2024 Sneaker CRASH: What the Hell Went Wrong & What We Learned | BusinessCasual.
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- Опубліковано 26 вер 2024
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Discover how the sneaker market experienced a dramatic crash in 2024, unraveling the factors behind this unprecedented event. Learn the key lessons and insights that aspiring entrepreneurs and fashion enthusiasts need to navigate future market challenges.
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I’m so glad the sneaker market crashed tbh, now I can freely get shoes I want and don’t gotta go through all the bs
yes now we can but the intrinsic value of what you buy now it’s much lower so getting it is not soo rewarding.
@@qu3nt people should start buying shoes they like first instead of looking for the value, this is the same reason why replica sneakers got so popular
@@qu3ntwhat intrinsic value? Feeling like you got the hottest shoes? Lol
@@LuisLopez-jm7xs yes, but it’s the human nature, something is not cool anymore if everyone have it. am sorry but that’s just the way it is
@@indigo_died6910 humm yes
This is a good thing. I hated sneakers being treated like a precious commodity. Overnight a lot of people became self-proclaimed “experts” and drove the market up. I like wearing my shoes and being able to grab them at and especially below retail. Overpaying for sneakers is not a flex.
Thank you bro well said
Like I can’t stand when they quote a resell price as the “worth” of the shoe… NAW them pair of Travis Scott’s was like $170 boss
resellers are now stuck with boxes of shoes that are harder to sell.
What do you mean you hated sneakers being treated like a commodity? That's exactly what they are... A mass produced, widely available product that everyone needs. Of course sneakers should be treated as commodities.
@@PohonestyI think he was trying to sound smart
Hey William, you’re using commodity incorrectly.
The culture itself is fine. OG sneakerheads are still into sneakers. It’s the resell and hypebeast culture that collapsed
My son never saved his shoes and always wore them to school. He has 20 pairs of Air Jordans, 3 dunks and 3 Air Force Ones. This does not include his dress shoes.
@@mocheen4837 I think your son has a problem
@@mocheen4837 unless your son will be going into a career in fashion, you're just wasting money buying him all those shoes. Consumerism and putting one's value on what they wear is also NOT a healthy minset.
@@ChumbynKnopa my mindset is fine and I like to have a lot of options to what I wear instead of thinking I don't need it but it's what I want because it's what I like.
@@ChumbynKnopagod forbid people spend money on things they enjoy.
Buyers brains suddenly woke up from this stupidity. Shoes are meant to be worn, not worshipped.
yes
Well said😊
Tell that to the Rolex fanboys ... see what they did to that industry too.
Nope, our government prints too much money, and we can’t afford anything now because of that.
Nah, they just can't afford it right now. It'll come back and be just as foolish as ever
We’re all broke and tired of consuming.
100% fuck low quality high price products
Who’s we
That’s the real truth
@@osirisofthesouth2853 almost everyone, guy. Since your head’s been in the sand, biden voter, I’ll fill you in: our government has increased the outstanding supply of currency by 80% since you guys voted for a democrat congress in 2018. Our. Money. Is. Worth. Less.
The dudes that act like they have money 🙄
In the 80s and 90s, we wore our sneakers, it was part of your wardrobe. We didn’t put our sneakers in trophy cases and didn’t display them like museum pieces.
Probably because no one was smart enough to sell the cases..😂
The same can be said about classic cars. Cars from the 30-70's, weren't seen as valuable, Now however, it's a different story. We want shoes from the 80's just as much as we want cars from the 60's. Things were better built and made back in the day
I wore holes in my og jordan and reebok blacktops...playing basketball. Never though i live to the day people pay crazy prices to pay for shoes than wear it twice a year.
Paying 500 bucks for a pair of shoes that cost 40 bucks to make is insane.
Who is making shoes that cost $40 to make? I assume Nike and all the sports brands have way lower costs.
agree,people dont want to be cheated anymore
@@ekoller Nike’s net profit margin is barely 10%
@@AyjayAlleyway that includes way more than manufacturing costs
@@ekoller so what? The business has to make money. All of those other factors are a necessary part of the business process.
It was time. Fuck resellers and fuck brands for putting out low effort shit that no one wants. If you want to put no effort in, just re-release the classics
Also what is the point of just buying shoes to sell them years later.. it defeats the purpose of fashion.. if everything is just sitting in its pacakging
Amen brother, fuck resellers, I’ve been cheated a couple of times from resellers selling me fakes for above retail (StockX & Goat) never again
They should be rereleasing the classics with the same quality that they made them with that they made them with 20 to 30 years ago. I hate that Nike has been so disappointing in recent years by increasing prices and quality going downhill.
