According to a few shoe tanners, natural leather regained market share in the footwear industry during the third quarter of 2024, but minimal improvement to leather prices weighed on hide price improvements. Buyers were attracted to the inexpensive nature of leather, but using leather in footwear designs remained controversial to brands when looking through a sustainability lens and the overall weakness of the economy were contributing factors to hold leather prices at relatively depressed levels.

Federal Reserve Economic Data (FRED) released US retail shoe sales data for July, with sales totaling $3.44 billion, down 1% by year on year. Shoe sales throughout 2024 tracked slightly below sales of the year prior. 

Inflation and tight consumer affordability were drivers for the restrained sales, which several footwear brands, such as Nike, noted in recent earnings reports.

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