Skechers Over Nike: An Unexpected Takeover In The Sneaker Game
Skechers Over Nike: An Unexpected Takeover In The Sneaker Game
Watch out, Nike — according to new data by investment bank Cowen, Skechers now ranks second for American shoppers seeking casual footwear, trailing just behind Nike at 24% in its Proprietary Consumer Tracker Survey.
Customers are making the switch to Skechers from bigger and more expensive shoe brands such as Nike and Adidas as high inflation continues to plague the country. According to analysts, Skechers offers more affordable options in the current economic climate where discretionary spending has become the dominant practice. It turns out that a weaker economy is working in Skechers’ favor.
"The company looks to have taken preference from a combination of Nike and Adidas, which appears to indicate that Skechers comfort and value-oriented positioning is resonating with consumers,” they added.
Though part of the surge can be credited to millennial and Gen Z buyers who are showing more interest in the brand, the company’s growing reputation is largely due to older generations, with customers 55 or older having the greatest preference share for Skechers in 2022.
"The Skechers brand tends to resonate more with an older demographic when looking at casual sneaker preference,” said Cowen. According to company reps, Skechers is on track to reach $10 billion in sales by 2026.
"Skechers has the most efficient supply chain in our coverage," he said, "and will be in a position to meet the increased demand."
It will be interesting to see what other companies will benefit from current economic trends this 2023.
Sources: 1,2,3
READ MORE
Discover ten fun and easy strategies to boost your retirement income. Transform your golden years into an exciting new phase of life with these practical financial tips. Dive into dividend-paying stocks, explore peer-to-peer lending, consider annuities, and more. Add a twist to your retirement planning and make your relaxation years even more rewarding.
Discover the 15 most dangerous jobs in the world, and how much they pay. Learn about danger pay, PPE, and the risks associated with each job.
Discover 15 unique and budget-friendly indoor hobbies perfect for the cold winter months. From DIY crafting to culinary experiments, this guide offers creative ways to stay entertained without straining your wallet. Dive into these cost-effective pastimes and make the most of your indoor time.
Explore the unforeseen pitfalls and hidden costs of opting for cheaper products. This in-depth article unravels the financial, ethical, and personal impacts of choosing lower-priced items and provides alternatives to help you make savvy, sustainable spending decisions, ensuring your choices are economical and ethical in the long run.
Discover 10 jobs that pay well that nobody wants to do. From working with lifeless bodies to crab fishing, find out why these jobs are not desirable and how much they pay.
Discover the top 10 best jobs of 2023, encompassing sectors like technology, healthcare, renewable energy, and digital marketing. Learn about the roles, salaries, and reasons why these jobs stand out in today's evolving job market, offering exciting opportunities for professionals across various industries.
Disclaimer
The information on MoneyMade.com is intended to support financial literacy and should not be considered tax or legal advice. It is not meant to serve as a forecast, research report, or investment recommendation, nor should it be taken as an offer or solicitation to buy or sell any securities or adopt any particular investment strategy. All financial, tax, and legal decisions should be made with the help of a qualified professional. We do not guarantee the accuracy, timeliness, or outcomes associated with the use of this content.
Dear reader,
It’s true what they say: money makes the world go round. In order to succeed in this life, you need to have a good grasp of key financial concepts. That’s where Moneymade comes in. Our mission is to provide you with the best financial advice and information to help you navigate this ever-changing world. Sometimes, generating wealth just requires common sense. Don’t max out your credit card if you can’t afford the interest payments. Don’t overspend on Christmas shopping. When ordering gifts on Amazon, make sure you factor in taxes and shipping costs. If you need a new car, consider a model that’s easy to repair instead of an expensive BMW or Mercedes. Sometimes you dream vacation to Hawaii or the Bahamas just isn’t in the budget, but there may be more affordable all-inclusive hotels if you know where to look.
Looking for a new home? Make sure you get a mortgage rate that works for you. That means understanding the difference between fixed and variable interest rates. Whether you’re looking to learn how to make money, save money, or invest your money, our well-researched and insightful content will set you on the path to financial success. Passionate about mortgage rates, real estate, investing, saving, or anything money-related? Looking to learn how to generate wealth? Improve your life today with Moneymade. If you have any feedback for the MoneyMade team, please reach out to [email protected]. Thanks for your help!
Warmest regards,
The Moneymade team
