The Future of Footwear
The fashion industry, specifically the shoe industry, must evolve. For years, the shoe market has used extensive amounts of resources, causing detrimental harm to our environment. With a major percentage of the market’s consumers now being millennials — known for being more environmentally conscientious than their elder generational counterparts — and with the recent reflection on personal consumption due to the Covid Pandemic, demand for a more sustainable future has intensified. This development is pushing the shoe industry to make a change.
(Millennials now make up the majority of consumers and 57% of millennial women, who make up 85% of millennial buying power, say that their purchase decisions are driven by a brand’s values and stance on issues that are important to them (Millennial Shopping Statistics).)
A proposed solution to make the shoe industry more sustainable is the design of a circular economy. The circular economy is a business model that focuses on making the production of goods and services as close-looped as possible. This means reducing the use of commodities and reusing and recycling pre-existing materials for as long as possible.
The Ellen MacArthur Foundation, a charity founded in 2010, was tasked with accelerating the transition to a circular economy. Since its commencement, it has worked with many companies to promote the circular economy agenda. One such company is Napapijri Circular Series, now known for being a 100% recyclable clothing collection (Case Study: Napapijri).
Another trend in the shoe industry is the growing popularity of “athleisure” or “activewear”. According to experts, the global athletic footwear market will exceed 110 billion dollars by 2025” (Athleisure). The Covid Pandemic has helped this transition along, opening people up to the world of remote learning and work. Not only has this expanded the way we interact with the world and from where we do it, but it also affects our wardrobe. Statistics show that 48% of people working remotely wear informal dress at home (Wardrobe Changes Since Covid). With this transition, people are investing even more in brands that offer casual and comfortable clothing options.
One such company is LuluLemon — one of the first mainstream athleisure companies in the United States. In 2020, LuluLemon’s net revenue for sales within the U.S. reached a record high of 3.1 billion dollars. (Net Revenue lululemon).
Another company leading the athleisure industry is New Balance. A popular shoe brand known for its quality, New Balance focuses on actively inclined customers who value stability and comfort over style. While it may not be as mainstream as other companies such as Nike and Adidas, the customer base of New Balance stands behind the brand as being both durable and functional. More than ever, values and company transparency are vital components in whether or not consumers trust a brand. According to a recent study conducted by the Consumer Goods Forum and Futerra, 90 percent of Millennials and Gen Z personally care if they receive honest information about products.
The shoe industry has a lot to consider concerning future innovations. As the consumer base changes with the new age, companies must consider what it is that their customers value. You cannot ignore the transitions of the market. To be successful in the future, companies will need to invest in sustainable practices and trends such as athleisure products and athleticwear.