According to the latest Future of Footwear forecast by the market research analyst The NPD Group, the footwear industry is expected to grow sales revenue at the slow and steady pace of 1% through 2025, with unit sales beginning to improve in 2024, as the pressure from average price increases will ease. The frontiers between fashion, leisure, and performance footwear will continue to blur, but in the first half of 2023, “shoes good for casual everyday use” will top the reasons for consumers to purchase.

“This will be a reset year for the footwear industry”, commented Beth Goldstein, footwear and accessories analyst at NPD. “After three years of ups and downs, we can expect sales and price trends will level out as consumers settle into their now-familiar lifestyles and make strategic choices about their must-haves versus their nice-to-haves, as they continue to grapple with macroeconomic pressures”, she explained.

The report highlighted that last year, the sports leisure category generated the highest sales, but fashion footwear was the biggest driver of growth due to the return of people to the workplace, events, and other social activities. However, the impact of these social behaviours will level off this year, “as the replenishment needs that propelled the category in 2022 will slow”, pointed out Goldstein. In the short term, with consumers weighing their priorities owing to the macroeconomic context, casual footwear, sneakers, and athletic footwear are most likely to be considered necessities when compared to items such as dress footwear, outdoor shoes, and slippers.