Performance footwear set to become fashionable again
US footwear revenues grew by 28% from January to September compared with the same period the year before, and increased by 8% versus 2019, according to consultancy NPD Group.
By 2023 revenues are forecasted to be 16% ahead of pre-pandemic 2019 levels, as average prices continue to rise, led by performance and outdoor footwear.
Beth Goldstein, fashion footwear and accessories analyst at NPD, said: “The brightest spots will be silhouettes that support the more casual and comfortable lifestyle consumers have become accustomed to.
“However, that doesn’t mean that pumps, oxfords, and loafers won’t return to some level of growth over the next few years. With the return to offices and events happening more gradually than initially anticipated, the retail rebound for these silhouettes will be more elongated.”
Matt Powell, sports industry advisor at NPD, added: “After years of continuous declines, the next two years are looking up for performance footwear.
“Running will be the key area here, as I expect we’ll see performance-running shoes return as streetwear. It has been nine years since these shoes were viewed as a fashion trend, and today it will require brands and retailers to rethink the cadence and content of their footwear releases.”
“With the pandemic instilling in consumers a new appreciation for being outside, revenue and unit sales for hiking shoes are projected to continue their healthy annual rise through 2023.”
Image: Brooks Running, whose revenue increased for an eighth consecutive quarter in Q3 2021. From January through September 2021, Brooks grew revenue 43% globally.
