A recent report published by Infinium Global Research on formal footwear market provides in-depth analysis of segments and sub-segments in the global as well as regional formal footwear market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional formal footwear market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global formal footwear market. According to the report, the global formal footwear market is projected to grow at a healthy CAGR over the forecast period of 2019-2025.
Formal footwear is generally used along with formal dress for the office, official events, business meetings, formal occasions, dance floor, parties, and some special events. Formal footwear is made of leather or synthetic leather. 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 is a bit different from that of men. Heels and toes are major aspects of ladies’ formal footwear. Ballerinas, boots, flats, sandals, high heels, wedge, peep toe are some of the major types of ladies’ formal footwear.
Product innovation, expansion of distribution channels, heavy spending in branding and marketing of the products, use of modern technologies and materials drive the growth for the formal footwear market. Adopting new trends in designs among the consumers, the growing popularity of e-commerce, cumulative brand awareness among the consumers, a growing number of official and formal events in official and personal lives of people and increasing numbers of the working population are some of the major factors boosting the growth of the market. As more women are entering professional careers in this era, the demand for the ladies’ formal footwear is expected to grow significantly during the forecast period. Increasing preference for flat heeled footwear over high heeled footwear among ladies is expected to drive the demand for the flat heeled formal footwear. On the contrary, increasing competition from small manufacturers with similar products as that of branded ones are the major restraints for the formal footwear market. Besides, an increasing number of women in offices worldwide and the growing spreading of western lifestyles in emerging nations are expected to provide opportunities for the market during the forecast period.
Among the geographies, Asia-Pacific is the dominating region for the formal footwear market followed by North America and Europe. Factors such as the presence of a large young population in countries such as China, India, and Indonesia among others and increasing adoption of western lifestyles among them are driving the growth of the Asia-Pacific formal footwear market. Moreover, the presence of a large number of footwear manufacturers in the region, which focuses on exports, enhances the growth of the market. In North America region factors such as the tradition of having formal wear on various occasions in North America is expected to sustain the growth for formal footwear during the forecast period.
The report on global formal footwear market covers segments such as footwear type and leather type. On the basis of footwear type, the sub-markets include ballerinas, boots, brogue, derby, flat, and other footwear types. On the basis of leather type, the sub-markets include full grain, patent leather, pebble, suede leather, synthetic leather, and top grain.
The report provides profiles of the companies in the market such as The Aldo Group Inc., Burberry Group Plc, Calvin Klein, Inc., C&J Clark International Limited, ECCO Sko A/S, DOLCE & GABBANA S.R.L., Guccio Gucci S.p.A., Hugo Boss AG, Kenneth Cole Productions, Inc., LaCrosse Footwear Inc., and Other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of formal footwear market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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