Nike this week saw an increase in sales in its home and largest market, North America, with growth of 12% in the second quarter. The reopening of the US economy and the rollout of the vaccine have given people the confidence to splurge on sneakers for running and hiking.
This indicates a buoyant market in the United States and shoe companies are taking note as sales in China and other markets are growing slower.
U.S. consumers have resumed working, socializing and exercising outside of their homes, leading to a rebound in shoe sales following door-to-door orders in 2020 and early 2021, according to Coresight.
Sales fell more than 7% in 2020
Footwear sales in the United States suffered when the pandemic hit last year, with the non-athletic footwear category more affected than athletic footwear.
This year, brands are seeing their sales recover, with double-digit growth in 2021. Vaccine deployments, a return to ânormalâ lifestyles and spending and increased consumer enthusiasm for the culture of sneakers are among the main market drivers in 2021 and beyond.
The top 10 shoe brands account for almost 40% of sales. Coresight research shows that the US footwear market will become more concentrated over the next three to five years, with the top five players increasing their market share.
Article source: Coresight research