消费者能否承受新一轮关税冲击

Can footwearU.S. CONSUMER FOOTWEAR SURVEY consumers absorb Finding the value message ina market threatened by tariffs Bryan EshelmanPartner & Managing DirectorAlixPartners For the first time in the four years we have run this survey, consumershave signaled they plan to spend less on athletic footwear—thesegment with the greatest endurance, usually. After two years of The U.S. personal savings rate, tracked by the St. Louis Fed, has beenon a decline from a pandemic-era high of 22.8, and, at4.6 in January,had continued to retreat from 5.5 the year before. Household debtcontinues tomount. And now consumers are on high alert for a steep Our research finds that reductions in footwear spend will hit work and dress shoes the hardest (with 29% and26% net pullback, respectively). Consumers were already in cost-savings mode—43% of respondents expect tospend no money at all on work shoes—and tariffs will exacerbate that trend. Consumers broadly understand that In December, prior to the announcement of tariffs, we recorded anet16-point declinein expected spending byU.S. consumers across all categories. Retailers can expect a more pessimistic scenario playing out as tariffs This may look like a tempered spring followed by a rough fall. Footwear executives are more pessimistic than inpast years, the FDRA’s Q1 Shoe Executive Business Survey found—footwear companies are particularly exposedto a trade policy showdown, with limited manufacturing capacity outside of highly exposed regions like Of U.S. Consumer FootwearSurvey respondents who saythey will cut back on spending Our data do not usually show a significant interest inthe second-hand market, and footwear is one of thehardest-working retail segments,wear-wise, but it’s worth looking at what happenswhen a tipping point is reached beyond which cite a ‘reduced need for newshoes’ as a key reason, while cite a focus on necessities49% As consumers look to squeeze more out of eachpurchase, we find some key takeaways Material and performanceinnovation is a slow lever to pull Loyalty doesn’t pay We see declining belief in the power of loyalty programs. Ofall the cost-saving strategies consumers considered, stickingwith one brand for rewards saw the smallest increase ininterest:Only 5%of respondents indicated that footwearloyalty programs influence them to shop more often and Provided footwear companies truly understand theirtarget consumer. Among consumers who plan to spendmore,35%say they are taking part in more activities thatrequire specialty footwear, and the same share said they Consumers wanttheir shoes fast E-commerce hasn’t yetsolved the fit problem The survey shows that consumers are just as likelyto purchase footwear in-store as they are online,where consumers are neutral on AI features like fit The number of consumers using buy-online, pick-up-in-store (BOPIS), and curbside pickup has more thandoubled year over year. Demand for next-day delivery inthe footwear segment is higher than in the broader Footwear companies have their work cut out for them to leverage the appeal of innovative and specialized footwearmodels for a consumer base skeptical of price. There are key moves retailers and brands can make, however, to help landtheir summer campaigns. We explore the underlying trends (see‘A heightened pressure point: tariffs’in the report), and About the research Population Conducted online 1,006 U.S. footwear consumersaged 15 and above across all regions,demographics, and income levels. February 28 - March 10, 2025,addressing the season of Spring Can footwear consumers absorb another shock? Table of contents Key Finding 01Highcost can cause the sale to come undone Special ReportA more severe pressure point: tariffs Key Finding 02Athletics have slowed, but innovative11 Key Finding 03Loyalty costs too much Key Finding 04They like their shoes fast Key Finding 05E-commerce hasn't solved the fit problem Consumers are lacing up differently:high cost can cause the sale to come undone 01 This year, consumers are more likely to abandon a purchase dueto cost: 78% said they had halted a purchase due to price, up 12percentage points from 2024. 59% said lack of a sale was areason to ditch the purchase, up 11 percentage points from last Athletics are usually the mostresilient segment, but even thosepurchases have slowed. We see a9-point decline projected byconsumers, though price We see tighter spending across categories, including the normallyresilient athletic segment, which sees a net 9-point retrenchmentin expected spending over spring and summer. Fashion/dressfootwear and workwear will take the biggest hits, followed byathleisure or multiactivity (17% drop) and casual shoes (16% Andrew Hogenson Partner & Managing Director Prior to the coming summer of trade weariness, successive bouts of inflation and economic uncertainty had taken a of those who will spend less thisspring and summer say they have less The breakroom is going to be f