Yes, you read that right.
ALL FROM RESELLING SNEAKERS.
Websites such as Forbes, Business Insider, and Fortune have written articles and produced videos about it to show the world how and why sneakers are so popular. The foundation for the resell market has started from sneakers getting so popular over the last 20 years. In the article from Forbes, they talk about how it has grown:
“According to SportsOneSource, the international sneaker market has grown by more than 40% since 2004, to an estimated $55 billion. In 2015 alone, the athletic footwear industry in the US grew by 8%, generating $17.2 billion in sales, with unit sales growing by 3% and the average selling price growing by 5%, to $61.15, according to The NPD Group.”
These sales have come predominately from the “Big Three” in athletic footwear and clothing, Nike, Adidas, and Under Armour. According to Forbes, in 2013 the “Big Three” had sales increase by a combined more than $25 billion. The article states that Millenials are driving these sales:
“Millennials in particular are driving this dramatic growth, spending $21 billion on footwear in 2014, a 6% increase from the year prior, with the biggest category being footwear over $100.”
Since the market for sneakers is so popular, there have been a lot of new ways to purchase shoes. The biggest way is through smartphone apps. One of the most popular apps is StockX, which is basically a stock market for sneaker sales. Josh Luber created it, and even talked about it at at TED conference. He talks about the market, how his app works, and why it is smart to invest in sneakers. You can see the TED talk here.
What do you think about sneakers being so popular? Would you invest in sneakers? Let me know what you think!