Michimich.com - StockX's 'The State of Resale' Report Reveals Sneaker and Streetwear Landscape Shakeup

Trending...

DETROIT, Aug. 22, 2024 ~ StockX, a leading culture marketplace, has released a new trend report titled "The State of Resale" which sheds light on the growing dominance of challenger brands like Asics over mainstream giants such as Nike, Jordan, and Supreme. The report is based on global sales data from the first seven months of 2024 compared to the same period in 2023 and reveals never-before-seen metrics and key trends in the resale space.

According to StockX CEO Scott Cutler, shifting consumer preferences and purchasing power, along with significant changes in the brand landscape, are driving major market shifts. He believes that the inspiration and innovation coming from challenger brands are changing market share and consumer preferences, creating exciting opportunities for shoppers. Cutler also notes that brands that focus on creating culturally relevant collections backed by innovation will lead in this environment.

The report highlights several key takeaways and industry insights from StockX's expert analysis. One of the main findings is that despite claims of a declining sneaker resale market, StockX data shows a diverse range of brands that are experiencing significant year-over-year growth. These include Asics (+589%), adidas (+88%), and Yeezy (+23%). The data also reveals that virtue signaling is taking a backseat to cultural clout when it comes to shopper behavior. On the other hand, traditional top-performing brands like Nike and Jordan have seen a decline in market share by 11% and 12%, respectively.

More on Michimich.com

Another important trend highlighted in the report is the importance of sneaker innovation. The days of relying on one popular silhouette to drive sales across an entire brand are over. For example, while the Nike Dunk used to be a top-selling sneaker, its popularity has decreased by 41% year-over-year. Similarly, cornerstone silhouettes from other popular brands like Jordan and New Balance have also seen a drop in average price. In contrast, Asics has experienced a significant increase in growth on StockX (+589%) thanks to its reimagined older silhouettes such as the Gel-1130 and Gel-Kayano 14.

The report also emphasizes the impact of celebrity athletes on sneaker sales. Signature sneaker lines from NBA legends Kobe Bryant, LeBron James, and Kevin Durant have driven a 46% increase in Nike Performance Basketball sales year-over-year. The Kobe Protro has seen a 512% trade increase, followed by Devin Booker's Book 1 (+14K trades this year-to-date with a +18% price premium) and KD (+6K trades this year-to-date). The WNBA is also gaining traction, with Sabrina Ionescu's signature Sabrina 1 silhouette (+3K new trades year-to-date) garnering attention since its launch.

More on Michimich.com

In addition to sneakers, the report also looks at the streetwear market. While popular brands like Supreme (-3%) and BAPE (-7%) have seen a decline in the past year, Jerry Lorenzo's Fear of God has experienced a spike in popularity (+18%). The brand's ESSENTIALS line remains a fan favorite, and more brands are entering the market. On StockX, the apparel category has grown significantly from offering 117 brands in 2020 to now having 249 brands available for shoppers.

For more information about StockX and their trend report "The State of Resale," visit their website at www.stockx.com.

Filed Under: Business

0 Comments

Latest on Michimich.com