The global loafers market size is expected to reach USD 31.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.8% over the forecast period. Increasing demand for stylish and convenient footwear among the consumers is a major factor contributing to the market growth. Additionally, growing working class population in developing countries including China, India, Brazil, and Mexico is expected to promote the utility of the loafers, which can go with formal and semi-formal dresses. It has been observed that the largest footwear manufacturers are located in Asia Pacific. The three largest footwear manufacturers such as China, India, and Vietnam accounted for around 72% of the footwear production in 2017.
The fabric products are expected to expand at the fastest CAGR of 4.5% from 2019 to 2025. Shifting preference towards trendy lifestyles among millennials at the global level, along with increased awareness of fashion styles through various social media including Facebook, Pinterest, and Youtube is expected to play a key role in expanding the market reach. The product is considered lightweight and convenient to wear in workplace, gym, and parties. Kids and pregnant women also prefer to wear fabric loafers due to the above-mentioned features.
Key industry participants include The Rockport Group, Wolf and Shepherd, Clark International, Lee Cooper, Hush Puppies, PUMA, WOODLAND, Relaxo Footwears Limited, BACCA BUCCI FASHIONS PVT. LTD., and Allen Edmonds Corporation. Companies are taking up strategies such as mergers and acquisitions to increase their market share.
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Specialty stores emerged as the largest channel with a revenue of USD 13.5 billion in 2018. The consumers prefer to purchase through these channels on account of the availability of various types of product in a single platform. Moreover, availability of different sizes and designs of loafers is driving the consumers to prefer this channel. Furthermore, employees of these stores are trained about product details and repair techniques that make consumers’ shopping experience convenient.
Further key findings from the report suggest:
- Leather products generated a revenue of USD 16.1 billion in 2018 owing to its quality and long self life. Fabric loafers are expected to expand at the fastest CAGR of 4.5% from 2019 to 2025 due to extra convenience offered to the consumers
- Specialty stores generated a revenue of USD 13.5 billion in 2018. Online channel is projected to ascend at a CAGR of 4.9% from 2019 to 2025 due to growing popularity of e-commerce channel as a purchasing medium among the millennials
- Asia Pacific dominated the loafers market in 2018 and is expected to expand at the fastest CAGR of 4.6% over the forecast period.
It has been observed that men are the major customers of loafers. They wear this product as an alternative to formal shoes, along with as a stylish component. The companies are investing in branding and promotional activities to increase their customer reach. They are investing in fashion shows and uploading product videos on social media page to attract more consumers.
Over the past few years, growing working class population, coupled with increasing spending on personal attire including footwear products in the developing economies including China and India, is expected to promote the loafers market size. The companies including Woodland and Hush Puppies are expanding their product portfolio, which is attracting the consumers to spend more on the footwear segment. Some of the popular loafers’ type available in the market are tassel, foot bed slip, black calf, suede leather, velvet slippers, no lace casual, and folded leather.
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Increasing number of fashion style videos on social media platforms and satellite television by fashion experts is expected to promote the awareness among the buyers. As a result, the buyers are expected to increase spending on the inclusion of premium products including canvas loafers and penny loafers as a part of their fashion style.
Leather loafers generated a revenue of USD 16.1 billion in 2018. A large number of consumers prefer to purchase these products due to their long shelf life. Besides this, leather loafers come with features including breathable, water resistance, better fit, and easy to clean characteristics. These leather loafers are considered to be luxury goods as the raw material is sleek and shiny. Furthermore, the companies are shifting their raw material preference from natural leather to synthetic leather materials including leatherette, faux leather, vegan leather, PU leather, and pleather.
Increasing number of consumer awareness initiatives by animal rights organizations including PETA is driving the footwear manufacturers to use synthetic leather as a raw material for the production of various footwear products. However, synthetic leather loafers are also economical and effective for the rainy session, which is expected to promote the product’s utility in the upcoming years.
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The fabric loafers are expected to expand at the fastest CAGR of 4.5% from 2019 to 2025. These products are made from hemp or cotton, which makes the footwear breathable enough to offer extra-comfort to the consumers in different temperatures. A large number of consumers purchase these fabric loafers due to their lightweight features. Furthermore, these products are hypoallergenic, which attracts the consumers with sensitive skin to purchase fabric made loafers. Availability of varieties of color and design of fabric loafer is driving consumers to purchase fabric loafers.
Grand View Research has segmented the global loafers market on the basis of product, distribution channel:
Loafers Product Outlook (Revenue, USD Billion, 2015 – 2025)
Loafers Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
- Supermarkets & Hypermarkets
- Specialty Stores
Specialty stores generated a revenue of USD 13.5 billion in 2018. Due to the availability of different types of products under a single window, it becomes convenient for the consumers to select their preferred product. Furthermore, some footwear needs repair with special tools and training. These channels deploy trained professionals who provide the better repairing tools to the consumers.
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Online channels are expected to foresee the fastest growth in the coming years on account of easy product selection and doorstep product delivery services. Ease of product selection and availability of customer review are expected to increase the penetration of this segment in developed economies including U.S., Germany, U.K., and France. Furthermore, growing smartphone adoption at the global level is expected to propel the sales from online channels in the near future.
For instance, in December 2018, Landan based company “Farfetch” completed the acquisition of New York-based startup “Stadium Goods” in USD 250 million. Additionally, new product launches in terms of canvas loafers in developing economies including China and India, targeting growing millennial population, is expected to open new avenues over the next few years.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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