US Footwear Market (2017–2027)
The global footwear industry is set to generate $135 billion in revenues in 2023, a 16.9% annual increase. With apparel and accessories among the top ecommerce categories in the United States, opening an online footwear store can prove to be lucrative for aspiring entrepreneurs.
To understand potential sales, here’s a closer look at the US footwear market size.
US footwear industry statistics: 2017–2023
According to a recent analysis of the US footwear market, online revenues from these products are estimated to hit $23.6 billion in 2023. This marks a 2.5% annual increase and a rebound, following a slight shrinking of the market in 2022.
These latest footwear industry statistics show that the market has largely expanded over the past few years. Aside from a fractional decline of 0.2% last year, which is in line with the global footwear market’s performance, US footwear revenues have increased every year since 2018. Industry analysts have attributed the dip in 2022 to the economic slowdown brought on by the Ukraine-Russia war.
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In 2017, the US footwear market size was $14 billion. This rose by 6.8% in 2018, to $14.9 billion, before another increase of 7.4% in 2019 took total annual revenues to $16 billion. In 2020, footwear revenues surged by 17%—more than two times the previous year’s growth rate—to $18.7 billion. This was followed by a 22.9% rise in 2021, the largest year-on-year growth expected between 2017 and 2027, to $23 billion.
US footwear industry statistics: 2024–2027
Looking ahead, the US footwear industry is set to continue rising. By analysts’ estimates, the sector is expected to grow its revenues by 12.6% in 2024, to $26.5 billion. Growth of 12.2% has also been forecast for 2025, which will bring the market size to $29.8 billion.
Industry experts have predicted continued growth for 2026 and 2027, albeit at slower rates. In 2026, the US footwear market is forecast to increase its revenues by 4%, one-third of the previous year’s growth rate, to $31 billion. By 2027, this is expected to hit $32.5 billion, after a 4.9% annual rise.
From 2017 to 2027, online revenues from the US footwear industry are set to increase by $27.6 billion, an overall increase of 132.4% and an average annual growth rate of 9%.