MMGNET (new parent brand to MAGIC and COTERIE) has released its 2024 US Consumer Outlook report. Based on a nationally representative survey of U.S. consumers and industry stakeholders, it delves into spending across the mass-market, mid-market, luxury, and secondhand categories.
In hopeful news, fashion came in among the top-five categories consumers plan to spend their dollars in 2024. (Restaurants and travel are taking the most dollars, and wellness has fallen to the bottom of the list.) The report qualifies the mood as “cautious optimism,” and predicts retailers will seek to raise prices over pushing volume. Brands will focus on storytelling and memorable shopping moments.
“I think that physical retail is very important for the future. I do think that we’re seeing more people wanting to come in and be in discovery mode [in-store]. [Customers want to increasingly go] through the customer journey that way instead of clicking online, waiting for something to arrive, and then wanting to return it because it doesn’t fit [or] isn’t as expected.” —Linda Ashman, EVP (Americas) at Bogner
Consumers are looking for value and are motivated to shop by steep discounts or sales. And, Gen Z has removed the stigma from secondhand shopping and is also savvy at reselling their own used items.
MMGNET US Fashion Consumer Outlook Report: Footwear Takeaways
- Consumers plan to spend more on footwear in 2024, but may pull back on other accessories.
- Everyday sneakers will be the top footwear choice, but there is also a need for performance sneakers. (Approximately 40% of women and 30% of men under 34 plan to buy performance sneakers.)
- Everyday boots rank as the second most sought-after category for women aged 25-34 in 2024, with over 50% expressing an intention to make a purchase, following everyday sneakers.
- Comfort is top-of-mind, with 30–40% expressing interest in easy-to-wear flip flops, sandals, and espadrilles.
- About 30% of men are interested in purchasing outdoor and workwear boots, highlighting the market’s desire for form and function.
- Experts suggest footwear tastes are leaning toward office-appropriate styles. Joey Zwillinger, CEO and Co-Founder of Allbirds, says, “The work-from-home era, which played a major role in our consumer’s life, has fueled a more relaxed and casual way of dressing. Now, as folks return to work, they are retiring some of the maximalist shoe designs and looking for versatility and quiet luxury, with an emphasis on highly crafted materials.”
