US Footwear Market Decrease
The United States footwear industry is a key factor for individuals all across the globe. The U.S. outsources the material and construction of the majority of shoes you see on shelves. However, companies have started to stop pursuing candidates and investments amid predictions of a sales slowdown.
The statistics show a trend in monthly retail sales of shoe stores in the United States. During April 2022, store sales amounted to 3.4 million U.S. dollars. Yet, this is a slight decrease compared to the previous month. According to a survey, the Footwear Distributors & Retailers of America found that eighty-seven percent of companies expect weaker sales in the next six months. However, through countless choices, consumers (particularly millennials) are reflecting greater demand for personalized products, from brands and retailers. The shoe market has reflected this discovery on social media with basketball players, football players, and influencers posting their very own customized footwear.
Due to the estimated decrease, promotions will become the benefactor for companies here in the U.S. Senior sports industry advisor hired through The NPD Group. Matt Powell held a presentation portraying athletic footwear during an Outdoor Retailer Summer in Denver. Powell said, “Overall I think it is going to be a good year for sports retail but not a great second half…What we think is happening here is a lack of stimulus money this year compared to a year ago. That money found its way into some of the discretionary categories such as footwear and apparel.”
On the other hand, online shoe shopping has stayed at a consistant rate since the pandemic. Consumers are becoming comfortable shopping repeated brands they have already purchased online. The consumer is less likely to buy a shoe online that they haven’t worn or seen in person. Simply because comfort is essential when purchasing footwear. The market will continually monitor consumer behavior, purcahsing, and outsourcing data to gather a better scope for preparation of next year.