The Sneaker Boom Had a Long Run. Now Some Analysts Say It’s Over

For nearly two decades, sports brands benefited as people swapped out dress shoes for sneakers when heading everywhere from the airport to fancy restaurants and even the office.

That’s been a boon for Adidas AG, Nike Inc. and Puma SE, which capitalized on consumers’ changing tastes by serving up snazzy, comfy kicks that people wanted to wear on and off the playing field. The rising demand for sports shoes also underpinned the rapid growth of challengers like Hoka and On Holding AG, which emerged in the wake of the financial crisis and quickly became popular brands.