Highlights
US Retail: footwear under pressure as retail holds
Although overall sales remained stable in 2025, performance within the fashion sector was mixed, with clothing outperforming the far more volatile footwear segment. At the same time, weakening consumer sentiment persisted despite easing monetary policy, signalling growing uncertainty. This is particularly evident in footwear imports, which reversed sharply after a strong start to the year and declined alongside retail sales, even as import prices continued to rise. The combination of falling volumes and higher costs points to a sector increasingly squeezed by soft demand and ongoing supply-side issues
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