Pandemic’s Impact on Sneakers’ Resale Market

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Photo Credit: StockX

Pegi Bracaj, Staff Writer

The sneaker resale market was projected to hold a value of $6 billion by the end of 2025 and reported sales over $2 billion back in 2019. Moving to the modern day, many ask how the coronavirus has affected the resale market. Well, the coronavirus pandemic has really punctured the resale market, just as Rafael Canton predicted in his article, “if anything was going to deflate the sneaker bubble prematurely, it was a pandemic.” 

StockX, an online marketplace used for reselling purposes, has encountered a 4% decline in the prices of their best-selling sneakers. This decline initially emerged due to the current economic uncertainties. As people are hit by economic hardships, there is a decreased demand for sneakers leading to a decline in prices. For example, a Supreme Box Logo that used to sell for nearly $900 is now selling for only $300.

Personally, as a reseller, I can definitely see the impact that COVID-19 had over the resale market. Sneakers that were supposed to be sold for thousands of dollars are only going for a couple of hundred dollars now. A recent release that I was able to get a hold of was a pair of Nike Dunks in collaboration with Concepts that came in a special box. These shoes were expected to be sold for at least $1,000 but are now only going for $500. The pandemic has really affected the economy as a whole. As a result, the sneaker resale market suffered a negative impact as well.