formal footwear in many regions. Men’s formal footwear segment dominates the global formal footwear market. Ladies formal footwear segment is expected to have more designs in coming years. As more women are entering professional careers in this era, the demand for the ladies formal footwear are expected to grow significantly during forecast period. Increasing preference for flat heeled foot wears over high heeled foot wears among ladies are expected to drive the demand for the flat heeled formal foot wears. The increasing awareness among people about cruelty against animals, preference for eco-friendly alternatives are expected to drive the growth of demand for synthetic leather based formal footwear during the forecast period 2017-2023.

Presence of counterfeit formal footwear in large numbers in the market and the increasing competition from small manufacturers with similar products as that of branded ones are the major restraints for the global formal footwear market. The increasing number of women in offices globally is expected to provide opportunities for major players in the market to expand as ladies prefer multiple foot wears for regular use. The spreading of western lifestyles in emerging nations is expected to provide opportunities for the major players to cover the untapped markets during the forecast period.

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Segments Covered

The report covers the analysis of global as well as regional markets of formal footwear market. Moreover, the global formal footwear market is segmented, by footwear type and by leather type. The global formal footwear market by footwear type covers ballerinas, boots, brogue, derby, flat, high heels, loafers, sandals, slip-on’s, oxfords, wedge and some others. On the basis of the leather type, the market is segmented as full grain, patent leather, pebble, suede leather, synthetic leather, top grain, and some others.

Geographies covered

Asia-Pacific is the largest formal footwear market with high market share. It is expected to remain as the fastest growing formal footwear market during the forecast period 2017 to 2023. The presence of large young population in countries such as China, India, and Indonesia among others and increasing adoption of western lifestyle among them are driving the growth of the Asia-Pacific formal footwear market. Moreover, the presence of large number of footwear manufacturers in the region, which focuses on exports, enhances the growth of the market. North America and Europe are the next major markets. North American market relies heavily on the imports from China. The tradition of having formal wears on various occasions in North America is expected to sustain the growth of demand for formal footwear during the forecast period. In Europe, ladies formal footwear segment is expected to grow significantly with a rise in demand for flat heeled foot wears.

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Companies Profiled

The companies covered in the report include manufacturers of global formal footwear market include Aldo Group, Bata Shoe organization,Burberry Group Inc, Calvin Klein , C & J Clark International Ltd, ECCO Sko A/S, Dolce & Gabbana , Guccio Gucci, Hugo Boss, Kenneth Cole Production Inc, LaCross Footwear, Louis Vuitton and Prada.

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