A presidential election, severe weather patterns and stricter office policies made for a busy 2024 for the footwear industry at large.
While some industry issues, like shoe inflation, persisted from the prior year, the election of Donald Trump to the U.S. presidency pushed the industry to consider how to manage potential tariffs on foreign imports, which could raise the price of landed shoe costs even more.
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Outside of prices, companies faced a slew of key business issues this year. Here, FN rounds up five that defined footwear in 2024.
Throughout 2024, footwear executives consistently cited unpredictable and severe weather patterns as cause for sales disruptions, especially across the U.S. Several retailers, including Rack Room Shoes and DSW, closed down their stores and operations in regions that were impacted by Hurricane Milton in early October. And some companies, like Shoe Carnival, said recurring storms had an impact on sales in the third quarter.
A generally warmer fall season also contributed to challenged boot sales in 2024. Throughout the third quarter, JD Sports, Caleres, Designer Brands and Shoe Carnival said warmer fall weather impacted sales of seasonal footwear, including boots.
The U.S. presidential election, and its potential impact on tariffs for foreign imports, were a hot topic among shoe leaders in the latter half of 2024.
Donald Trump, fresh off his 2024 election win, announced new tariff plans that could have dire impacts on the cost of footwear. Ninety-nine percent of the shoes sold in the United States are imported from primarily China, Vietnam and Indonesia. And Trump vowed this year to impose a 10 to 20 percent tariff on imports from all foreign countries and an additional 60 to 100 percent tariff on imports specifically from China. The President-elect also recently said he plans to impose a 25 percent tax on all products entering the U.S. from Canada and Mexico, plus an additional 10 percent tariff on imports from China.
A recent survey from The Footwear Distributors and Retailers of America (FDRA) revealed that the government’s tariff policy is the top issue for a majority of shoe executives going into 2025. And several brands and retailers, including Under Armour, Foot Locker, Steve Madden and Shoe Carnival, have said they are actively preparing for the impact by reassessing their sourcing distribution.
