U.S. Footwear Market Faces Challenges in Q3 2024 but Holiday Sales Forecast Brings Hope

U.S. Footwear Market Faces Challenges in Q3 2024, but Holiday Sales Forecast Brings Hope

The U.S. footwear market experienced a slight dip in the third quarter of 2024, as the sector faced a 1% drop in sales compared to the same period last year.

Circana’s latest data reveals that industry sales in Q3 amounted to $10.5 billion, covering wholesale footwear from July through September.

Notably, these figures exclude sales from direct-to-consumer (D2C) channels, focusing solely on wholesale market performance.

Despite this modest downturn, industry players are optimistic about a stronger end to the year, with consumer sentiment showing signs of improvement as the holiday season approaches.

Performance footwear, a category that has outperformed for several quarters, saw flat growth, holding steady at $2.2 billion.

The resilience in this segment is largely due to rising demand for soccer and tennis shoes, which Circana reports have grown consistently.

Additionally, running shoe sales increased by 4% in Q3, reflecting steady interest from fitness-focused consumers.

The athleisure market showed promising growth in Q3, especially in running, soccer, and training-inspired sneakers, which emerged as top-selling styles across the market.

Sales in the broader leisure footwear category climbed by 3% YOY to reach $5.2 billion, indicating solid consumer interest in comfort and casual styles.

The demand for athleisure footwear reflects broader trends in lifestyle-focused fashion, as consumers increasingly value comfort and functionality.

However, the fashion-oriented segment of the footwear market did not fare as well. Sales in this category dropped by 6%, totaling $3.1 billion for the quarter.

Within fashion footwear, certain styles showed resilience: flats, ballerinas, pumps, and especially slippers performed well, bolstered by back-to-school shopping in early fall.

High shaft boots, which saw a 30% increase, and winter/snow boots, which rose by 10% compared to Q3 2023, also offered bright spots in an otherwise subdued fashion segment.

Looking ahead to Q4, the holiday season offers a glimmer of hope for the footwear market. Circana’s Holiday Purchase Intentions report indicates that consumer spending intentions are up, with shoppers planning to spend an average of 2% more than last year.

The report also shows that Black Friday expectations have reached a four-year high, as consumers anticipate finding more significant holiday deals in 2024.

This positive outlook is partly due to improving economic confidence, as more consumers express a desire to invest in apparel and footwear as holiday essentials.

In conclusion, despite a challenging third quarter, the U.S. footwear market is positioning itself for a potential rebound during the holiday season. With rising consumer optimism and an expected increase in holiday travel, the industry may see a lift in sales as shoppers gear up for festive purchases.

The original article was published by FootwearNews

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Arshad

Arshad

He is an engineer specializing in Leather Technology, known for his keen interest in analyzing global leather, footwear, and leather goods markets & his ability to make complex information clear & accessible. 

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