Formal Shoes Market Research Report—Global Forecast till 2028

Formal Shoes Market Research Report: Information by Product Type (Ballerina, Mules, Oxfords, Derbies, and Boots), End-User (Men, and Women), Distribution Channel (Store Based and Non-Stored Based), and Region (North America, Asia-Pacific, Europe, and Rest of the World) —Forecast till 2028

ID: MRFR/CR/5775-CR | 110 Pages | Published By Pradeep Nandi on October 2022         

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Formal Shoes Market

Formal Shoes Market Size is anticipated to reach USD 12,389.1 million by 2028, registering a CAGR of 11.82% during 2021-2028

Segmentation
By Product Type Ballerina Mules Oxfords Brogues Derbys Boots
By End-User Men Woman
By Distribution Channel Store Non-Store
By Region North America Europe Asia-Pacific ROW
Key Players
Companies Profiled   C. & J. Clark International (UK)    Dolce & Gabbana Luxembourg S.r.l. (Italy)    Cole Haan (US)    The Aldo Group Inc. (Canada)    ECCO Sko A/S (Denmark)    Bata Limited (Switzerland)    Hush Puppies (US)    Steve Madden Ltd (US)    Kenneth Cole Productions Inc. (US)    Roush (India).
Drivers
Market Driving Forces   Increasing working women population in emerging countries
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Formal Shoes Market Overview


The global formal shoes market is projected to register a CAGR of 11.82% and reach a value of USD 12,389.1 million by 2028. Formal shoes are an essential part of the outfits used for day-to-day office, parties, and important meetings. Formal shoes have been classified in various styles like ballerina, mules, oxfords, derbies, boots, etc. These shoes give a quite formal look to the clothing. Formal shoes have seen conspicuous development in the new years, as they are incredibly agreeable and give a decent design articulation even in proper looks. The greater parts of the conventional shoes are made of cowhide. Oxfords and Monk shoes have acquired fame because of their style and solace. Moreover, Brogues are likewise in pattern, particularly among the more youthful populace.


COVID-19 Impact Analysis


The COVID-19 pandemic has adversely affected and is expected to continue to pose risks to the formal shoes business. There are numerous risks related to the outbreak of the COVID-19 pandemic. COVID-19 spread across the globe during 2020 and continues to impact economic activity around the globe. COVID-19 caused disruption and volatility in the global capital markets and authored an economic slowdown during 2020. The COVID-19 pandemic and its associated economic uncertainty negatively impacted the formal shoes market in most geographies and across a variety of customers. In regards to COVID-19, governments around the world have introduced certain measures, such as travel prohibitions, shutdowns of certain businesses, bans on group events and gatherings, shelter-in-place orders, curfews, and recommendations of practicing social distancing.


Market Dynamics


The global formal shoes market is expected to register a CAGR of 11.82% during the forecast period. Increasing consumer spending on formal shoes followed by an increasing working women population is majorly driving the market growth. The growth of the organized retail sector in Asia-Pacific is further boosting market growth. The growing trend of sustainable footwear is expected to create new opportunities for the vendors active in the global market. Also, the strong influence of social media and marketing strategies provide a lucrative market to the existing players. However, the prevalence of the unorganized sector is restricting the market’s growth.


Drivers:



  • INCREASING WORKING WOMEN POPULATION IN EMERGING COUNTRIES


Educational awareness among women, coupled with economic development, underlines the progress in the participation of women in the corporate sectors in emerging nations. Governments are also supporting the women workforce and taking the initiative to improve female economic empowerment and minimize the gap in labor force participation between males and females. The growing working women population has led to an increased per capita disposable income of the consumers, which has changed consumer spending behavior. Moreover, women working in the corporate sector need to wear formal shoes as per the dress code norms, thereby boosting the formal shoes market. Owing to the rising population of working women, the sales of women’s formal shoes have been increasing at a high pace across the globe. The emergence of new designs, concepts, and themes in the women’s formal footwear market is also driving its growth worldwide. The growing popularity of eco-friendly footwear is another factor positively impacting the women’s formal footwear market. Improvements in the current lifestyles of individuals are anticipated to drive the sales of formal shoes in the near future. Nowadays, women can afford luxurious and expensive brands of formal shoes due to their increased income and financial independence. This factor creates a lucrative market for women’s formal shoes. Rising urbanization and growing economic conditions in developing countries, especially in Asia, Africa, and the Middle East, create a favorable situation for the strong development of the global women’s formal shoes market.


