Report: Footwear Sales Decline 3 Percent Through August

Source:China Sport ShowRelease time:08-Oct-2023Clicks:

Article From：SGB Media

Revenue from footwear sales in the U.S. declined 3 percent year-over-year from January through August 2023 (YTD), and units sold also decreased, according to Circana.

“Economic and experiential factors from higher prices and student loan repayments to travel plans are competing for consumers’ share of wallet,” said Beth Goldstein, footwear and accessories industry analyst at Circana. “When they are buying footwear, consumers are choosing more versatile and seasonless styles such as sneakers, loafers and ballerinas.”

Adult road running shoes grew 6 percent year-over-year (YoY) based on dollar sales for the YTD period. Circana said the running segment benefits from the higher price points of hot brands that offer performance and fashion detailing.

Influenced by the popularity of a sport, dollar sales grew for basketball shoes, up 13 percent YoY; tennis shoes increased 42 percent; and soccer footwear grew 16 percent. Circana said these sports have also impacted fashion, with sales up double-digits for basketball, tennis and soccer-inspired sneakers, which have a performance-based heritage but are intended for everyday wear.

In the fashion category, drivers and loafers have grown in popularity in both men’s and women’s market segments. In 2023, dollar sales grew by 19 percent YTD. Ballerinas are also trending, with YoY sales up 14 percent.

Looking to the holiday season, Circana forecasted footwear sales to decline overall in the fourth quarter, compared to 2022, according to the company’s latest Future of Footwear findings.

“Despite early brand and retailer promotions, there will be a last-minute push that likely will not be enough to offset the declines,” suggested Goldstein. “The various footwear categories will follow different sales trajectories, with some peaking earlier in the season and others, like the more gift-oriented styles, later.”

As Circana looks to 2024, the company forecasted both dollar and unit sales to flatten as average prices will also level off. “Success will be measured by market share gains,” Goldstein concluded. “Brands and retailers will need to be innovative with their product offerings, distribution and marketing strategies.”