True. I still have a lotto shoes that I bought from flipkart in 2019 for 900 Rs, and it is still very comfortable. I think its just about lifestyle change mainly. Some brands use marketing terms like memory foam, gel cushioning and all, that are good features for some people, while money making gimmicks for others. People have money to spend today, and brands recognise that by inflating the prices and releasing more expensive models.
Skechers was the first premium shoe that I bought (paid 4k for them in 2022). They have served me well, and I have bought it for my parents as well. So I can definitely recommend them.