Restraint:



  • PREVALENCE OF THE UNORGANIZED SECTOR


The formal shoes market is highly fragmented, with a huge number of players across the globe. There is stiff competition among the players in terms of designs, quality, prices, and supply chain. However, the major factor affecting their growth is the prevalence of the unorganized sector. It has been observed that the sales of the key players are majorly hampered by the local vendors, owing to their easy availability, lower price, and ease of customization. A major share of the population, especially in emerging economies, is price sensitive, making it difficult for organized brands to establish their dominance over the unorganized sector.


Opportunities:



  • INFLUENCE OF SOCIAL MEDIA AND INNOVATIVE MARKETING STRATEGIES


Social media provides a potential opportunity for product launches and branding as it bridges the gap between marketers and consumers. The explosion of social media has transformed the business environment, creating new opportunities for market players. There are continuous office fashion blogs on social networking sites, such as Facebook, Instagram, Twitter, and YouTube, that are boosting the sale of formal sales. There is a continuous rise in the amount of social media content dedicated to grooming styles and grooming products. Social media plays a critical role in driving the demand for fashionable formal shoes, especially among corporates, who are actively participating in social media for information nowadays. Thus, blogs posted on social media platforms in favor of wearing formal shoes, highly influence the market’s growth. Additionally, startups are also increasing awareness about formal shoes, predominantly through social media campaigns. Thus, social media is playing a vital role in the growth of the global formal shoes market. It is considered an effective interactive strategy as it enables consumers to build a relationship with the brand. Marketing through social media also helps manufacturers to keep abreast of the latest trends, exploiting mobility and new technologies to attract targeted leads.


Segment Overview


By Product Type


Based on product type the global formal shoes market has been segmented into ballerina, mules, oxfords, derbies, boots, and others. The oxfords tools segment accounted for a larger market share of 64.71% in 2020 whereas, mules are expected to exhibit a CAGR of 12.3% during the review period.


By End User


Based on the end-user, the global formal shoes market has been segmented into men and women. Men accounted for the largest market share of 72.54% in 2020 whereas, women are projected to register the highest CAGR of 12.18% during the forecast period.


By Distribution Channel


Based on the distribution channel, the global formal shoes market has been segmented into store-based and non-store-based. The store-based segment is estimated to retain its dominant share till 2028, whereas the non-store-based segment is estimated to register the highest growth rate of 12.51% during the forecast period.


Global Formal Shoes Market Share, by Region, 2020 (%)Global Formal Shoes Market Share, by Region, 2020 (%)Sources: MRFR Analysis


Regional Analysis


By region, the global Formal Shoes market has been divided into North America, Europe, Asia-Pacific, South America and the Middle East & AFrica. Europe accounted for the largest market share of 31.72% in 2020. North America was the second-largest market in 2020 and is projected to exhibit a CAGR of 11.64% during the review period. The market in Asia-Pacific is expected to register the highest CAGR of 12.32% during the forecast period.


Europe


Europe accounted market share of 31.72% of the global formal shoes market in terms of value in 2020. Europe contributes significantly to the formal shoes market owing to the European footwear sector covering a wide variety of materials (leather, rubber, textiles, and plastics) and products ranging from different types of shoes for men, women, and children to more specialized products such as formal boots and protective shoes. In addition, the European market is mainly driven by the increasing consumer inclination towards high-end and premium footwear ranges in formal categories. This is due to an overall increase in economic growth and an improvement in consumer purchasing power. This, in turn, creates positive prospects for the market. Moreover, the presence of well-known shoe manufacturers has a positive effect on market growth. They offer a variety of shoes with options in design, color, and price to suit the needs and purchasing ability of the individual. Increasing focus on product development and R&D from industry players to gain market share will support market expansion across the region. Also, promoting premium products by offering deep discounts is likely to attract consumers as European customers are also very inclined to buy premium products. The supply of limited stock footwear products with quality features and better brand prospects through company websites is fuelling the market growth during the review period.


