If you’re a young entrepreneur or sneaker enthusiast, you may have heard about the recent rise of the sneaker resale market. According to market experts, the industry is expected to generate a staggering $30 billion by 2030. Nike has taken a leading role in the market, with their brands making up more than 27% of all global retail sneaker sales. The popular Air Jordan and Dunk Low styles have become sought after, with prices ranging from $167 to over $15,000 for high fashion collaborations such as the Dior x Air Jordan 1’s or Off-White Dunk Lows.
Leading resale platforms such as StockX and GOAT have achieved billion-dollar valuations by providing a platform for not only sneakers, but a variety of asset-class fashion items including purses, couture fashion, electronics and trading cards. Nike has taken steps to prevent resellers from buying apparel on their website and apps, such as updating the SNKRS app terms and conditions to cancel orders placed with automated ordering technology and charge restocking fees.
Despite the difficulty and sometimes shocking price tags, customers of all ages are buying sneakers in all price ranges, from $200 to $90,000. The sneaker resale market is proving to be a lucrative opportunity that could be worth billions by 2030. Whether you’re a young entrepreneur or sneaker enthusiast, it may be a good idea to keep an eye on this market as it continues to grow.