Formal Shoes Market Trends

The formal shoes market is experiencing significant growth in the Asia-Pacific region, positioning it as a key market on a global scale. The region's rapid economic growth, a burgeoning mid-income population, and substantial migration from rural to urban areas have attracted international retailers, fostering the expansion of retail outlets, particularly in countries such as India and China. This expansion, both in physical stores and online retailing, is contributing to the robust growth of the formal shoes market in Asia-Pacific.

Online retailing has emerged as a dominant trend in the region, offering consumers instant access to catalogs and price lists. The convenience of online shopping, providing clarity on product availability, has become increasingly popular among consumers. As a result, online retailers are capturing a significant market share from traditional brick-and-mortar retailers, reflecting the changing consumer preferences in favor of convenient and time-efficient shopping experiences.

India, one of the major economies in Asia, has witnessed a rapid rise in the trend of one-stop shops and modern retailing. The retail space in India, measured in terms of carpet area, surged by 81% from 2017 to reach 7.8 million sq. ft. by the end of 2018, as reported by the India Brand Equity Foundation (IBEF). This growth is expected to continue, with the retail market in India projected to expand by 60% and reach USD 1.2 trillion by the end of 2021. Factors contributing to this growth include rising per capita incomes, increased digital connectivity, and lifestyle changes among the middle-income population. Notably, India's retail sector attracted USD 970 million from various private equity funds in 2019.

In China, the online retail turnover witnessed a substantial increase, reaching CNY 9,006.497 billion (approximately USD 1,360.51 billion) in December 2018, marking a significant rise from the previous year's figures at CNY 7,175.07 billion (USD 1,061.90 billion). This surge in online retailing further underscores the growth potential of the organized retail sector in Asia-Pacific.

The organized retail sector's growth in Asia-Pacific is anticipated to propel the global formal shoes market during the forecast period. This expansion ensures the accessibility of formal shoes to a large population through both online and offline platforms. The evolving retail landscape, coupled with the increasing popularity of online shopping, highlights the dynamic nature of consumer behavior in the region, and these factors are expected to contribute significantly to the formal shoes market's continued growth in the foreseeable future.