Last April, the Boston Marathon in the United States had so many applicants that the number of participants had to be limited to 15,000. As the number of Americans interested in running, as well as marathons, increases, the demand for functional running shoes is growing.

○ Steady demand for sneakers market = According to Globe Newswire, an American press release service provider, the global running shoe market recorded $15.44 billion in 2022 and is expected to grow to $19 billion in 2030. In addition, market research firm IBIS World predicted that sales of the US sneaker market would increase by 1.1% year-on-year last year and predicted a high growth rate of 21.7% by 2028.

In 2022, running and walking shoes accounted for more than half of the total sales in the US by sneaker type, at 55%. As more people recognize running shoes as fashion, promotions and marketing that encourage other exercise activities such as Pilates, climbing, and hiking are actively taking place.

Due to the characteristics of the shoe industry where trends change frequently, comfort, design, and quality differentiated by brand are emerging as important purchasing factors for consumers.

In the United States, sneakers are consumed regardless of age, but the purchase rate is particularly high among men. The purchase rate among adult males was the highest at 49.8%, and sales have been stable for the past five years. The purchase rate among female consumers was 19%, and the purchase rate for hiking, tennis, and running shoes was high.

Children grow quickly, so their purchase rate is higher than other age groups, and teenagers are a consumer group that can grow quickly because they are sensitive to new fashions and trends. As awareness of health among American consumers increases and demand for sports activities increases, the demand for running shoes is also expected to continue to increase.

○ New brands gaining popularity = Hoka, founded in 2009, has grown into a famous brand known to anyone who enjoys running for several years. Last year, sales are expected to increase 58.5% year-on-year to $1.41 billion, and it has recorded a sales growth rate of over 50% for four consecutive years. In the United States, the number of buyers over 18 years old has more than doubled, and online marketing that combines product exposure and product messages is showing results.

Onrunning is a brand that started out as a word-of-mouth brand and is now so famous that one in ten Americans wears it. Last year, sales were $474.9 million, and it is expected to be about twice that in 2022. Although it was established in 2010, it is increasing consumer trust thanks to rumors of performance from marathon enthusiasts.

○ Implications for our company = According to Adidas' magazine We Love Adidas, there are no global shoe production brands in Korea and most of them rely on OEM (original equipment manufacturing). In addition, as the production cost in Korea has increased significantly and the price advantage has disappeared, the production scale is also decreasing.

However, if we try various strategies such as technology acquired through OEM production for a long time, collaboration between new and existing brands, and design development that is only released in Korea, it is expected that entering the US market will not be difficult.

The KOTRA trade office that delivered this news expressed expectations, saying, “Given the characteristics of the shoe industry, which has a diverse consumer base, if we carry out differentiated marketing by major target, our companies’ exports will also be able to open the floodgates.”

Provided by KOTRA Washington Trade Office