The U.S. footwear market had its best week of the season the week of Thanksgiving, with dollar sales down just 1 percent versus last year, according to new data from Circana.
Beth Goldstein, footwear and accessories industry analyst at Circana, noted in a statement that “footwear’s improved results” over the holiday week were driven by performance shoes. “The growth in the performance category was likely led by running.”
She added that “hot brands like Hoka and On” likely played in this category.
More specifically, performance shoes saw dollar sales increased by 10 percent in the week ending Nov. 25, while units were up 4 percent and the average selling price increased 5 percent.
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As for leisure footwear, which includes casual sneakers, dollar sales grew by 2 percent, units were down 3 percent, and average selling prices were up 5 percent.
Other shoe categories like fashion footwear did not fare as well. The category saw both dollar and unit sales decline by 7 percent, with average selling prices flat. Goldstein attributes this to increased promotional activity across fashion shoes.
Overall, footwear units sold declined by 4 percent in the period, and dollar sales declined at a softer rate of 1 percent due to the increase in average selling prices, which were up 4 percent, the consumer behavior analytics company said on Thursday.
In a blog post on Tuesday, Goldstein declared that year-over-year growth is “unlikely” for either the footwear or accessories businesses in the fourth quarter. “My in-store and online observations this past weekend reinforced my footwear and accessories expectations for the season,” Goldstein wrote. “The priorities that consumers have been exhibiting throughout the year due to various macro challenges and their emphasis on experiences will put pressure on retail spending.”
On Tuesday, the National Retail Federation noted that a record 200.4 million consumers shopped from Thanksgiving Day through Cyber Monday, surpassing last year’s record of 196.7 million.
According to NRF, consumers reported that on average, 55 percent of their Thanksgiving weekend purchases were specifically driven by sales and promotions, up from 52 percent in 2022.
NRF defines the holiday season as Nov. 1 through Dec. 31 and has forecast that holiday spending is expected to reach record levels and will grow between 3 percent and 4 percent, totaling $957.3 billion to $966.6 billion.
