Footwear is a huge and increasingly diversified business, driven by a host of demographic, lifestyle and fashion trends. As a result, the category is being segmented ever more finely as seen in the diversity of mainstream footwear trends—from casual comfort to sexy stiletto, and the fact that, in recent years, a far greater range of styles has become acceptable in the U.S. workplace. The liberalization of footwear norms coincided with an era of greed and seemingly endless conspicuous consumption where $150 sneakers and $500 pumps were easily consumed with ever-expanding consumer credit.
However, with a new economic reality comes a paradigm shift in the consumer mindset. For some consumers, charge now and pay later has been replaced with pay now or don’t buy at all. Instead of feeling good about expensive or ostentatious brands as they have in the past, many consumers will increasingly feel good about getting the best value, making the smartest choice, or not spending at all in 2009. The surge in frugality has brought back a variety of money-saving behaviors from days of yore, such as layaway and home cooked meals. Even cobblers are all making a comeback.
Though the market for footwear in the U.S. grew at an annual rate of six percent between 2004 and 2008, growth in 2008 was much more subdued at less than two percent. For the footwear industry, an ongoing consumer paradigm shift in attitudes towards more frugality and less conspicuous consumption means high-flying fashion brands may suffer at the expense of less expensive alternatives. But can the major marketers and retailers adapt?
The U.S. Market for Footwear examines these questions and many others by looking at the current market, trends, major brands, and consumer preferences. The report presents concise, thought provoking analysis of various aspects of the eyewear industry and provides a forecast for the market through 2013.
About the Author
Cogitamus Consulting is a branding and market research boutique in NYC that's all about hard work, imagination and common sense. Working with our clients, we custom tailor solutions and provide creative, thought-provoking analysis that address the most pertinent questions facing marketers, through general business consulting, white papers, and branded product concept and strategy development.
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