It's no secret that resellers are making bank, but you'll be surprised at exactly just how much cash is being transacted through the secondary sneaker market.
Yesterday, the Financial Times reported that the sneaker resale market has reached an estimated $1 billion in sales. While we already knew resale profits soared to uncharted heights thanks to an exposé by FiveThirtyEight last year, the exact numbers may surprise you. According to Josh Luber, who heads sneaker data site Campless, 96% of the sneakers sold on eBay last year were Nikes and Air Jordans.
Even more, in 2013, Air Jordan III through XIV raked in $62.7 million alone. But the article also notes that competitor adidas has been making strides to improve its US shares, such as the signing of Kanye West.
As impressive as those figures are, the resell market is still only a fraction of the big picture. "We don’t have the total international sneaker market figures today but the NPD consumer panel data shows the US retail sneaker market is alone worth approximately $28 billion,"explained industry expert Matt Powell.
For more details on what fuels the multi-billion dollar sneaker market, head over to the Financial Times.