Footwear industry identifies 2023 obstacles
The year 2023 was marked by various factors that impacted the performance of the footwear sector in the United States. One of them was inflation, which led to more limited spending and a more cautious consumer when purchasing non-essential products.
This is compounded by uncertainty about the recession and higher interest rates in North America. Footwear brands had to deal with smaller orders due to accumulated inventories.
Furthermore, several renowned companies made leadership changes, which entail business modifications; while investment in the metaverse will be limited due to lack of interest.
Finally, theft and organized crime prevent profit increases, as reported by local media.