U.S. footwear demand is expected to grow 4 percent
- Jul 24, 2019-
Although fears of a trade war and shifting purchases have shaken the U.S. and foreign shoe industries, U.S. footwear demand is expected to grow 4 percent by 2023, according to a report by a foreign research institute.
MarketResearch.com's Freedonia Group (Freedonia Group) according to the report, the next four years footwear market value will increase by 4%, from $26.8 billion in 2018 to $32.6 billion in 2023, but all kinds of other growth, the sneakers will demand more than the overall growth of 4.3%, equivalent to the entire industry $22.9 billion in 2023, but the performance of the sneakers will be poor -- rose just 3.2% a year, creating the total value of $9.8 billion.
Market research firms point to alternative demand, rising disposable personal income and the continued popularity of active non-trainers as drivers of progress.In another survey, Freedonia found that more than 50 percent of American consumers already own one to three pairs of sneakers.Purchasing rates for this category were also low, as more than half of respondents said they had bought one or none of the sneakers in the past 12 months.Walking shoes are the most popular of all sports shoes.
According to the report, 22 percent of the U.S. population bought a pair of sneakers in the past year.However, those aged between 50 and 64 who bought walking shoes at 6.7 per cent were clearly not the typical sneaker brand demographic.The most popular non-athletic style among respondents was casual sneakers and formal shoes or sandals, with 27 percent saying they had bought a pair in the past year.
The report argues that continued recreational sports trends are helping sports shoe sales.Sandals cost less than other types of shoes, which encourages people to buy sandals more often.In 2018, net U.S. footwear imports totaled $25.1 billion, or 96 percent of total demand.Nike, adidas, calerais and skecky are among the leading footwear suppliers in the U.S. market.