Why Crocs Was One of 2022’s Fastest Growing Brands
Crocs was the second fastest growing brand this year across all U.S. adults, according to new data from Morning Consult.
In the business intelligence company’s latest “Fastest Growing Brands” list, which measures growth in purchasing consideration over 2022, Crocs was also a fast-growing brand for each generation except for Gen Z — and that’s just because the shoes are already so popular with young adults, Morning Consult said.
Morning Consult’s Fastest Growing Brands rankings are determined by measuring growth in the share of consumers who said they would consider purchasing from a brand over the course of the year. Morning Consult Brand Intelligence tracks consumer perceptions on thousands of brands on a daily basis, forming the foundation of this report.
“Crocs won out on multigenerational growth in purchasing consideration by speaking to brand fans’ uniqueness and creativity,” Claire Tassin, retail and e-commerce analyst at Morning Consult, wrote in the report. “It offers customization options via Jibbitz charms, and opportunities for self-expression via brand and celebrity collaborations. This is reflected in Crocs’ consumer base: Those who say they pride themselves on their creativity tend to show higher purchasing consideration for the Colorado-based footwear brand.”
Tassin noted that Crocs’ leaders attribute the company’s success to a turnaround plan that began six years ago and focused on key consumer audiences, capturing both trend-driven shoppers who attach to the brand’s collaborations and those that appreciate the core product. Plus, a strong social media presence helps potential customers overcome styling challenges of these non-traditional shoes. These combined efforts help to keep brand buzz consistently high, particularly among Gen Z adults, she added.
“The Crocs secret sauce lies in iterating on trend-driven styles and accessory options without alienating a core fan base attracted to the shoe’s function and comfort,” she added.
The report also found that Facebook parent company Meta was 2022’s fastest growing brand. According to Morning Consult, Meta’s net favorability rating is up 3 points, far below the 26 point increase for Facebook, but it’s steadily on the rise.
After Crocs, Beats by Dre is the third fastest-growing brand across all U.S. adults, with Stōk Cold Brews and Milwaukee Tool nabbing the fourth and fifth spot, respectively. Rounding out the top ten fastest-growing brand across all U.S. adults is Zelle (6), Adobe (7), Great Value Cream Cheese (8), Gatorade Fit (9) and Office Depot (10).
This news comes after several successful quarters for Crocs Inc. The clog maker, which completed its acquisition of Hey Dude earlier this year, reported last month that revenues were up 57.4% in the third quarter to $985.1 million, which beats analysts’ expectations.
Given the strong performance in the quarter, which got a boost from back-to-school sales, Crocs raised its full-year outlook and expects consolidated revenues for the year to be between $3.455 billion and $3.520 billion, which would represent growth between 49% and 52% over 2021.
