The footwear sector anticipates a 'reboot' in 2023, according to NPD
In the ever-evolving world of fashion, the footwear industry is gearing up for a transformative period, as revealed by recent reports from The NPD Group and other research organisations.
As consumers tighten their wallets in response to inflation, it appears that casual footwear, sneakers, and athletic footwear are likely to be considered necessities. According to a survey by AlixPartners, nearly half of women and a third of men have deprioritised shoe shopping due to financial concerns.
However, the news isn't all gloomy. The growth of fashion footwear sales last year was partly attributed to consumers returning to in-person events. This trend is expected to continue, with consumers seeking shoes suitable for casual everyday use in the first half of 2023.
Categories like dress footwear, outdoor shoes, and slippers are not expected to be in high demand due to tightened budgets. Conversely, sports leisure footwear generated the highest revenue in the previous year, as per the report, and is likely to remain a strong contender.
The footwear industry is predicted to experience a reset year, according to Beth Goldstein, footwear and accessories analyst at NPD. However, the organisation forecasts steady growth in the shoe market through 2025, with evolving consumer preferences shaping product innovation and retail strategies.
One of the key trends expected is the sustained growth in athletic footwear. Consumers' ongoing interest in comfort and lifestyle-oriented styles is expected to fuel this category's growth. Additionally, brands incorporating sustainable materials and environmentally friendly manufacturing practices are gaining traction, responding to rising consumer demand for eco-conscious products.
Shoes offering enhanced comfort features, such as cushioning, support, and ergonomic designs, are becoming increasingly popular, as consumers prioritise health and wellness. The expansion of direct-to-consumer (DTC) and digital sales channels is also projected, reflecting changing shopping behaviours and the importance of digital engagement.
Collaborations between footwear brands and designers or celebrities drive excitement and premium pricing, effectively attracting younger and trend-focused consumers. Higher-end shoes that promise both style and performance are becoming more appealing, especially among younger demographics willing to invest in quality products.
The NPD Group's predictions suggest that the shoe market will continue to evolve, with a focus on comfort, sustainability, and digital engagement. It's an exciting time for the footwear industry, as it adapts to the changing needs and preferences of consumers.
For more specific sales numbers or deeper insights from their reports, feel free to ask!
- Amidst growing inflation and financial concerns, the demand for casual footwear, sneakers, and athletic footwear appears stronger, particularly in the retail sector.
- The footwear industry, in its prediction for 2023, expects consumers to prioritize shoes suitable for casual everyday use.
- As consumers prioritize health and wellness, shoes with enhanced comfort features, like cushioning, support, and ergonomic designs, are witnessing increased popularity.
- Brands incorporating sustainable materials and eco-friendly manufacturing practices are experiencing increased demand in the footwear industry, driven by growing consumer interest in personal-finance-friendly and environmentally conscious products.
