For­mal Shoes Seg­ment In In­dia

The cur­rent footwear con­sump­tion sce­nario is chang­ing rather re­mark­ably, es­pe­cially in metro cities due to in­crease in con­sumer spend­ing pat­terns and aware­ness of lat­est trends. The masses are be­com­ing more vig­i­lant to­wards the ex­pan­sive avail­abil­ity of s

Shoes & Accessories - - Contents - By: Harki­rat Singh, Man­ag­ing Di­rec­tor, Wood­land

As they say a man is of­ten known by the shoes he wears. The whole char­ac­ter of an ensem­ble can be ac­cen­tu­ated or smirched by what­ever footwear one is wear­ing. In the sce­nario that we are liv­ing to­day, for­mal has be­come the new ca­sual! You see peo­ple walk­ing streets in for­mal at­tires just as ca­su­ally as they would in their day to day lives. With men in­clin­ing more to­wards busi­ness look, footwear in­dus­try has been driven with a de­mand that tells a lot about the for­mal fash­ion and style tak­ing a front seat.

The footwear mar­ket is emerg­ing no­tably in pro­duc­tion as well as con­sump­tion. In­dia comes sec­ond in terms of footwear pro­duc­tion ac­count­ing for ap­prox­i­mately 9 per cent of the global an­nual pro­duc­tion and ranks third in footwear con­sump­tion in the world af­ter China. In­ter­est­ingly, the Tier II and III cities com­prise 55 per cent of the to­tal footwear con­sump­tion in In­dia. The In­dian footwear re­tail mar­ket at large is ex­pected to grow at a com­pound an­nual growth rate (CAGR) of 20 per cent in the com­ing 3 years.

The cur­rent footwear con­sump­tion sce­nario is chang­ing rather re­mark­ably, es­pe­cially in metro cities due to in­crease in con­sumer spend­ing pat­terns and aware­ness of lat­est trends. The de­ter­mi­nants to the same are the rise in pur­chas­ing power, in­crease in dis­pos­able in­come cou­pled with the in­creas­ing aware­ness of in­ter­na­tional fash­ion trends and chang­ing life­style. The masses are be­com­ing more vig­i­lant to­wards the ex­pan­sive avail­abil­ity of styles. There are umpteen vogu­ish and classy op­tions avail­able now for men too! Shoes are in fact be­com­ing more com­fort­able in spend­ing a sig­nif­i­cant amount to­wards ac­ces­sories and footwear.

The men’s footwear mar­ket is pro­lif­er­at­ing with the var­ied de­signs which give an op­ti­mistic view on its growth along­side is be­com­ing com­pat­i­ble with the over­all fash­ion and life­style realm.the men’s for­mal shoes’ mar­ket is mush­room­ing and con­tin­ues to be on a rise, with evolv­ing fash­ion sen­si­bil­i­ties of the In­dian male con­sumer. The or­ga­nized footwear re­tail seg­ment has started shap­ing up in In­dia with men For­mal shoes’ mold­ing to be a pre­mium prod­uct and oc­cupy a para­mount of the global footwear mar­ket with an up­surge in the men’s footwear mar­ket in re­cent years. An un­prece­dented de­vel­op­ment in e-com­merce due to ris­ing pen­e­tra­tion of in­ter­net in ur­ban, ru­ral and sub-ur­ban cities across In­dia also sig­ni­fies the fa­vor­able prospects for the in­dus­try.

Ur­ban men in In­dia are now ex­per­i­ment­ing and are mov­ing beyond the con­ven­tional trends. They are open to ex­plore man­i­fold style op­tions for footwear trends. There are a wide va­ri­ety of shoes for men to­day rang­ing from for­mal to ca­sual styles like brogues, ox­fords, monk straps, der­bies, moc­casins, loafers, and high tops. In line with the lat­est trends, for­mal shoes are meant for of­fi­cial en­gage­ments, meet­ings and oc­ca­sions that mark high im­por­tance. It has been no­ticed that the ox­ford clas­sics are al­ways on a high and in­vest­ing in brown brogues, black derby shoes can give one right foot­ing to look good.

Look­ing at this in­dus­try sce­nario it is now clear and safe to say that the In­dian fash­ion mar­ket has pro­vided a pal­pa­ble push to the footwear in­dus­try along­side which has led the footwear sec­tor to move up from be­ing just a need-based in­dus­try to an ever evolv­ing style cat­e­gory with a bright fu­ture.

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