Explore the latest insights from our study of 1,000 U.S. consumers about their sping habits and expectations in the footwear industry for 2024 and beyond.
The footwear market landscape is evolving as consumers adapt to a period of budgetary constrnts and price sensitivity. Despite this headwind, some are still keen on expanding their shoe collections, valuing diversity, deals, fast shipping, among other factors. To navigate through these challenges, footwear brands must strategize with focus on assortment optimization, pricing tactics, promotion efficiency, marketing execution, and product lifecycle management.
Below you'll find key takeaways from our report “The Footwear Industry: Consumer Priorities Insights,” avlable for download. We encourage you to share, reference, or publish the findings while crediting Simon-Kucher and linking back to this page. For additional inquiries, data requests, media assets, or to connect with the authors, please eml us at [email protected].
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Price-sensitive shoppers are switching to cheaper alternatives even in anticipation of moderate price hikes. As discretionary sping stays flat, average consumers expect $35 less on footwear purchases compared to last year's figures. Most consumers 80 have recognized recent price increases, with an observed average rise of 30, significantly outpacing the Consumer Price Index increase at just 1.5. This highlights heightened consumer sensitivity towards price fluctuations.
For instance, when confronted with a mere 5 increase in footwear costs, nearly three-quarters of consumers would halt their purchase and opt for comparison shopping or wting for discounts instead. Consumers typically anticipate an average discount rate of 33 during promotions.
Pricing strategies across product portfolios and promotional discounts deeply impact consumer decision-making processes.
Footwear trs underscore the love for casual comfort. The most popular categories are:
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Athletic shoes 74, including cross-trning, running, and basketball styles
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Casual wear 42
Fit and comfort have become paramount in consumers' shopping criteria due to lifestyle changes post-pandemic, especially among remote workers. This tr has resulted in significant growth for comfort-focused footwear brands.
Although online retlers like Amazon dominate the scene with casual shoe purchases, athletic and comfort shoes are favored by buyers through physical store experiences.
Brands must ensure cross-functional alignment across innovation, design, channel-specific assortments, and merchandising to cater to current trs and demands effectively.
As consumer behaviors evolve rapidly, younger demographics such as Gen Z and millennials exhibit distinct patterns in sping habits. These price-conscious young consumers outsp older households, with millennials being the largest buyers of multiple shoe prs and exceeding average household sping by 36.
Gen Z shoppers are willing to delay purchases or opt for cheaper alternatives when faced with price increases, whereas Baby Boomers and older generations are more likely to wt for discounts. Gen Z is also adept at seeking footwear deals on discount websites.
Demographic insights show that males t to sp more on footwear than females and that certn shoe categories e.g., casual sneakers are more popular among lower-income households, while others might appeal more to higher-income audiences.
In response to these shifts in consumer priorities over the past two years, brands must continuously adapt to changing buying behaviors. Regularly reviewing segmentation strategies is crucial for mntning relevancy.
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