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How Do People Make Money Off Of Reselling Sneakers?
Posted
July 5, 2022
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July 5, 2022
20
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1:43Now PlayingShould you start selling your sneakers online? Check out the video to learn why!
Welcome back to Bold TV with Samuel Bloomquist. Be sure to like, comment, and subscribe to Bold TV for all things Bold.
The market for used sneakers is booming. Sneakerheads frequently camp out in front of businesses to get the newest releases, then they quickly return to sell them online for a profit.
So why is there a shoe economy, and why do people profit so much from it? According to a Cown & Co. Report, the resale market for sneakers was valued about $2 billion in 2020 and is expected to reach $30 billion by 2030. And when people were looking for an alternate source of money during the pandemic, they mainly relied on it.
Sneaker sellers stand in line when a new shoe is released at the store in the hopes of "winning the lottery" and being able to get the most recent model before the store runs out.
Afterward, anyone who bought a shoe listed it online with a significant markup. A $200 pair of limited-edition sneakers can easily sell for $5000.
And which Jordan brand, together with Nike, rules the resale market? Additionally, they receive assistance from websites like Ebay and StockX, which confirm any purchase worth more than $100 to prevent fraud.
The demand for these limited edition collectibles is also very high. Therefore, having one is like to possessing a winning lottery ticket.
When Kanye West's Nike Air Yeezy prototype from the 2008 Grammys was auctioned by Sotheby's, it became the most expensive sneaker ever to sell on the secondary market. For $1.8 million, they were sold.
So are you gonna start selling sneakers online? Let us know in the comments below.
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