Global Loafers Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Loafers Market” is the title of an upcoming market research report offering by Trusted Business Insights. Critical factors have been analyzed and studied in depth to present vital data and information in a well-planned format. In addition to the revenue share of each segment, region, and country, revenue growth driving factors, restraints, as well as opportunities in untapped regions and economies are to be included. The company profiles of key players comprise detailed information, recent developments, strategies, and acquisitions & mergers. The global loafers market is segmented by product type, distribution channels, and regions/countries.

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Overview

Loafers are types of footwear that are slipped on to an individual’s feet and do not have laces or a fastening system. Most loafers usually have either low or no heels. In recent times, these shoes have become a fashionable footwear staple that is increasingly worn by men, in particular.

Global Loafers Market: Dynamics

The rapid transformation in lifestyles and the increasing demand for luxurious, designer footwear among the working-class population are some of the major factors that are contributing to the global loafers market’s growth.  This type of footwear has proven to be popular among middle-aged individuals due to its easy-to-wear feature and the availability of suitable sizes. Manufacturers are also incorporating trendy designs in the footwear that can cater to the fashion needs of the industry’s contemporary target market. Loafers made from leather are being increasingly purchased by male consumers.

Companies are now focusing on strategizing business plans to increase their consumer bases and corresponding market revenue share. Marketing through television and via social media outlets are being adopted as key marketing strategies. Companies such as Hush Puppies and Woodlands are investing in constant product innovation to stay up-to-date with evolving trends and it is this constant innovation that is expected to drive the demand for these products. Variants of materials used in the manufacture of loafers such as suede leather, folded leather, velvet slippers, etc., are also becoming popular among consumers. Other factors such as these are expected to contribute significantly to market growth.

Global Loafers Market Segment Analysis

By Product Type: The leather loafers segment is projected to account for the highest revenue share over the next ten years. Raw materials used in the manufacture of these products are of high quality and thereby, lend them luxurious appeal. However, a majority of manufacturers prefer synthetic leather such as vegan leather, faux leather, pleather, PU leather and leatherette to natural leather due to a difference in associated cost and features like high durability, increased water-resistance, etc.

By Distribution Channels: Among distribution channels, the specialty stores segment is expected to account for a significant revenue share over the next 10 years owing to the availability of various products that have been manufactured by several brands, usually under one roof. In addition, these stores offer assistance to repair damaged shoes using specialized repair tools. 

Global Loafers Market 
Regional Analysis:

The Asia Pacific region is projected to continue dominating the global market in terms of revenue share over the next ten years. Increasing disposable income levels among the growing middle-aged, working-class population coupled with the rising demand for designer footwear are among major factors leading to market growth. Countries such as China, India, South Korea and Bangladesh have a large consumer base for loafers. The market in China is expected to contribute the highest revenue to the regional market owing to increasing manufacturing of the product and growing exports of these products to markets in the US, the UK, Germany and Canada. In addition, the popularity of e-commerce companies in this region such as Alibaba, Flipkart, and Amazon are among other factors that are expected to drive market growth in the region.

The market in Europe is expected to account for the second-highest revenue share in the global market over the coming years. This can be attributed to factors such as growing demand for stylish, premium footwear among consumers, especially from the UK and Germany.

Global Loafers Market Segmentation: 

 By Product Type

Leather
Fabric
Others

By Distribution Channel

Supermarkets & Hypermarkets
Specialty Stores
Online