Crocs Sales Reached an All-Time High Last Year Thanks to the Pandemic
The clog company also anticipates 20-percent growth in 2021
As many people spent the majority of 2020 sitting at home in quarantine, wardrobes became more casual. But that didn’t just stop at sweatpants; even our footwear became more relaxed. As CNN reports, more people bought Crocs last year than ever before.
The foam clog company estimates that its sales increased by 12 percent in 2020 to a record $1.38 billion, exceeding its previous forecast of 5 to 7 percent growth. The company also anticipates it will see 20 to 25 percent growth in 2021.
“Amidst a global pandemic in 2020, we will deliver the strongest revenue in Crocs’ history,” Crocs CEO Andrew Rees said in a statement. “Our brand momentum is exceptional, and we anticipate another record year in 2021.”
The reason for the dramatic increase is clear: people opted for comfort over style as they found themselves working from home during the pandemic. “We definitely benefited from consumer casualization,” Rees admitted while speaking at the annual ICR investor conference on Monday, adding that the shoes are also easy to clean and sanitize, which probably also increased their COVID-era appeal.
He also revealed that more younger customers have been buying Crocs during the pandemic. “They were younger, predominantly female consumers,” he said. “This was a big driver of growth in North America. As the year progressed, it broadened to new younger male consumers.”
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