Investors rushed to buy shares this week of running shoes company On in its stock market debut, amid new signs that consumer spending remains resilient.
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Flashback: Brooks, Puma and Hoka were among the top performing running shoe brands during the early months of the pandemic last year, according to the NPD Group.
What they’re saying: There’s been “strengthening demand” for athleisure products and running shoes and sneakers because people are now getting back outside their homes, says Brian Nagel, managing director at Oppenheimer.
It's a continuation of the running boom trend that began with the start of the pandemic, he adds.
The big picture: As consumers now have the disposable income to spend more, they may be more willing to pay up for products that are “even more fashion forward, durable, and performance-driven,” says Nagel.
On, specifically, has ranked among retail's hottest running brands, Mitch Kummetz, senior analyst of footwear and apparel at Pivotal Research, tells Axios.
Watch to watch: Allbirds is set to start trading on the Nasdaq next.
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