This is just another sign that Americans are tapped out. People are spending more on the essentials, like housing, heating, food, transportation, and there’s nothing left for extras like $200 sneakers. The truth is we’re living in an economy distorted by government overspending, money printing, and constant intervention from the Federal Reserve, which keeps markets inflated while eroding the value of savings.
The recent scramble when government programs temporarily paused also showed just how massive and overextended the welfare system has become, and how many people depend on it. Meanwhile, anyone who’s not in the stock-market casino is falling behind in this K-shaped economy( rich get richer and poor get poorer and there is no middle class). In times like this, hype-driven luxury items naturally fall to the bottom of people’s priority lists. survival comes first.
I didn’t see anything in the article for a timeframe of the downturn in sneaker sales. If it’s recent (i.e. month of November) it might be related to the “poor” having delays in their SNAP, giving them less money to blow on high end items.
It’s the “Affordability crisis”, ie the 25% pay cut we all got because of Bidenflation.