Footwear retail sales in the US were $10.8 billion in the third quarter, flat compared to the same quarter last year.
That’s according to quarterly data from The NPD Group’s Retail Tracking Service, which excludes DTC sales. The report comes as inflationary pressures continued to weigh on the US economy and began to show some signs of abating. Compared to 2021, consumer prices rose 8.2% in September. Retail shoe prices rose 3.9% in September from a year ago, the slowest increase in 17 months.
By category, sales of leisure footwear were flat in the third quarter at $5.2 billion and performance footwear was down 6% at $2.1 billion. Fashion footwear sales, on the other hand, rose 7% to $3.5 billion as consumers spent more on sandals and special-occasion footwear. Sales in physical stores were flat in the third quarter compared to last year, although e-commerce sales grew 4%.
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“Social events are back on the calendar, prompting consumers to shop for dressier silhouettes to refresh and replenish their wardrobes, something they haven’t really had to do for two years,” said Beth Goldstein, a footwear analyst and NPD fashion accessories. “These needs should help boost sales through the holiday season, although shoe sales are expected to decline slightly in the fourth quarter compared to last year, according to the NPD Future of Footwear forecast.”
Fashion shoes continue to be the fastest growing segment of the footwear market this year in terms of sales, returning to pre-pandemic levels in 2019, NPD found. Despite the drop in athletic shoe sales, sneakers still have the lion’s share of the shoe business.
According to NPD sports industry adviser Matt Powell, inflation, recession concerns and supply chain issues have held back athletic shoe results, which are still above pre-pandemic levels in 2019.
“We can expect a very promotional holiday shopping season for athletic shoes as brands promote to drive sales and clear excess inventory,” he said.
To eliminate inventory buildups during the second and third quarters, retailers like Target and Walmart have already mentioned increasing sales at their stores, especially in categories like clothing. In many cases, these sales have been labeled as early holiday or Black Friday deals.
NPD also released some findings from its Holiday Buying Intentions Study, indicating that shoppers will limit the amount they buy this year given current trends in the economy. 43% of respondents indicated their intention to spend less due to higher prices.
Overall holiday sales are expected to rise at a slower rate than in 2021, Deloitte forecast, reflecting a general slowdown in the economy this year.
Source: news.google.com