The sneaker market is set to exceed 100 billion dollars in 2024. The growth drivers are e-commerce, where sports are the protagonist, and the growing popularity of the second hand market. In short, the sneakers market is expanding: analysts, experts and players in the sector foresee a bright future.
According to the New Research survey, as MarketWatch reports, in the next five years the world sneakers market is expected to grow with a compound annual growth rate (CAGR) of approximately 6.5%. This way, it will exceed 102 billion dollars in 2024, and it was worth 70 billion dollars in 2019. Meanwhile, the study by Absolute Reports also confirms the prospect, albeit with some differences. In 2019, as Wboc reports, the sneaker market reached 73 billion dollars.
Thanks to a CAGR rate of 7.2% between 2021 and 2026, the value will be close to 120 billion dollars. Analysing sports footwear for 2020, “the sneaker segment is the one that has held up best, with a decline of 13.5%,” Federico Bonelli (EY) tells MFF. The analyst predicts an increase in sneaker sales at a CAGR rate of 10.3% between 2020 and 2025. The boost will come from online, he adds, where “sneakers are one of the top three categories for increase and sale on all platforms”.
And there is second hand
The great interest in sneakers spilled over into the resale market. For StockX’s Jesse Einhorn, 2020 was a great year for the Nike Dunk and Jordan retro, which saw their resale price increase. The platform has provided MFF with the ranking of sneakers with the highest average resale price in the last 12 months. The most expensive are the Nike Mag Back to the future (2016) with 36,308 euros. In second place come the Nike Dunk SB Low Paris at 30,242 euros, while the Jordan 4 retro Wahlburgers are third at 21,858 euros. Except for the first place, the other nine positions of the top ten are occupied either by Nike Dunk models or by Jordans.