A latest report has been added to the wide database of Formal Footwear Market by Infinium Global Research. This report studies the Formal
Footwear Market by footwear type (ballerinas, boots, brogue, derby, flat, high heels, loafers, sandals, slip-on’s, oxfords, wedge), leather type
(full grain, patent leather, pebble, suede leather, synthetic leather, top grain) market status and outlook of global and major regions, from
manufacturers, and end industries. The objective of the study is to identify market sizes of different segments & countries in recent years and to
forecast the values for the next six years. Formal Footwear Market provides opportunities in micro markets for stakeholders to invest along with
the detailed analysis of competitive landscape, latest trends, and product offerings of the major companies in the Formal Footwear Market.
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.
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.