Formal Shoes Market Analysis Revealing Key Drivers & Growth Trends through 2023

Posted by Pradeep Zende on January 13th, 2020

Formal shoes segment caters a significant share of the global shoes market. The formal shoes industry includes shoes for business and formal occasion for both men and women. These shoes are of many types and are generally made from leather or synthetic leather. The types of leather used can be of various types such as patent, long and short grain, suede, and others. Authentic formal shoes are comparatively costlier from the casual types as they are made up of finished leather and designed for a polished look. Rising commercialization & globalization of businesses and demand for branded footwear in lieu of increasing disposable income, has resulted in the market growth of formal shoes industry. Also, better finish, unique designs, and increased durability of formal shoes is having a positive impact on the market.

Based on the type, the global formal shoes market includes ballerina, mules, oxfords, brogues, derby’s, boots, and others. Ballerina type of formal shoes dominated the shoes segment for women due to their multipurpose usability and comfort. However, mules are doubling-up with a higher growth rate with their new designs to cater quickly changing fashion trends. Among men, the segment is dominated by oxfords which are some of the oldest type of shoes reinvented with new designs and advanced material. Oxfords are expected to remain dominant during the forecast period. However, because of their use in both formal and casual use along with material-use freedom, boots are expected to grow with the highest growth rate.

Oxfords are the lace-up shoes having the classic look, derby have open laces with a more robust and versatile look. Brogues have perforations along the edge of the cap, giving it the iconic dotted look. Boots comes in various types, being full length to ankle length. Desert boots and chukka are the hot selling among the boot types.

The market of formal shoes has been divided based on end-user into men and woman. The formal shoes industry is heavily gender biased with major market share resting with men formal shoes. This is since more men are wearing formal shoes on daily basis such as in offices, business parties, meetings, and so on and pairing-up formal shoes with their business suits and other formal apparels. However, increasing international business and globalization of fashion industry has attracted many formal shoes manufacturers to focus on formal shoes industry. Hence, it is expected that there will be further design innovations and quality improvement in women formal shoes industry.

According to distribution channel, the market of formal shoes has been divided into store-based and non-store-based. The store-based segment which is expected to dominate the formal shoes segment mainly because of the option for trying and feeling, which is not the case with online retail. However, online retail of formal shoes is expected to outplay brick and mortar retail in the coming years with competitive pricing and similar buying experience as in the case of store based.

Moreover, non-store-based segment, which is online shopping, is expected to grow fastest due increasing internet penetration and ease of buying. Increasing disposable income and growing demand for global brands of formal shoes is expected to further help the market growth during the forecast period.

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Regional Analysis

The global formal shoes market has been regionally segmented into North America, Europe, Asia-Pacific, and Rest of the World.

North America is expected to dominate due to the presence of major market player and high demand of luxury formal shoes. However, market of Asia Pacific is expected to propel with the fastest growth rate during the forecast period. Large population size and increasing disposable income in the region are expected to fuel the market of formal shoes during the forecast period. Other factors helping the market in the region includes globalization and growing penetration of online retail.