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Business

Jibbitz: A Lucky Charm for Crocs?

Source: https://www.earnestresearch.com/data-bites/jibbitz-a-lucky-charm-for-crocs/

Few footwear choices have garnered such polarized opinions as Crocs ($CROX), whose signature foam clogs have developed loyal fans among medical professionals and home gardeners alike. In recent months, the shoe company has skyrocketed in popularity with Gen Z shoppers in particular, perhaps in part due to celebrity endorsements and even fast food partnerships. In any case, Crocs reported a >60% increase in sales last quarter, and the company expects yet another uptick this year.

Amidst the high-profile marketing hype, there may be a smaller—yet crucial—factor into Crocs’ success: Jibbitz. These decorative shoe charms, designed specifically for Crocs footwear, come in a variety of themes and allow shoppers to completely personalize their shoes. In Crocs’ 4Q’20 earnings call, CEO Andrew Rees noted an increase in Average Selling Price, which the company attributed to fewer promotions and discounts, as well as “greater charms per shoe.” The Jibbitz craze seems only to be picking up more momentum this year, as Rees followed up in their 2Q’21 earnings call:

Jibbitz sales were once again exceptional, more than tripling for the quarter versus last year. The global personalization megatrend continues.

Looking into our Spend Data, we found that ticket size per transaction has indeed increased, seemingly corroborating Crocs’ story of customers spending more at checkout. Only time will tell whether this is a short-lived fashion fad, or if charmed-out Crocs are here to stay.

To learn more about the data behind this article and what Earnest Research has to offer, visit https://www.earnestresearch.com/.

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Data is changing the speed of business. Investors, Corporations, and Governments are buying new, differentiated data to gain visibility make better decisions. Don't fall behind. Let us help.

DATA PROVIDER SPOTLIGHT

Advan

Advan provides hedge funds and institutional investors with unmatched insights into both foot and vehicle traffic to enable better investment decisions. Using precise, manual geofencing, it has the most extensive and accurate location data, available in seconds through an intuitive, self-service dashboard. Its institutional-grade analytics allow fast and actionable insights into customer behavior and corporate activity.

Advan is headquartered in New York City. For more information please visit www.advan.us