Footwear Gross sales Slowed in Q3, However Customers Are Anticipated to Purchase Extra Footwear This Vacation Season

The footwear market slowed within the third quarter of 2024, however the temper is brighter as the vacation season kicks off.

In keeping with new knowledge from Circana, U.S. footwear trade gross sales have been $10.5 billion in Q3, down by 1 % from the identical time final yr. This knowledge covers wholesale footwear gross sales between July 2024 and September 2024 and doesn’t embody manufacturers’ direct-to-consumer companies.

Efficiency footwear, which has been leading the way for a lot of quarters now, got here in flat in Q3 at $2.2 billion. Throughout the efficiency phase, gross sales of soccer and tennis footwear grew, Circana famous. Operating shoe sales additionally stored their stride within the quarter, with gross sales up 4 % in Q3.

As for the way the remainder of the footwear market carried out within the third quarter of 2024, outcomes have been blended. Within the athleisure area, Circana discovered that operating, soccer and training-inspired sneakers have been the highest progress segments throughout the full footwear market. General, the leisure footwear phase noticed gross sales improve 3 % over the identical interval final yr to $5.2 billion.

On the subject of trend types, nonetheless, the market is much less enthused, with gross sales within the quarter falling 6 % to $3.1 billion. Throughout the class, Circana famous that shoe silhouettes akin to flats, ballerinas and pumps grew for the quarter, as did slippers, which carried out particularly nicely throughout the back-to-school months. And whereas boots have been tender general within the quarter, gross sales of high shaft boots grew by 30 % and winter/snow boots elevated 10 %, in comparison with Q3 2023.

“As we noticed from the back-to-school procuring outcomes, the necessity to prioritize continues to drive customers’ buying habits, as they’re targeted on their particular person, speedy wants quite than the retail calendar,” Beth Goldstein, footwear and equipment analyst at Circana, stated in a press release. “Within the transitional Q3 interval, we continued to see sneakers and seasonless, versatile trend types do greatest, however customers started to dip a toe into cooler climate types.”

Trying forward, Circana discovered that shopper sentiment because it pertains to the vacation procuring season is improved in comparison with the previous two years. In keeping with the corporate’s annual Vacation Buy Intentions report, vacation buyers plan to spend a median of two % greater than final yr, as Black Friday hits a four-year excessive in expectation of the most effective vacation offers.

“As we gear up for the 2024 vacation season, there’s definitely a vivid facet as customers are feeling extra optimistic than final yr,” Goldstein added. “Extra customers intend to buy footwear this yr, in line with Circana’s annual vacation buy intentions research. As well as, extra customers plan to journey for the vacations this yr, which might be a key promoting level to leverage throughout many classes together with footwear.”