Table of Contents
Executive Summary
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- Top takeaways
- After declines in 2020, the footwear market will rebound quickly
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- Figure 1: Total US sales and fan chart forecast of Footwear, at current prices, 2015-25
- Figure 2: Total US sales and forecast of footwear, at current prices, 2015-25
- Impact of COVID-19 on online footwear retailing
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- Figure 3: Short-, medium- and long-term impact of COVID-19 on online footwear retailing, April 2021
- Opportunities and challenges
- Offer circular shopping options to keep consumers engaged, regardless of their budget or interests
- Flexible try-on policies will break down the barriers of buying without seeing
- Rethinking shipping will meet consumers’ evolving expectations
The Market – Key Takeaways
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- Footwear declines will quickly rebound
- Culture, sustainability and technology will keep consumers engaged
Market Size and Forecast
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- The pandemic caused declines, but the category will quickly rebound
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- Figure 4: Total US sales and fan chart forecast of Footwear, at current prices, 2015-25
- Figure 5: Total US sales and forecast of footwear, at current prices, 2015-25
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- Figure 6: Disposable personal income change from previous period, January 2020-December 2020 (prepared on March 24, 2021)
- Impact of COVID-19 on online footwear retailing
- Learnings from the last recession
Market Factors
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- Unemployment and low confidence challenge the market, but circular retail provides growth opportunities
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- Figure 7: Consumer confidence and unemployment, 2000- January 2021
- Interest in sneaker culture keeps younger generations engaged
- Technology will make the online footwear experience seamless and entertaining
- Sustainability will become a bigger priority for footwear consumers
Companies and Brands – Key Takeaways
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- Subculture and partnerships drive consumers’ interest
- Technology can make online shopping easier and more interactive
Competitive Strategies
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- Brands embrace footwear’s subculture
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- Figure 8: Dr Martens x Hello Kitty, 60 years of dedicated fans, March 2021; Supreme/Nike Goadome launch, January 2021
- Partnerships drive exclusivity and create hype
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- Figure 9: Birkenstock1774 X MAFCSM collaboration, March 2021
- Sustainability gets prioritized
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- Figure 10: Allbirds announces plant leather, February 2021
Market Opportunities
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- Implement tech-centric product discovery
- Circular retail unlocks value for brands and consumers
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- Figure 11: StockX seller-targeted content, February 2021
- Gaming and social platforms can foster online communities
- Appeal to collectors with sneaker NFTs
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- Figure 12: Business of Fashion post – Gucci NFT sneakers, March 2021
The Consumer – Key Takeaways
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- The market is growing more casual
- Online shopping isn’t just tactical; it’s enjoyable
- Footwear fans are actively engaged, often on social media
- Product inconsistency prevents purchases, and flexibility unlocks purchases
- Brand discovery happens through ads and social networks
Items Purchased
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- Casual styles are the footwear of choice
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- Figure 13: Items purchased, January 2021
- Women’s browsing prompts multiple purchases
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- Figure 14: Items purchased – by gender and age, January 2021
- Efficiency drives parents to shop online
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- Figure 15: Items purchased – by parental status, January 2021
- Hispanic consumers are active online footwear shoppers
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- Figure 16: Items purchased, by race and Hispanic origin, January 2021
Retailers Shopped and Shopping Method
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- Amazon reigns, but brand and department stores remain competitive online
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- Figure 17: Retailers shopped, January 2021
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- Figure 18: Nike Run Club Global Community Challenge, July 2020
- Younger adults are comfortable shopping on apps and social media
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- Figure 19: Shopping method – by gender and age, January 2021
- Conscious consumerism motivates young adults to shop secondhand
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- Figure 20: Retailers shopped – by generation, January 2021
Reasons for Buying Online
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- Online shopping has become a source of enjoyment for many
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- Figure 21: Reasons for buying online, January 2021
- Older shoppers want to avoid stores
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- : Figure 22: Fleet Feet virtual fit finder, May 2020
- Men view shopping online as more efficient
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- Figure 23: Reasons for buying online – by gender, January 2021
Shopping Behaviors
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- Women browse for fun, not just for need
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- Figure 24: Shopping behaviors – by age and gender, January 2021
- Men see greater value in collaborations and collecting
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- Figure 25: Shopping behaviors – by gender, January 2021
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- Figure 26: LeBron James pre- and post-game outfits, February-March 2021
- Younger generations shop with intent to sell
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- Figure 27: Shopping behaviors – by generation, January 2021
Social Media Shopping Behaviors
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- Social media engages consumers before and after purchase
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- Figure 28: Social media shopping behaviors - NET, January 202
- Majority of shoppers are already purchasing through social, but men show higher interest
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- Figure 29: Social media shopping behaviors – by gender, January 2021
Attitudes toward Shopping for Footwear Online
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- Free shipping is an expectation for most
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- Figure 30: Attitudes toward shopping for footwear online, January 2021
- Consumers are subscribing to sneaker culture
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- Figure 31: Attitudes toward shopping for footwear online – by gender and age, January 2021
- Figure 32: Attitudes toward shopping for footwear online – by race and Hispanic origin, January 2021
- Most shoppers are willing to explore brands, but young adults appreciate an extra chance to save
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- Figure 33: Attitudes toward shopping for footwear online – by gender and age, January 2021
Barriers to Buying Online
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- Fit inconsistencies prevent purchases, even among frequent shoppers
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- Figure 34: Barriers to buying online, January 2021
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- Figure 35: Barriers to buying online – by gender and age, January 2021
- Figure 36: Barriers to buying online – by race and Hispanic origin, January 2021
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- Figure 37: Consignment Brooklyn Instagram live sale, February 2021
- Points of friction prevent purchases across all ages
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- Figure 38: Barriers to buying online – by age, January 2021
Motivations to Shop Online
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- Consumers see value in flexibility and savings
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- Figure 39: Motivations to shop online, January 2021
- Unique products will entice young men to shop
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- Figure 40: Motivations to buy online – by gender and age, January 2021
- Younger generations seek emerging payment and discovery options
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- Figure 41: Larroude scannable QR codes, December 2020
- Figure 42: Motivations to buy online – by generation, January 2021
Online Footwear Brands: Awareness and Discovery
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- Awareness is growing
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- Figure 43: Online footwear brand awareness, January 2021
- Parents are active online shoppers
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- Figure 44: Online brand awareness – by parental status, January 2021
- Discovery happens online and through peer network
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- Figure 45: Online brand discovery – NET, January 2021
- Men and women turn to different resources
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- Figure 46: Online brand discovery - NET – by gender, January 2021
Online Sneaker Brands: Awareness and Discovery
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- The online sneaker community is exclusive
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- Figure 47: Online sneaker brand awareness, January 2021
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- Figure 48: Online sneaker brand awareness, by gender and age, January 2021
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- Figure 49: Online sneaker brand awareness – by race and Hispanic origin, January 2021
- Social media plays a bigger role in the sneaker market
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- Figure 50: Online sneaker brand discovery – NET, January 2021
Appendix – Data Sources and Abbreviations
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- Data sources
- Sales data
- Forecast
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
Appendix – The Market
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- Figure 51: Total US online sales of clothing, clothing accessories and footwear, at current prices, 2015-20
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Appendix – The Consumer
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- Figure 52: Attitudes toward shopping for footwear online, January 2021
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