Several people acquire and trade in sneakers as a hobby, such people are referred to as sneaker heads. To them sneakers are a part of their social identity, they have a strong sense of admiration to the history of sneakers and what they stand for.
This culture came into existence first in the United States during the 1980s and became a global phenomenon by the 1990s. Michael Jordan was one of the first person to popularize them back then.
Some very famous celebrities such as DJ Khaled , John Mayer, Kylie Jenner, Mark Wahlberg and many more are the biggest sneakers heads the world has seen.
SNEAKER MARKET SIZE
The global sneaker market is worth more than $70 billion as of 2020, and by the end of 2025 this figure is expected to rise to $102 billion.
However, the sneaker resale market is valued around $6 billion and has a potential to rise to $30 billion towards the end of 2030.
LARGEST SNEAKER COLLECTORS
One of the world’s largest collections belongs to the “Chicks with Kicks”. They are three sisters. They have collected over 6,000 pairs of sneakers which include some of the rarest ones and several prototypes that were designed for major athletes and celebrities exclusively.
Their collection is said to be valued beyond $2 million.
They have outranked Jordan Geller, who in 2012 received the Guinness World Record title for holding the largest private collection.
The launch of several collections were delayed as retail outlets were closed due to Covid-19 restrictions. But this didn’t pause the sneaker market. Many brands opted to sell their collections online.
Strides were made in marketing and online retailing of sneakers during the lockdowns made it easier for collectors to acquire the rarest of sneakers
Most of the people who bought sneakers during the pandemic are collectors. Lockdowns did not stop sneakerheads.
“The sneaker resale market was built on an e-commerce foundation, where most secondhand sites operate online including lots of peer-to-peer platforms,” retail analyst Katharine Carter said.
However, prices of exclusive and rare sneakers depend upon demand and since people have chosen to tighten their pockets when it came to spending, demand took a hit and has taken prices down with it as well.