Changing consumer preferences for athletic, casual and specialty will drive growth in the U.S. footwear market.
Data from Research and Markets projects a CAGR (compound annual growth rate) of 3.11 percent, setting the stage for growth to soar from $105.54 billion in 2024 to $139.03 billion by 2033.
And while e-commerce and omnichannel strategies will reshape the market through personalized experiences, it will be the major players such as Nike and Adidas leading innovations that will influence trends and consumer demand.
Research and Markets noted that technology breakthroughs are impacting the competitive and dynamic U.S. footwear market, coupled with changing consumer tastes and fashion innovation. In particular, the demand for athletic and performance-oriented shoes has “increased dramatically” due to growth health consciousness and the popularity of sports and fitness activities. In addition, the market for casual and lifestyle footwear has grown due to greater awareness of comfort and style. A contributing factor is also the growth of remote work settings, with brands releasing hybrid designs that fuse fashion with practicality.
“American consumers are increasingly likely to spend money on high-quality, trend-driven footwear as a result of shifting fashion cycles and more disposable income,” the report noted.
The report noted that online retail has allowed brands to reach a larger audience, while sustainability has both well-known and up-and-coming brands emphasizing ethical sourcing, eco-friendly materials and circular business models. (In reality, the focus on sustainability has been uneven, and some brands have backed away from efforts in recent years.)
Among the big challenges, the price of raw materials, interruptions in the supply chain and fake goods continue to exist, but that the U.S. footwear market will continue to grow over the long-term due to the combination of innovation, sustainability measures and consumer-centric shopping, the report asserts.
Data points show that regional demand varies across the U.S., with fashion-forward states driving premium footwear sales and southern and midwestern regions showing strong demand for comfort and athletic footwear.
“California, Texas, New York, and Florida remain key growth markets,” Research and Markets said.
