The global footwear market is a multi-billion U.S. dollar industry, comprised of sneakers, luxury footwear, athletic footwear, and sporting shoes, as well as other related goods. Footwear products are commonly made of leather, textile, and a range of synthetic materials. The United States has the largest footwear market in the world, generating over 85.8 billion U.S. dollars in revenue in 2022.
Previous generations may have survived with one or two pairs of functional footwear. Today however, the majority of people have a collection of footwear to meet various criteria and needs. Formal, casual, athletic: footwear come in a wide variety of shapes, styles, and sizes. As of 2022, the United States imported about 2.7 billion pairs of shoes. In 2022, the vast majority of shoes being imported to the U.S. came from countries in Asia. Footwear worth over 12 billion dollars arrived from China alone in that year.
The revenue of the athletic footwear industry in the United States amounted to about 14.5 billion U.S. dollars in 2022 and is set to increase to over 17 billion dollars by 2028. Shoes, along with apparel, are increasingly seen as status symbols for consumers. Footwear brands and retailers play a huge role in catering to this market and these attitudes through their respective offerings and ranges as well as their advertising campaigns. For years now, Nike has held the largest share of the U.S. footwear market by far, and in 2022, the company accounted for a turnover of about 46.7 billion U.S. dollars.
Consumers spend significant amounts of their discretionary income on apparel and footwear. In recent years, athletic clothing and footwear has become very trendy and this segment has experienced strong growth in the United States. In 2022 alone, wholesale sales of athletic footwear generated approximately 20 billion U.S. dollars. American women tend to spend more on footwear than men. In 2022, the average household expenditure on women's footwear in the U.S. amounted to just over 173 U.S. dollars.
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Research expert covering apparel industry and general merchandise