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
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.