United States Footwear Market to Grow at 3.11% During 2023-2028, Spurred by Increasing Popularity of Fast Fashion

March 17, 2021 | Retail

According to the latest report by IMARC Group, titled "United States Footwear Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the United States footwear market reached a value of US$ 89.4 Billion in 2022. Footwear refers to the outer coverings for the feet that assist in protecting them from injuries and facilitates easy movement. It is commonly made from a vast array of materials, such as fabric, leather, jute, plastic, and rubber, that provide optimum support to the feet. Good quality footwear is increasingly being adopted by the masses as it offers enhanced comfort and an attractive fashion style to the wearers. It is widely available in the market in diverse patterns and colors with unique designs and advanced technical fabrications.

United States Footwear Market Trends:

The United States (US) footwear market is majorly driven by the rising demand for fashionable apparel across the country. Coupled with the inflating per capita income levels of the masses and the escalating demand for good-quality footwear with improved comfort and enhanced convenience, this is expected to provide an impetus to the market growth. This is further supported by the constantly evolving fashion trends across the US on account of the rising popularity of fast fashion and heavy investments by key players on celebrity endorsements. Apart from this, easy product availability through online retail channels is creating a positive outlook for the market. These e-commerce platforms offer enhanced convenience to the users via flexible payment methods and easy return/exchange policies, thereby gaining widespread prominence among the masses. The market is further driven by the launch of eco-friendly footwear that is manufactured using sustainable raw materials, including hay, organic cotton, recycled car tires, recycled carpet padding, and vegetable-dyed leather. Numerous key players are also introducing smart shoes in the market that are gaining popularity among customers. These variants consist of pressure sensors that are integrated in the soles to facilitate the easy functioning of self-lacing footwear, thereby creating a positive outlook for the market. Some of the other factors contributing to the market growth include extensive research and development (R&D) activities in the market and the increasing adoption of social media advertising by major key players. On account of the aforementioned factors, the market is expected to grow at a CAGR of 3.11% during 2023-2028.

Market Summary:

On the basis of the product, the market has been bifurcated into non-athletic and athletic footwear.
Based on the material, the market has been classified into rubber, leather, plastic, fabric and others.
On the basis of the distribution channel, the market has been categorized into footwear specialists, supermarkets and hypermarkets, departmental stores, clothing stores, online sales, and others.
Based on the pricing, the market has been segmented into premium and mass.
On the basis of the end user, the market has been divided into men, women and kids.
On the geographical front, the market has been segmented into Northeast, Midwest, South, and West.
The competitive landscape of the market has been examined in the report with the detailed profiles of the key players.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Product, Material, Distribution Channel, Pricing, End User, Region
Region Covered	Northeast, Midwest, South, West
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2699 Five User License: US$ 3699 Corporate License: US$ 4699
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United States Footwear Market to Grow at 3.11% During 2023-2028, Spurred by Increasing Popularity of Fast Fashion

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