Despite an overall decline in footwear sales so far this year, consumers are still looking to grab some of the hottest shoes of the moment.
According to new data from Circana’s Retail Tracking Service, Americans are still investing in running shoes, while also trying new fashion footwear like loafers and ballet flats. Flat shoe
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Adult road running shoes grew 6 percent based on dollar sales from January through August 2023, versus last year, Circana noted. The company said that this growth was due to the higher price points of hot brands that encompass both performance and fashion elements in the category.
The report also saw that dollar sales grew for basketball shoes, up 13 percent, tennis shoes, increasing 42 percent, and soccer footwear, rising 16 percent. Circana said that these sports are also having an impact on fashion, with sales up double digits for basketball, tennis and soccer-inspired sneakers.
Over on the fashion side, drivers and loafers are growing in both the men’s and women’s segments of the market. This year, dollar sales of drivers and loafers grew by 19 percent through August. Ballerina flats are also trending, with year over year sales up 14 percent.
These wins come as footwear sales revenue declined by 3 percent from January through August 2023 versus last year, while units sold also decreased, according to Circana. The analytics company noted that the footwear industry is experiencing “soft demand” as Americans are spending less due to a variety of economic factors.
“Economic and experiential factors from higher prices and student loan repayments to travel plans are competing for consumers’ share of wallet,” Beth Goldstein, footwear and accessories industry analyst at Circana, said in a statement. “When they are buying footwear, consumers are choosing more versatile and seasonless styles such as sneakers, loafers, and ballerinas.”
Stepping into the holiday season, footwear sales are expected to decline overall in the fourth quarter compared to 2022, according to Circana’s latest Future of Footwear findings. “Despite early brand and retailer promotions, there will be a last-minute push that likely will not be enough to offset the declines,” said Goldstein. “The various footwear categories will follow different sales trajectories, with some peaking earlier in the season and others, like the more gift-oriented styles, later.”
Looking ahead to 2024, both dollar and unit sales are forecasted to flatten as average prices will also level off. “Success will be measured by market share gains,” Goldstein added. “Brands and retailers will need to be innovative with their product offerings, distribution, and marketing strategies.”
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