Footwear makes positive strides in 2007
All the headlines about the poor economy and a tighter consumer wallet sound depressing, especially to retailers. But there is still hope in the shoe department. According to The NPD Group, 2007 sales results for the U.S. footwear market showed that fashion and athletic footwear totaled $44.4 billion, a 2% increase from 2006.
“This past year has had more challenges than most, yet the industry fared well overall,” said Marshal Cohen, chief industry analyst for The NPD Group. “Not all fashion categories can say that.”
In a category breakdown, men’s footwear plateaued at around $16.7 billion, women’s increased by 3% from 2006 to $22 billion and children’s also jumped by 3% to $5.6 billion.
Fashion-focused footwear kicked it up in 2007. To stay on top in 2008, retailers need to pay close attention to traffic-driving styles. “The most important trend for spring is color,” said Maria Carvalho, dmm of footwear for The Doneger Group. “Color, color, color! There is a lot of color present in dresses and ready-to-wear looks. So following suit, footwear collections have added color to their mix to add a real pop.”
The gladiator sandal, both flat and heeled, will attract even more attention than last year. In general, anything that wraps around the ankle will be welcomed with ripened enthusiasm. That said, straps, wraps and buckles play a vital role in footwear styles for spring and summer.
Classic pumps get a facelift as well. Styles with variations like peep-toe, platforms and ankle straps provide options for any occasion. More specifically, the designs often tailor to customers’ individual tastes with different heels, like cone and wooden, and both rounded and square toes. “But because of the popularity of dress and skirt, the pump is one of the most important silhouettes,” added Carvalho.
Low performance athletic footwear—styles that fuse fashion with comfort—and skateboard shoes grew by 11% and 34% for 2007, respectively. “Skateboard shoes are still a small share of the overall athletic footwear market, just under 8%, but from what consumers tell me, the crossover application of street and skate continue to drive the youth trends in footwear, and that will likely continue for most of 2008,” said Cohen.
The 2007 data also showed that even though brick-and-mortar sales barely grew, if at all, online sales for athletic footwear categories saw double-digit growth.
Although back-to-school is more than a few months away, retailers need to keep the skimmer on their radars. Boat shoes also will attract a crowd, as will plaid patterns.
Economy aside, the footwear market looks promising—with good product and marketing efforts. Cohen added, “2008 will not be an easy year for growth anywhere. Footwear will have to work very hard to drive impulse. It will have to find ways to get consumers away from thinking only about replacement of their worn out footwear, to desiring new footwear. Impulse most always outweighs budget constraints.”