Men’s Formal Shoes Market to Reach $9.5 Billion by 2022
The global Men Formal Shoes Market is expected to attain a market size of $9.5 billion by 2022, growing at a CAGR of 7% during the forecast period. It has been observed that nice appearance and clean shoes always leaves a good impression, especially in formal events. Men’s formal shoe also known as dress shoe is one of the important parts of office wears. Formal shoes give a complete look to the formal outfits. Variety of options in formal shoes are available for different occasions such as meetings, sports, casual events, and others. Formal shoes have been categorized in different styles such as Derby, brogue, moccasin, boots, loafers and others. These shoes give a nice and formal look to the attire.
Formal shoes have witnessed prominent growth in the recent years, as they are extremely comfortable and also provide a good fashion statement even in formal looks. Most of the formal shoes are made of leather. Oxfords and Monk shoes have gained popularity due to its style and comfort. In addition to this, Brogues are also in trend, especially among younger population.
Desert Boots are trending now-a-days. The most recent designs in desert boots have attracted lots of consumers. Clarks has recently launched its new range of shoe in desert boots, inspired by chukka boots; additionally, brogues are also trending. The brogues come in shoe and boot variety. The features add more value to its rising demand. Therefore, the varieties of brogues and oxford shoes have been gaining popularity, globally.
The factors driving the growth of men’s formal shoe market are Increase in the disposable incomes of the consumers and online retailing. Innovative designs and better shoe quality have further contributed to the growth of men’s formal shoe. However, counterfeit products could restrain the growth of men’s formal shoe market.