June 19, 2023 | Eul Basa

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

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