Nike this week saw a surge in sales in its home and largest market, North America, reporting 12 percent growth in the second quarter. The reopening of the U.S. economy and the roll out of vaccine gave people confidence to splurge on sneakers for running and hiking.
It is indicative of a buoyant market in the US and footwear companies are taking note as sales in China and other markets are seeing slower growth.
U.S. consumers have returned to working, socialising and exercising outside of their homes, leading to a revival in footwear sales following stay-at-home orders in 2020 and early 2021, says Coresight.
Sales declined by more than 7 percent in 2020
U.S. footwear sales suffered when then pandemic hit last year, with the non-sports footwear category taking a bigger hit than sports footwear.
This year brands are seeing sales recovered, with double-digit growth in 2021. Vaccine rollouts, a return to ‘normal’ ways of living and spending, and increased consumer hype for sneaker culture are among key drivers of the market in 2021 and beyond.
The top 10 footwear brands account for almost 40 percent of sales. Research from Coresight shows U.S. footwear market to concentrate further in the next three to five years, as the top five players increase their market share.