NPD: US Footwear Sales To Stabilize By 2025

(CTN News) – According to a report from The NPD Group, the US footwear industry is expected to stabilize over the next three years following the pandemic-fueled volatility since 2020.

Across the major US Footwear categories, the report predicts that there will be a ‘slow and steady’ storyline as the lines between fashion, leisure, and performance continue to blur.

Future of US Footwear has predicted that the footwear industry will see growth in sales revenue of 1 percent each year through 2025.

This growth will be attributed to unit sales improving as the pressure from average price increases eases in 2024, according to their forecast.

In addition to this, the study revealed that consumers will look to maximise versatility with their upcoming footwear purchases.

This is because shoes that are suitable for casual wear are leading the list of reasons why people will purchase shoes in the first half of 2023.

According to Beth Goldstein, US Footwear and accessories analyst at NPD, “this will be a reset year for the footwear industry,” she said.

We anticipate that, after three years of ups and downs, sales and price trends will level out as consumers settle into their now familiar lifestyles and make strategic decisions about what they must have versus what they would like to have, despite the macroeconomic pressures they continue to face.”

The blurring of the lines between fashion and athletic footwear will continue to be one of the major factors in the industry in the coming years.

This is because consumer priorities shift. In comparison to dress US Footwear, outdoor shoes, and slippers, which are considered non-essential items, casual footwear, sneakers, and athletic footwear are considered necessities.

Sport and leisure was the category in terms of sales that generated the highest revenues in 2022.

However, fashion footwear was the biggest driver of growth with the return of the workplace, events, and other activities bringing attention back to more formal footwear categories.

According to the report, the industry is also expected to continue to evolve. This is because consumers are looking for options that are versatile and comfortable that will meet their needs.

According to Goldstein, the key growth opportunity for US Footwear brands in this environment will be taking market share from competitors in the near term, as the market is expected to remain stable at the topline level.

“An important aspect of this strategy is making sure that we keep pace with the demands of consumers who have become more deliberate in their purchases as time goes on.

In addition, we have to navigate a channel landscape that is far from static and one that changes constantly.

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