US footwear sales exceed 100 billion, fashion footwear will recover

After achieving historic growth in 2021 , footwear sales in the U.S. market are expected to remain stable in 2024.

According to the market research firm NPD Group's "Future of   Average U.S. footwear prices will continue to rise through 2024, but at a slower pace than last year, in part due to increased promotional activity , according to a new report from the Institute for the Future of Footwear .

In terms of styles, NPD data shows that comfort and performance categories continue to outperform fashion footwear . However, as more people resume outdoor social activities, sales of fashion footwear are expected to exceed 2019 levels this year .

NPD Analyst Beth   “Although sales are still not back to pre-pandemic levels , we expect fashion footwear revenue to exceed the 2019 mark, thanks to price increases,” Goldstein said. “ However, consumers will still maintain some habits during the pandemic, and some fashion shoe styles with stronger comfort will be popular . ”

NPD found that comfort is very important to consumers, so even if the price of athletic and comfortable shoes increases, consumers are still willing to buy them, but if the price of formal and fashion shoes also increases, consumers are likely to postpone purchases .

In fact , the U.S. footwear industry has undergone drastic changes throughout the pandemic , with prices and revenues in multiple categories of footwear hitting record highs. According to data from the Footwear Distributors and Retailers of America ( FDRA ) , U.S. footwear sales in 2021 broke records, exceeding $100 billion, up 23% from 2020, with unit prices also growing at a double-digit rate .

Revenue growth was driven in part by strong demand , reduced product due to supply chain disruptions , and a lack of promotions during the pandemic . As discounting begins to resume, price and revenue growth in footwear are expected to begin to slow .

“ The number and intensity of promotions have declined since the pandemic began,” said Matt Powell, NPD sports industry consultant. “Supply chain issues have led to insufficient inventory, which has allowed brands to reduce promotions and sell more shoes at full price. Starting this year, supply chain issues will ease, and the industry may face the risk of overproduction, which will lead to profit losses if not managed properly. ”

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