The household expenditure on footwear in the US has shown a general upward trend from 2013 to 2023. The period from 2013 to 2019 saw consistent growth, with year-on-year increases ranging between 2.17% and 5.37%. A significant drop occurred in 2020, with a 10.75% decrease likely due to the pandemic. However, a strong recovery followed in 2021 with a 27.96% increase. The expenditure slightly decreased by 3.16% in 2023, standing at 106.59 Billion US Dollars. The five-year CAGR from 2018 to 2023 was 3.46%.

Looking ahead, the forecasted data from 2024 to 2028 indicates a steady growth with an average annual growth rate (CAGR) of 2.48%, leading to a 13.04% total growth over this period. By 2028, the expenditure is expected to reach 124.65 Billion US Dollars.

Future trends to watch for:

Impact of economic fluctuations and consumer spending power on footwear purchases.
The potential effects of sustainability trends and eco-friendly products on consumer preferences.
Technological advancements in footwear manufacturing and online retailing.
Influence of fashion trends and brand collaborations on market dynamics.