By: Jack Nevins
There’s a pair of sneakers that you really want at a high-end sneaker store. Why do you want those sneakers so badly? Is it the color? Do you like the smell of new sneakers? Do all your friends have them? None of the above. The real reason is to make money on the resale.
The prices of sneakers have skyrocketed over the years. The reason why sneakers are so popular and expensive is because of sneaker resellers. Resellers buy sneakers for their retail price and sell them at even higher prices. Over the years sneakers have become more and more popular. In the 1980’s, Air Force Ones were the shoes that everyone wanted. In the 1990’s, the Reebok pumps were everyone’s favorite. Now, in the 21st century, Off-White, retro Jordan’s, Ultra Boosts, and Yeezys are the sneakers that are the hottest on the block. Before sneakers became an investment, they were just “tennis shoes”. You wore sneakers to play sports, to go for a run, or to just hangout. Nowadays, people are making a living off of reselling sneakers. According to Complex.com, “The boom in sneaker reselling has turned former shoe hustlers into business owners who do it as a full-time career.” Being sneaker resellers has become their job.
Additionally, there’s supply and demand. When a limited edition pair of sneakers are high in demand, resellers use “bots” or special computer programs to buy these limited edition sneakers as soon as they come out. Resellers want to get the sneakers quickly, before everyone else, so they can sell the sneakers for a higher price. Once they are not considered limited, the price will go down. Resellers will also want to get sneakers worn by celebrities. For instance Nike Air Mags, from Back To the Future or a pair of shoes that Kanye West wore could be worth thousands of dollars.
Is it really worth buying a pair of sneakers for $10,000 or $20,000 just because some celebrity wore them or they’re considered limited edition? In short, yes or sometimes. When you think of sneakers, you don’t just think about how they became so popular. It’s the backstory that makes them so expensive.
Photo courtesy of YouTube.com.