Unraveling the Sock Phenomenon: From Ancient Origins to Modern Market Dynamics

Today

May-Jun 23

I’d be willing to bet that most folks reading this article have no idea how many pairs of socks they own. Just for fun I conducted my own informal survey of friends family members business associates and neighbors to find out how many socks people have. The random sample consisted of 27 men and 17 women. It is a known fact that women buy more clothes than men… but not socks! I found it common for men to own over two-and-a-half times more socks than women. The men I spoke with owned an average of 67 pairs of socks while women had only 25. The counts ranged from a low of four (not a misprint) to a mind-blowing 336 pairs owned by a former professional basketball player – which may account for a good portion of his drawer-busting inventory. Most folks that I spoke with only wear a small percentage of the socks they own myself included.

History

The first socks were made from “matted animal hair and were called piloi.” The origin of socks dates back to the eighth century B.C. in ancient Greece. Thankfully we have come a long way since then. There wasn’t much of a change in socks until the second century A.D. Animal skins were replaced with knitted fabrics creating socks that bore a greater resemblance to the ones we wear today. The Romans were the first to sew fabrics together to make what were known as udones. These were softer and more fitted than their predecessors. It wasn’t until the fifth century A.D. that socks made their way to Europe. By then they were called puttees and were considered a symbol of purity. As such they were reserved for those associated with the church. Originally called stockings the word sock actually comes from the English word socc meaning light slipper. Both words are derived from the Latin root word soccus.

Not surprisingly socks were originally intended for protection from the elements.

History of Socks

It wasn’t until the Middle Ages that socks in bright colors began to be worn as a fashion accessory. It is interesting to note that originally stopping at the ankle socks now got higher as pants grew shorter as was the rage in those days.

“As the demand for socks began to rise so did their prices. Socks became so expensive that they were worn mostly by noble families who were able to afford them. Anyone wearing socks back then was immediately associated with the upper class.”

Today

Here’s a look at the sock market today and what experts expect going forward. The major materials dominating the market are divided by cotton wool nylon polyester and a few other fabrications such as cashmere. Of those cotton accounted for nearly 45% of all sales according to the latest data available.

Don’t Take Socks for Granted

Ritchie Sayner
Published in the May/June 2023 issue of Shoe Retailing Today Copyright © 2023 National Shoe Retailers Association Tucson AZ www.nsra.org. All rights reserved.

Jasan based in China is the world’s largest manufacturer of cotton socks producing an estimated 400 million pairs annually and employing 8000 people. Given that it may come as little surprise to learn that 90% of the world’s socks are manufactured in China.

Closer to home the U.S. sock market with sales approaching eight billion is expected to grow at a rate of 6.4% from now until 2030. The industry breaks socks down into four major classifications:

• Ankle
• No-show
• Crew
• Knee-high

Of those ankle and no-show socks are expected to outperform the others. This makes sense given the increasing trend of athletic socks. With today’s emphasis on health and fitness and customers’ increasing awareness of higher-quality socks for workouts and outdoor activities.

Retailer Opportunities

For door sports activities (running hiking pickleball golf etc.) the opportunities for retailers to capitalize on this market segment are outstanding.

The attractive margins relatively small square footage commitment and turnover potential all spell positives for specialty stores. According to Adam Hambleton Planning Manager at Management One (M1) average initial markup for the over 200 retail clients polled was 56.5%. Markdowns amounted to 8.8% and year-over-year sales for 2022 were up 3.3%.

Breaking the sales percentages down by month revealed that 44% of annual volume was generated in the fourth quarter of the year with October contributing 9.4% November 13.3% and December 21.9%. The remaining months of January through September all averaged about 6%.

The M1 data also revealed a relatively conservative inventory turnover of 2.4 as well as a somewhat shy percentage of total store revenue coming in at a mere 1.8%. Both metrics indicate a substantial upside could be achievable in the sock classification when given the attention deserved. Data provided to me by Matt Lucas Accessories Buyer at Karavel Shoes with one location in…

Austin Texas: A Case Study in Efficient Management

Austin Texas demonstrates the upside potential of the classification if managed efficiently. Socks make up 3.7% of total company sales have an annual turnover of 3.3 times a maintained markup of 55.4% and experienced a sales increase of 7.2% in 2022 with the seven main vendors he carries.

Insights from Industry Leaders

Meredyth Melcher Operations Director for The Running Well Store a three-unit retailer based in Kansas City Missouri added that socks generate an impressive “7%-10% of total company sales during a given year” demonstrating the power of suggestive selling. Her six major vendors “turn 2.3 times overall but the larger brands have turn rates approaching 3.5 times.”

Heyday a very successful home and gift store in the upscale resort town of Bozeman Montana reported a 2022 sales increase in their sock classification of 29%. Complementing the nice increase was an astonishing inventory turnover of 5.9 times all of which coming from novelty offerings begging the question of possible supply chain issues and/or inconsistent reorders.

Merchandising Strategies and Vendor Assistance

The retailers I spoke with recognize the GMROI potential of the sock department and aggressively promote by taking advantage of available vendor programs.

According to John Gaither – CEO of Feetures a premium performance brand carried in many shoe stores and run specialty shops – the selling process begins with staff education. “Performance socks provide an opportunity to enhance the consumer experience and help drive incremental sales at healthy margins” a message that their sales reps will be consistently delivering in the coming year.

As part of their commitment to the retailer try-on socks are provided complimentary socks for staff and activation programs developed to help engage the retailer’s core consumers are part of the assistance offered at the vendor level.

Strategies to Drive Sock Sales

Retailers use strategies to drive sales in the sock class including the use of B3G1F (Buy 3 Get 1 Free) promotions with vendor assistance provided by way of discounts sale bins of closeouts and various sales contests and incentives for associates.

Conduct Your Own Survey

How many pairs of socks do you own? Why not conduct your own survey of friends and staff and see if your results mirror mine. Depending on your outcome assortment modifications could be beneficial to profitability.

• Sources: www.grandviewresearch.com/industry-analysis/socks-market
• www.imarcgroup.com
• www.soxy.com
• www.kohantextilejournal.com

About the Author

Ritchie Sayner is with Advanced Retail Strategies LLC an affiliate of Management One. Sayner’s book Retail Revelations: Strategies for Improving Sales Margins and Turnover (2nd Ed.) is available on Amazon. He can be reached at advancedretailstrategies.com.

U.S. Sock Market Overview

Closer to home the U.S. sock market with sales approaching eight billion is expected to grow at a rate of 6.4% from now until 2030. The industry breaks socks down into four major classifications: ankle no-show crew and knee-high. Of those ankle and no-show socks are expected to outperform the others.

Ritchie Sayner

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