Retail sales outlook for 2024
Gary Raines, Chief Economist of the Footwear Distributors and Retailers of America (FDRA), projected that in 2024, inventory reductions in retail trade will continue due to a downward trend in imports as well.
This situation "(...) will help return some margin and pricing power to footwear retailers deeper into the year," Raines told Footwear News, who also foresees a weakened demand in the sector.
In 2023, footwear in general saw a 0.2% increase in prices. Specifically, men's shoes contracted by 0.5%, while women's shoes saw a 1.1% increase and children's shoes increased by 0.4%.