The footwear market slowed in the third quarter of 2024, but the mood is brighter as the holiday season kicks off.
According to new data from Circana, U.S. footwear industry sales were $10.5 billion in Q3, down by 1 percent from the same time last year. This data covers wholesale footwear sales between July 2024 and September 2024 and does not include brands’ direct-to-consumer businesses.
Performance footwear, which has been leading the way for many quarters now, came in flat in Q3 at $2.2 billion. Within the performance segment, sales of soccer and tennis shoes grew, Circana noted. Running shoe sales also kept their stride in the quarter, with sales up 4 percent in Q3.
As for how the rest of the footwear market performed in the third quarter of 2024, results were mixed. In the athleisure space, Circana found that running, soccer and training-inspired sneakers were the top growth segments across the total footwear market. Overall, the leisure footwear segment saw sales increase 3 percent over the same period last year to $5.2 billion.
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When it comes to fashion styles, however, the market is less enthused, with sales in the quarter falling 6 percent to $3.1 billion. Within the category, Circana noted that shoe silhouettes such as flats, ballerinas and pumps grew for the quarter, as did slippers, which performed especially well during the back-to-school months. And while boots were soft overall in the quarter, sales of high shaft boots grew by 30 percent and winter/snow boots increased 10 percent, compared to Q3 2023.
“As we saw from the back-to-school shopping results, the need to prioritize continues to drive consumers’ purchasing behavior, as they are focused on their individual, immediate needs rather than the retail calendar,” Beth Goldstein, footwear and accessories analyst at Circana, said in a statement. “In the transitional Q3 period, we continued to see sneakers and seasonless, versatile fashion styles do best, but consumers began to dip a toe into cooler weather styles.”
Looking ahead, Circana found that consumer sentiment as it relates to the holiday shopping season is improved compared to the past two years. According to the company’s annual Holiday Purchase Intentions report, holiday shoppers plan to spend an average of 2 percent more than last year, as Black Friday hits a four-year high in expectation of the best holiday deals.
“As we gear up for the 2024 holiday season, there is certainly a bright side as consumers are feeling more optimistic than last year,” Goldstein added. “More consumers intend to purchase footwear this year, according to Circana’s annual holiday purchase intentions study. In addition, more consumers plan to travel for the holidays this year, which will be a key selling point to leverage across many categories including footwear.”
