Shoeconomy – The Economics of the US Footwear Industry .
The United States is one of the most powerful countries in the world, and its footwear industry is growing rapidly year-on-year, with results that accelerate economic growth. Every year, millions of dollars are invested into the industry. Below you will find more information about the economic advances of the footwear industry in this country.
Footwear is one of the most popular consumer items in the United States. More than 7 pairs per man, woman and child are imported into the country, generating over 80 billion dollars in sales and therefore, millions are also invested back into platforms to guarantee high-quality, making footwear one of the most solid supply chains in the world.
The industry faces constant challenges like in other industries, such as adapting quickly to changes in consumer demand, or developing and implementing speed in market strategies, so it is always looking for innovative and solid strategies. Below are some statistics about the sector in the United States.
2.5 billion pairs of shoes imported
7.6 pairs per resident imported
25 million pairs manufactured
$82.5 billion dollars spent by consumers
333,626 jobs in the sector
Leather imports is also one of the principal businesses in this country. In 2019, a growth of 2.5% is expected per quarter that aligns with the impact from Trumps’ tax cuts, but above all, the slowing down of car and property sales.
*Footwear is one of the products with highest taxes
*Families pay over half a billion dollars for children’s footwear
*Consumers prefer buying shoes from stores (77%) compared to online stores (23%)
*This season, shoes will be bought more out of necessity, and next depending on cost.
*Most footwear bought is for children, then for men, and lastly for women
The footwear types that are most sold are:
*Shoes in general
The top 5 countries that the United States imports shoes from:
The top 5 countries that the United States exports footwear to:
The footwear market’s revenue will reach $91.2 billion dollars in 2019 and it is expected that the market will grow by 2.3% every year until 2023. The footwear industry is the second most important in the fashion sector in the United States.