Declining Footwear Budgets: Strategies for Capturing Consumer Dollars

In 2024, the footwear market faces a decline as consumers cut back on both essential and discretionary spending and inflation concerns persist. The average consumer is expected to reduce their footwear budget by approximately $35 in the next year – a more pronounced drop than the $20 decrease in apparel spending.

That said, many consumers – especially Generation Z and millennials – still want to buy shoes (and multiple pairs of shoes at that). However, they are becoming increasingly price-conscious, balking at even minor price increases and comparison-shopping to seek out the best deals. So what are the effective strategies, price discounts, or promotions that will attract consumers’ dollars in a challenging market?

Simon-Kucher's new report, “The Footwear Industry: Consumer Priorities & Industry Insights,” explores the current state of the footwear industry with a focus on consumer spending plans and price sensitivity in 2024.

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