【Foreword】According to NPD Group’s latest “Future of Footwear” report, footwear prices will continue to rise until 2024.
（This picture is from footwearnews.）
On February 28, according to a report from the foreign professional shoe industry website, footwearnews:
According to the NPD Group’s “Future of Footwear” report, shoe prices will continue to rise through 2024, but at a slower pace than last year, partly due to the return of promotions. NPD data shows unit sales and revenue are likely to see single-digit growth through 2024, with unit sales slightly below 2019 levels.
Like the rest of the retail industry, the footwear industry has seen upheaval throughout the pandemic, with multiple categories hitting record prices and revenue. According to the Footwear Distributors and Retailers of America (FDRA), the U.S. footwear industry broke annual records in 2021, with total spending exceeding $100 billion.
Overall, footwear revenue is up 23% in 2021 from 2020, and unit sales are double digits. Part of this revenue growth was due to a lack of promotions during the pandemic due to lower product offerings due to high demand and supply chain disruptions. Prices and revenue growth are expected to decline as discounts begin to recover.
These categories of styles are expected to increase sales.
The NPD data shows that comfort and performance categories continue to outperform fashion footwear in terms of style.
However, as more people return to outdoor socializing, this year’s fashion category is expected to exceed 2019 levels.
Beth Goldstein, fashion footwear and accessories analyst at NPD said:
“Although unit sales will lag, we expect the fashion category to surpass the revenue mark in 2019, helped by higher prices.” “The standout styles will be in line with consumers’ demand for casual comfort as they return to some of the pandemics. previous events and activities, while maintaining some pandemic-related behaviors.”
The NPD found that comfort is so important to consumers that those who raise the price of sneakers and other comfort shoes by 15% are less afraid to buy a pair. However, people are more likely to delay buying more formal or outdoor shoes if prices rise by the same amount.
Shoe manufacturers think so too, and they have learned that shoe sales have been impressive over the past year. However, in the face of the continuous rise in shoe prices in the future, shoe manufacturers suggest not to blindly start expanding production and must be prepared in all aspects before starting. The best way is to find a reliable shoe manufacturer for shoe style selection and use the shoe supplier’s experience to your advantage. XinDeSheng shoe factory can be your choice, and you can read our previous articles to learn more or contact us directly by email: andy.h@topfactoryshoes.com.