Stadium Goods at 47 Howard Street in SoHo
Analyzing the Sneaker Resale Race
The sneaker wars are more intense than ever, fueled by the rise of sneaker culture due to social media, designer and celebrity collaborations and limited product runs that have created massive demand and hype surrounding said product. It’s forced the industry — not only activewear megabrands, but also luxury fashion houses and retailers — to update their footwear strategies to produce or sell more sneakers.
And in the midst of that battle, another question arises: Who will win the resale market?
Game-worn Air Jordan III sneakers at the Rally showroom in SoHo
The Polarizing Allure of Sneaker Culture
May has been Jordan-mania in the sneaker world.
In the wake of the ESPN and Netflix documentary “The Last Dance,” sneaker activity around Michael Jordan’s Air Jordan brand grew to a fever pitch, supported by nostalgia and its heritage. Sneaker prices skyrocketed as resellers hoped to capitalize on the superstar’s legacy, and resale sites reported increased searches and traffic for Jordan sneakers. A pair of Air Jordans also set a new sneaker auction record at Sotheby’s, selling for more than a half million dollars.
But amidst the moments, there was an anomaly.
On the one hand, Rally, the alternative investment app, saw the value of its game-worn and autographed Air Jordan 3 sneakers from 1988 leaping by more than 250 percent. Then Vice on May 25 released the documentary “One Man and His Shoes,” which looked at how Air Jordan sneakers have been the center of criminal activity that have cost young people their lives. The documentary was originally planned to debut during SXSW in March.
eBay has acquired Sneaker Con's authentication business one year after the two companies forged a partnership.
Sneaker Resale Sites: A Hot Category in Midst of Pandemic
As the world adjusted to the new normal brought on by COVID-19, the sneaker resale market thrived like never before.
The top resale players experienced an increase in product volume and trading that eclipsed previous years, so much so that their main issues, aside from maintaining the health and safety of their workers, were handling the influx of inventory and managing payouts for sellers.
Sneakerheads took to the resale market for liquidity, in response to lockdowns and job losses and even reduced prices on their sneakers in the immediate. The resale market is dependent on new products entering the market and consumer demand, and this was threatened due to the global lockdowns, but once Nike, Adidas and the top sneaker companies found their footing in the pandemic, it was off to the races in retail and for resale.