North America


North America accounted market share of 27.85% of the global formal shoes market in terms of value in 2020. Rising fashion awareness among consumers is propelling the growth of the North American formal shoes market. In addition, innovations in product design, health and wellness trends, and active promotions by footwear manufacturers are driving demand for formal sports shoes across the region. The footwear market in the United States has grown over the years due to an influx of new and innovative designs coupled with increased consumer awareness of lightweight shoes. In addition, the increase in online sales has had a positive impact on the growth of the footwear market in North America. The easy availability of products on online platforms has contributed to the sales of formal shoes. In addition, the North American formal shoes market is experiencing rapid expansion, largely due to rapid demand for new and innovative footwear products in the formal category. Comfortable and fashionable formal shoes are continuously developed at reasonable prices due to advances in manufacturing processes and technological innovation and integration to keep up with the increasing demand for these products. Such trends are likely to bolster the market growth across the US.


Competitive Landscape


The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have a global reach and diverse product portfolios. Companies such as C. & J. Clark International (UK), Dolce & Gabbana Luxembourg S.r.l. (Italy), Cole Haan (US), The Aldo Group Inc. (Canada), and ECCO Sko A/S (Denmark)   dominate the global market due to brand reputation, product differentiation, financial stability, and diversified regional presence.


Prominent players in the global Formal Shoes market include Ingredion C. & J. Clark International (UK), Dolce & Gabbana Luxembourg S.r.l. (Italy), Cole Haan (US), The Aldo Group Inc. (Canada), ECCO Sko A/S (Denmark), Bata Limited (Switzerland), Hush Puppies (US), Steve Madden Ltd (US), Kenneth Cole Productions, Inc. (US), and Roush (India).


Recent Developments


Few developments that occurred in recent times influencing the market growth of Formal Shoes are listed below:



  • In November 2020, Clark International (Clarks) gained a majority investment from LionRock Capital (Hong Kong). The acquisition by LionRock helped Clarks continue with its global expansion, specifically into the Asia-Pacific.


Scope of the Report


Global Formal Shoes Market, by Product Type



  • Ballerina

  • Mules

  • Oxfords

  • Derbies

  • Boots


Global Formal Shoes Market, by End-User



  • Men

  • Women


Global Formal Shoes Market, by Distribution Channel



  • Store-Based

  • Non-Store-Based


Global Formal Shoes Market, by Region




  • North America

    • US

    • Canada

    • Mexico




  • Europe

    • UK

    • Germany

    • France

    • Spain

    • Italy

    • Belgium

    • Rest of Europe




  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia & New Zealand

    • Malaysia

    • Indonesia

    • Thailand

    • Rest of Asia-Pacific




  • Rest of the World

    • South America

    • Middle East

    • Africa




Intended Audience



  • Specialty Stores

  • National Retailers & Discount Stores

  • E-commerce



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 12,389.1 Million
  CAGR   11.82%
  Base Year   2020
  Forecast Period   2021-2028
  Historical Data   2019
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Product Type, End-User, Distribution Channel, and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   C. & J. Clark International (UK), Dolce & Gabbana Luxembourg S.r.l. (Italy), Cole Haan (US), The Aldo Group Inc. (Canada), ECCO Sko A/S (Denmark), Bata Limited (Switzerland), Hush Puppies (US), Steve Madden Ltd (US), Kenneth Cole Productions, Inc. (US), and Roush (India)
  Key Market Opportunities   Influence of social media and innovative marketing strategies
  Key Market Drivers   Increasing working women population in emerging countries


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Frequently Asked Questions (FAQ) :

Formal Shoes Market is projected to reach USD 12,389.1 million by 2028, growing at a CAGR of 11.82% from 2021 to 2028.

C. & J. Clark International (UK), Dolce & Gabbana Luxembourg S.r.l. (Italy), Cole Haan (US), The Aldo Group Inc. (Canada), ECCO Sko A/S (Denmark), Bata Limited (Switzerland), Hush Puppies (US), Steve Madden Ltd (US), Kenneth Cole Productions, Inc. (US), and Roush (India) are the key players in the Formal Shoes Market.

The Formal Shoes market has been segmented depending on the type, end-user, distribution channel, and region.

European region dominates in terms of market share.