Loafers Market – Introduction
- Loafers are a type of footwear without laces which can be easily slipped on or off. They are generally used as casual and informal shoes, worn for work and leisure. Loafers are shoes that do not use a fastening or lacing system and are instead simply slipped on the foot; thus, they are also known as slip-ons. The increasing demand for comfortable and convenient shoes is helping in the growth of the loafers market worldwide.
Key Drivers of the Loafers Market
- Loafers are not overly fitted in the heel and thus can easily get on and off the foot. Further, they are made with a variety of materials, and are available in different colors, with or without embellishments. Also, they do not require lacing or tying, which is a big advantage for people (the elderly) who lack flexibility to tie their shoes. These factors increase the demand for loafers in the market.
- The increasing demand for fashionable and comfortable footwear is helping in the growth of the loafers market. Further, the increasing living standards of consumers and growth in online platforms due to increasing internet penetration in different areas is driving the demand for loafers across the globe.
Factors Restraining the Loafers Market
- Loafers are usually made from leather or suede which have many advantages but also have some limitations such as high cost and difficulty in maintenance. Also, suede has poor resistance to dust and dirt. Further, many countries across the globe announced complete lockdown due to the outbreak of the Covid-19 pandemic. Thus, most people were staying at home, which reduced the demand for loafers. Also, many manufacturing plants had to stop their activities which delayed the production of loafers. These factors have negatively affected the growth of the loafers market.
Asia Pacific to Hold Leading Share of the Global Loafers Market
- In terms of region, the global loafers market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Country and sub-region level analysis of North America features the U.S., Canada, and Rest of North America. Analysis and forecast of the loafers market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the market analysis and forecast of GCC, South Africa, and Rest of Middle East & Africa. The loafers market in South America is segmented into Brazil and Rest of South America.
- Asia Pacific dominated the global loafers market in 2020, due to the changing lifestyle and increasing disposable income of consumers in the region. Increasing population has been driving the loafers market in Asia Pacific, particularly in China, India, and Japan.
- The loafers market in Asia Pacific is projected to expand at a rapid pace, followed by North America and Europe during the forecast period.
Key Players Operating in the Loafers Market
The global loafers market is highly competitive, owing to the presence of several global and regional players. Major players are adopting various strategies such as regional expansion and product portfolio expansion to consolidate their position in the market. A few key players operating in the global loafers market are:
- Wolf & Shepherd.
- LEE COOPER
- PUMA SE
- Relaxo Footwears Limited.
- Allen Edmonds Corporation
- Geox S.p.a
- Salvatore Ferragamo S.P.A.
- The Rockport Group.
- C&J Clark International
- Woodland Worldwide
Global Loafers Market: Research Scope
Global Loafers Market, by Material
Global Loafers Market, by Style
- Tassel loafers
- Penny loafers
- Horsebit loafers
- Kiltie loafers
- Belgian loafers
- Others (Saddle loafers, etc.)
Global Loafers Market, by Price
Global Loafer Market, by Distribution Channel
- E-commerce Websites
- Company Owned Websites
- Footwear Store
Global Loafers Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America