This week, Nike saw an increase in sales in North America, its largest market. The company reported a 12 percent increase in second quarter sales. People felt confident to spend on running and hiking shoes after the U.S. economy reopened and the vaccine was released.
This is a sign of a strong market in the US, and it is something that footwear companies are paying attention to as China and other markets see slower growth.
Coresight reports that U.S. consumers are returning to work, socialising, and exercising outside their homes. This has led to a revival of footwear sales after stay-at home orders in 2020 and 2021.
In 2020, sales fell by more than 7 %
U.S. footwear sales fell after the pandemic of last year. Non-sports footwear took a greater hit than those in sports footwear.
Brands are experiencing a recovery in sales this year, with double-digit growth for 2021. The market will continue to grow in 2021, thanks to vaccine rollouts, increased consumer interest in sneaker culture, and a return of ‘normal’ living and spending patterns.
Nearly 40% of all footwear sales is made by the top 10 brands. Coresight research shows that the U.S. footwear market will continue to focus in the coming three to five year, as the market share of the top five players increases.