World Footwear

World

US: footwear industry sales to stabilize through 2025

Mar 6, 2023 United States
US: footwear industry sales to stabilize through 2025
Following the pandemic-fuelled instability experienced since 2020, US footwear sales are expected to stabilize over the next three years, growing at a steady pace of 1%, says the NPD Group
According to the latest Future of Footwear forecast by the market research analyst The NPD Group, the footwear industry is expected to grow sales revenue at the slow and steady pace of 1% through 2025, with unit sales beginning to improve in 2024, as the pressure from average price increases will ease. The frontiers between fashion, leisure, and performance footwear will continue to blur, but in the first half of 2023, “shoes good for casual everyday use” will top the reasons for consumers to purchase.

“This will be a reset year for the footwear industry”, commented Beth Goldstein, footwear and accessories analyst at NPD. “After three years of ups and downs, we can expect sales and price trends will level out as consumers settle into their now-familiar lifestyles and make strategic choices about their must-haves versus their nice-to-haves, as they continue to grapple with macroeconomic pressures”, she explained.

The report highlighted that last year, the sports leisure category generated the highest sales, but fashion footwear was the biggest driver of growth due to the return of people to the workplace, events, and other social activities. However, the impact of these social behaviours will level off this year, “as the replenishment needs that propelled the category in 2022 will slow”, pointed out Goldstein. In the short term, with consumers weighing their priorities owing to the macroeconomic context, casual footwear, sneakers, and athletic footwear are most likely to be considered necessities when compared to items such as dress footwear, outdoor shoes, and slippers.


Image Credits: luxatic.com


Related Events

  • Feb
    25
    Feb 25-Feb 26, 2024 | Manchester, New Hampshire, United States

    Boston Shoe Travelers

  • Feb
    27
    Feb 27-Feb 28, 2024 | Indiana, United States

    The Indy Show

  • Mar
    2
    Mar 2-Mar 5, 2024 | Portland, United States

    The Northwest Market

  • Mar
    3
    Mar 3-Mar 5, 2024 | Chicago, United States

    Chicago Collective Women's Edition

Related Organizations

  • Council of Fashion Designers of America, Inc.

    Council of Fashion Designers of America, Inc.

    United States
  • The Museum at FIT

    The Museum at FIT

    United States
  • AAFA - American Apparel & Footwear Association

    AAFA - American Apparel & Footwear Association

    United States
  • NSRA - National Shoe Retailers Association

    NSRA - National Shoe Retailers Association

    United States