The investment bank said in a note Monday that 19% of the 2,500 US consumers it surveyed preferred Skechers as their lifestyle footwear of choice in 2022. That's second behind only Nike at 24% in its Proprietary Consumer Tracker Survey. Adidas ranked third among respondents.
Skechers is seemingly taking customers away from Nike and Adidas, as high inflation prompts consumers to buy more affordable shoes, Cowen said.
"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 in a macroeconomic environment where discretionary spending is under an increasing amount of pressure," analysts wrote.
Demand for Skechers is also being fueled by more affluent consumers. The company gained most of its market share in casual footwear from consumers earning well over $100,000 last year. Consumer preference for Skechers among respondents who earned less than $100,000 in 2022 was flat year over year.
While more millennials and Gen Z are buying Skechers, older generations of consumers can largely be credited with the company's evolving reputation in casual footwear. Skechers preference share among adults 55 or older was around three times higher than younger customers in 2022, according to Cowen's study.
"The Skechers brand tends to resonate more with an older demographic when looking at casual sneaker preference," Cowen said.
On Monday, Cowen upgraded its rating for Skechers to "outperform" ahead of the company's earnings report on February 2. Argus Research and Williams Trading also upgraded ratings for Skechers this month.
In a note last week, Williams Trading equity analyst Sam Poser said demand for Skechers across "merchandise categories, gender, and geographies remains robust." Skechers expects to reach $10 billion in sales by 2026, the company said in October.
Poser is confident Skechers will deliver end-of-year results in line with company guidance and believes the company is in a great position to "breakout" by the middle of 2023. Retailers should stock up on Skechers, he said.
"Skechers has the most efficient supply chain in our coverage," he said, "and will be in position to meet the increased demand."
FAQs
Skechers ranks second only to Nike for US shoppers seeking casual footwear, according to Cowen. Demand for Skechers is being fueled by more affluent consumers, making over $100,000 a year.
Do rich people wear Skechers? ›
Skechers' value proposition has especially resonated with consumers during this period of high inflation. The footwear brand has even started attracting more affluent consumers (those making over $100,000).
Who is the target audience for Skechers? ›
In this way, they have managed to stand out more in comfort than in style. The target audience is made up of men, women, and children. However, it is women who most purchase the products of this brand. And about age, it ranges between 20 and 60 year-old people who like the gym and follow trends.
Is Nike more popular than Skechers? ›
Nike is the most popular sneaker brand in the United States, followed by Adidas and New Balance. To no one's surprise Nike is the leading sneaker brand in all our measured brand KPIs. It is rivaled only by Adidas in brand awareness, while New Balance and Skechers jointly rank third in brand ownership share.
What demographic buys Skechers? ›
While more millennials and Gen Z are buying Skechers, older generations of consumers can largely be credited with the company's evolving reputation in casual footwear. Skechers preference share among adults 55 or older was around three times higher than younger customers in 2022, according to Cowen's study.
What is the average age of Skechers wearers? ›
Skechers consumer profile
| Year | Male | Female |
|---|
| 2021 | 38 | 62 |
| 2023 | 39.8 | 60.2 |
Sep 14, 2023
Sketchers DO NOT have appropriate stability in the upper fabric and the heel counter to complement an orthotic. As such, you will probably find the orthotic redundant, or in worse case contributing to the cause of injury. Remember, an orthotic does 50% of the work. The shoe does the other 50%.
Who is Skechers main competitor? ›
Skechers's competitors and similar companies include Reebok, adidas, Nike and Cole Haan. Skechers USA is a company that designs, develops, and markets a diverse range of footwear, apparel, and accessories. Reebok is an athletic footwear and apparel company.
What celebrity wears Skechers? ›
Britney Spears and Christina Aguilera wear them. So do Kim Kardashian and Demi Lovato. Now, Doja Cat is slipping into them, too. The Planet Her rapper — who recently attended the Met Gala in cat prosthetics — is the latest celebrity to sign on as the face of Skechers, the footwear brand known for its chunky sneakers.
Is Skechers a luxury brand? ›
Skechers, a well-known American footwear brand founded in 1992, has gained popularity for its super comfortable and stylish shoes available at a lower price than many competitors. With a mission to provide innovative footwear solutions, Skechers has built a loyal customer base.
“While more millennials and Gen Z are buying Skechers, older generations of consumers can largely be credited with the company's evolving reputation in casual footwear. Skechers preference share among adults 55 or older was around three times higher than younger customers in 2022, according to Cowen's study.”
Is Skechers owned by Nike? ›
Skechers is primarily owned by institutional investors like FMR (Fidelity) with 14.6% of Class A Shares, The Vanguard Group, and BlackRock with 8.9% and 8.5%, respectively of the same.
Is Skechers bigger than Nike? ›
Nike's brand is ranked #6 in the list of Global Top 100 Brands, as rated by customers of Nike. Their current market cap is $222.95B. Skechers U.S.A. Skechers U.S.A.'s brand is ranked #194 in the list of Global Top 1000 Brands, as rated by customers of Skechers U.S.A.. Their current market cap is $5.69B.
What age group does Skechers target? ›
Sketcher age breakdown
| Sketcher Years | Percentages |
|---|
| 40+ years | 75% |
| 30-40 years | 18% |
| 20-30 years | 8% |
GOOD FOR YOUR FEET. GOOD FOR THE WORLD. ® Designed for men, women and children, the brand's earth-friendly Our Planet Matters styles are made with recycled materials to reduce our environmental impact.
Where does Skechers rank in sales? ›
Today, Skechers is the third largest athletic footwear manufacturer in the world with total sales exceeding $7.4 billion (year-end 2022). However, we remain firmly rooted in the same small town and dedicated to serving the families of the world.
What shoes do wealthy people wear? ›
The most favored brands of shoes among male millionaires are Allen Edmonds and Cole Haan (see Stop Acting Rich, p. 66). Plus both of these brands are also favored among that elite group of millionaires which has annual realized incomes of $1M or more.
Are Skechers still cool? ›
“While more millennials and Gen Z are buying Skechers, older generations of consumers can largely be credited with the company's evolving reputation in casual footwear. Skechers preference share among adults 55 or older was around three times higher than younger customers in 2022, according to Cowen's study.”
