The research paper explores the consumer attitude and buying behaviour towards men's formal footwear. Quantitative data was collected through a survey tool and the qualitative data was collected through informal interviews and discussions. Convenient sample size of 100 middle management professionals from different organizations and varied sectors was selected for the research. The research recommendations focus on specifics related to the choices, buying preferences and price points.
Key words: Men's formal footwear, consumer attitude, buying behaviour
The global market for footwear is forecast to reach US $ 430 Billion by 2024, as reported by the Global Industry Analyst Inc. (Sep 2017). Global men formal shoe market is estimated to grow at a CAGR of 6.2% from 2016 to 2022, to reach US $ 9,881 million by 2022. India's footwear industry is stepping towards a bigger and brighter future. Footwear exports from India have risen from ? 71.5 billion in FY10 to ? 180 billion in FY15. India is the second largest footwear producer in the world, with footwear production accounting for approximately 9% of the global annual production – 22 billion pairs as compared to China, which produces over 60% of the global production.
In India, footwear has evolved from being just a mere necessity as a protection for feet to an important accessory that ups one's fashion game. With the rising disposable incomes of the customers, India's domestic footwear market is booming. Rising incomes, advent of globalization, improved employment and living standards in the country has led to the expansion in the size of this market. The MD of a huge retail footwear chain states, “At present, men's category contributes around 60% of sales in the footwear segment as against women's share of 30%. Men's footwear market is growing at a CAGR of 10%. The women's segment, however, is growing at a much faster CAGR of 20%”.
Men - Formal Shoe Types
When it comes to different types of formal footwear, men have quite an assortment to choose from Brogues, Derby, Loafers, Oxfords, Wingtip, Monk straps are some of the popular formal shoes men prefer. The best brogues are the ones that can be mixed with smart and casual outfits to create a clean, sophisticated finish. The Oxford shoe is the ideal style for every formal situation. Due to the sleek shoe design, many businessmen wear a black oxford to go with their suit. The Oxford shoe is perfect to be worn at weddings, christenings, job interviews and basically any formal event. Black leather monk shoes are well suited to create that UBER formal look. A Derby is always recommended, if one is planning to have an everyday shoe. Plus if a person has a high instep or finds feet swelling during the day, they are ideal as they can be more easily adjusted to remain comfortable. A man can be dressed head to ankle in the best clothes, but if he chooses the wrong footwear his overall outfit can fall apart. The figure below explains formal and informal shoe matching styles.
This research is undertaken with an objective to understand consumer behaviour and buying preferences related to Men's formal footwear.
Sample Size and Methodology:
The quantitative data was sourced and analysed for a convenient sample size of 100 middle management professionals from different organizations and varied sectors. The data collection was restricted to Mumbai. A qualitative data was also generated through structured but informal discussions with some corporate professionals.
For this research the analysis of statistical data is represented in simple visual or pictorial representation such as charts and graphs. A pictorial representation has a better impact and long term recollection. Charts or graphs are supported by the corresponding explanation of the data.
Key Research Findings
Dr. Farida Virani
Mr. Darshan Haria
MMS Student - MET, Mumbai
Ms. Mansi Patil
MMS Student - MET, Mumbai