FS Reads: Is The Sneaker Resale Market Ruining The Culture.
If you are familiar with the sneaker culture, you know how massive the resale market is. The community is expanding rapidly in India and it’s only set to grow in upcoming years. However, many opine that the secondary market is a pain. In this week’s FREEMAG article we dive deep into understanding the resale market and what’s the effect of it on the culture. Get the full rundown below:
What is the resale market and how does it work?
The resale market is a marketplace where a sneaker reseller sells limited-edition pairs of deadstock sneakers to another consumer for a profit. The idea is based on short supply and higher demand. The prices of sneakers in the secondary market are comparatively high due to limited product releases and excess demand. It is tough to cop these pairs online or in-store since everyone got eyes on them. It is due to this reason that resellers charge a higher amount for a pair. They eliminate the hassle of standing in lines or waking up in the morning to buy a sneaker.
“What was once a subculture of addicts, connoisseurs, and regular hood kids looking to stunt has turned into a race to wear the same sneakers”
- Angel Diaz from Complex
What are the flaws?
The idea of making quick money has flooded the community with an exorbitant amount of resellers. With the advent of online shopping and the usage of bots, many swipe out entire stocks of limited edition sneakers. This can be quite a nuisance for end consumers who want to enjoy and buy the pair for personal use. After all, not everyone is willing to pay an astronomical price for a general release.
Where does the Indian resale market stand?
The Indian sneaker market is still in its early phase but it’s growing steadily. With the emergence of various sneaker platforms, people are aware of the culture and slowly getting into it. In my opinion, the secondary market is saturated and there’s a lot of room for the community to grow. It might sound harsh, but collector culture has been replaced with capitalism and it will take time for the community to reach its peak.
“I believe this community will remain very small and tight-knit for the next five to six years. I believe the sneaker culture in India today is based purely on hype, rather than knowledge,” says Jerry Sebastian, a former Marketing Manager of Adidas Originals India.
Our honest opinion?
It might be challenging for sneaker enthusiasts to cop on retail and get frustrated with the constant L. However, Let's face it, that's the point of the game. In the end, it all comes down to exclusivity. The resale market is the by-product of keeping these sneakers exclusive and limited. Would you purchase a pair of Jordan if the exclusivity is eliminated and the supply for general releases is unlimited?
Let us know your thoughts.