Formal shoes are a must-have for any businessman. They complete the look of a serious businessman and are considered a must-have fashion accessory in the corporate sector. The global formal shoes market is examined in detail in the latest research report from Market Research Future (MRFR), which presents a detailed historical review of the market’s leading growth drivers and restraints, along with presenting a detailed review of the market’s competitive landscape. The steady growth of the global formal shoes market through the historical review period is charted in the report with the help of detailed information about the market’s historical growth. Leading players in the formal shoes market trends and their strategies are also profiled in the report.
The formal shoes market has been mainly driven by the growing demand for formal shoes in emerging regions such as Asia Pacific, Latin America, and the Middle East. Corporate culture and dress codes have been a novelty in these regions, where modern office culture only began about 20-30 years ago, as opposed to North America and Europe, where office dress codes and corporate dressing etiquette has been a long-entrenched factor. As consumers in emerging regions become more aware about formal shoes, the demand for the same is likely to increase in the coming years.
The increasing attention to detail in formal shoes and the increasing demand for formal shoes that don’t hurt the environment during their production is also likely to be a key driver for the global formal shoes market. While leather is widely popular in formal shoes, the use of leather has come under attack from environmental activists, who decry the leather industry for the perceived violence and cruelty against animals. The leather trade has also come into trouble due to the increasing cases of animal trafficking and illegal leather production in a number of countries. This has led to a growing demand for environmentally responsible formal shoes made from faux leather or other environmentally viable materials. This is likely to remain a key driver for the global formal shoes market over the forecast period.
Competitive Analysis:
Leading players in the global formal shoes market include C. & J. Clark, Alberto Torresi, Cole Haan LLC, The Aldo Group Inc., ECCO Sko A/S, Bata Limited, Hush Puppies, Steve Madden, Kenneth Cole Production Inc., and Roush.
In October 2019, Aero Club, the company owning Woodland footwear and lifestyle stores, has announced a separate venture into formal lifestyle products, called Woods. The Woods brand will operate separately from Woodland.
Segmentation:
The global formal shoes market is segmented on the basis of type, end use, distribution channel, and region.
By type, the global formal shoes market is segmented into ballerina, mules, Oxfords, brogues, derbys, boots, and others.
By end use, the global formal shoes market is segmented into men and women.
By distribution channel, the market is segmented into store-based and non-store-based categories, with the former being further sub-segmented as supermarkets and hypermarkets, specialty stores, and others.
Regional Analysis:
North America holds the dominant share in the global formal shoes market and has been a major regional player in the global market for a number of years due to the strong presence of the manufacturing sector in North America as well as the strong adherence to corporate dress codes in the region. The corporate sector has become larger as well as more competitive in the last few years, leading to accessories such as formal shoes taking on a huge importance. This is likely to drive the North America formal shoes market over the forecast period.
Asia Pacific is likely to be a major growth market for the global formal shoes market over the forecast period due to the rapid growth of the corporate sector in the region, leading to a growing demand for formal shoes. India, China, Japan, South Korea, among others, have emerged as major players in the global economy, leading to growth of the corporate sector. This is likely to remain a major driver for the global formal shoes market over the forecast period.
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