Thong sandals become big business
The thong sandal has taken the American footwear industry by storm with flip-flops currently accounting for nearly 25% of the $7.5 billion sandal business. Their popularity has been affirmed by the double-digit growth of the flip-flop industry.
Once relegated to the beach and backyard, flip-flops are now a wardrobe staple. Styles abound and so do prices. Marshall Cohen, senior industry analyst for the NPD group, a sales and marketing research firm that tracks footwear trends, asserts there is no cap on how expensive flip-flops can be. "When you have a product that has such a fanatical following, there's no end," Cohen notes. "They have become a signature piece, so like with handbags, if someone wants to sell a pair at $500, they can."
While designer creations represent only 7% of the nearly $2 billion business, they influence the entire flip-flop market, spawning similar styles in lower-end stores. Flip-flops have also transcended all sorts of demographic barriers.
