Millennials in particular are driving this dramatic growth, spending $21 billion on footwear in 2014, a 6% increase from the year prior, with the biggest category being footwear over $100. Nike’s line of Jordan sneakers alone, which retail for around
The market for sneakers is booming, driven by millennial demand and a strategic business approach by the major players. According to SportsOneSource, the international sneaker market has grown by more than 40% since 2004, to an estimated $55 billion. In 2015 alone, the athletic footwear industry in the US grew by 8%, generating $17.2 billion in sales, with unit sales growing by 3% and the average selling price growing by 5%, to $61.15, according to the npd group. Among just the three major players—Nike, Adidas and Under Armour—sales increased to more than $25 billions in 2013, which represented a 47% jump from 2009, The Washington Post reported.
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