Despite the decrease in spending on adult footwear, families have not reduced spending on their kids’ footwear. In fact, shoes for kids were the fastest-growing segment of the footwear market. Consumers spent more on kids’ footwear, thanks to average price increases, and spending per buyer grew 9 per cent year over year, according to the company’s Checkout data.
The generational trends in footwear spending were also evident, with millennial households with kids contributing to a quarter of the total market declines and gen Z households with kids accounting for half of the declines. These segments experienced declines in adult footwear sales but increased spending on kids’ footwear. On the other hand, millennial households without kids were responsible for almost 45 per cent of the annual market growth.
US households with kids are reducing their spending on adult footwear, leading to a decline in sales revenue and unit sales.
However, families have not reduced spending on their children’s footwear.
Generational trends also show a shift in spending, with millennial and gen Z households with kids prioritising their children’s footwear needs over their own.
Beth Goldstein, footwear and accessories analyst at Circana, said: “Families are obviously feeling the pressure from inflation. Without the government assistance that many households with children had previously received, they are now prioritising their kids’ footwear replacement needs over their own.
“As footwear brands and retailers look for growth, messaging around value for the family will be important. These consumers are feeling the pinch due to increased prices on many of their household necessities.”
Fibre2Fashion News Desk (DP)
