In Canada, household expenditure on footwear has demonstrated a consistent upward trajectory from 2013 through to 2019, peaking at an annual value of CAD 8.13 billion. A notable decline occurred in 2020, with a significant drop of 17.73% year-on-year, reflective of the COVID-19 pandemic's impact. Recovery was relatively swift, with expenditures rebounding by 13.97% in 2021 and 18.01% in 2022, reaching CAD 9.0 billion. In 2023, the expenditure increased modestly by 1.5% to CAD 9.14 billion.
Looking ahead to the forecasted data from 2024 to 2028, household expenditure on footwear is expected to grow, albeit at a slower pace, with a projected CAGR of 1.15% and an overall growth rate of 5.9% over this period. By 2028, the expenditure is anticipated to reach CAD 9.82 billion.
Future trends to watch for:
- The potential impact of economic fluctuations on discretionary spending.
- Consumer shift towards sustainable and ethical footwear options.
- Advancement in e-commerce and its effect on retail dynamics.