I think BusinessCasual is a solid name for these types of videos
The culture isn’t dying. People have to decide whether to buy overpriced resell sneakers or pay off their bills and eat due to inflation. The audience that drove the market up doesn’t have the extra money to buy sneakers anymore. You have fast food places charging outrageous prices for food now that 22 year old that charged his credit card up and buy now pay later account up over the past few years just can’t afford it.
This says that the people who were spending on this “hobby” didn’t have it to spend.
Somebody was asking about how to “start investing in watches” and I told this kid, “don’t buy a watch that you couldn’t lose and be ok”.
Same goes for all hobbies, because Pokemon cards are not an investment.
Fuc bills
you sound broke af
@@enginerdy democrats won’t stop printing money
@@AyjayAlleyway ok Ayjay. Maybe a tax cut in the middle of a giant deficit spend is not such a great idea either..
This is a a reseller market crash, not a sneaker market crash. This is good for all of us! 🙌🏼
I abandoned most sneakers for boots, far better value if you're spending 200+
same - still got a pair of AF1 for the gym, may switch to 0drop for better gym foot health
Exactly. I’ve done the same thing
Absolutely
Some boot brands hold half of their value even after years of use.
Same, I just started buying high quality shoes
As a sneaker collector, I'm loving this crash. Pairs that used to resell well can be bought on sale from time to time.
Not a sneaker collector but I do have my favorite Jordan retros and because they happen to be hypebeast they are impossible to find at retail price. So I am loving this like you. In fact I got me a Jordan 7 white infrared (retail $200) for less than $70.
@@standingmaximumverticaljump Amazing deal. Enjoy the pair!
I’m all for these changes in the times 👌🏻it honestly was just a matter of time! I fell out of love during Covid years largely in part to resell/tiktok culture taking over and I’ve started to fall back In with sneaker (s culture) last couple of months :) Keep up the great content fam ❤
Its not dying. The hypebeast left and im glad. I hated the 2011 concord era. Long lines, ppl getting hurt and high resell prices.😊
I am still wishing for the Jordan 11 concords. Even after hypebeast gone, it is still hard to get.
I Think there were no more colours left to make Dunks or Jordans in haha
IT WAS TOO EXPENSIVE.. when you have resellers buying everything up.. what fashion is there even if you can’t even wear it?
I gave up.. never owned any of this stuff.. i relaly wanted those yzy boots SOOO badly.. i can’t afford them.. never will.. can’t find them.. what is the point..
so like everything else crashing.. congrats, people.. you just single handily destroyed a market due toooooo-->GREEEEEED
EVERYBODY just bought the fakes.
They won't ever tell you.
The UA unauthorized copies.
They selling for like $140-$200
So everybody just went that route 😂
Like I said, most people would never admit it though.
Consumerism is never a culture. Facts
Most countries are in a recession right now. People don’t have the money to splash around like they did even a year ago. Times are tight, it has nothing to do with sneaker culture. So you best believe this is not an isolated incident, many markets are feeling it at the moment
If sneakers crashed i should be able to get the jordan aqua 5's at a really good price😁
I stopped wearing sneakers,i was addicted.God rescued me!
We are living in a cost of living crisis. What is the point of buying so many pairs? There are too many releases and too much variety. They just end up in the closet and it's empty and shallow materialism. People are more aware of landfill and don't want to contribute to it.
Nothing went wrong. It just turned back to normal ;-)
gen z generally are thrifting more and buying second hand. most millennials either tapped out or are following gen z buying habits.
also, wearing jordans or whatever isn’t the current fashion meta if we’re honest. resell is still active on “hyped” products of the current times (wales bonner sambas etc)
Saying a pair of trainers are worth thousands of pounds was a joke anyway.
I’m glad about the market right now. I’m old head sb collector
2002 till now, after ‘16ish it’s been tough just getting these dunks now it’s becoming easier again. Not a cake walk but easier.
Ive been doing retail arbitrage since the late 90s and I basically moved away from sneakers about a year ago. I noticed that my resales were way down last christmas so i branched out it into other stuff to flip.
The real reason : COUNTERFEITS ARE BETTER THAN EVER !!!!
yes its true a lot of times imitation is better than the original
I have been a sneaker/fashion head since 2012. In 2017 the hypebeast culture dominated. Now we are all older and the young people are just super lame. Its not the problem with the product. Its the culture itself. Resellers are drug dealer mentality, and the modern mainstream hypebeast is usually a low class inner city youth. Its a destruction of society overall.
Agree with the first part, but not sure why millennials act like we didn't raise these "lame" young people 🤔...people finally figuring out that if you was lame before the $1k Travis Scott's you still lame with them on feet and just buying Dudes instead.
Loving most of the Asics, NB, and even the Mizuno releases, the GR are already so good
Nike is low quality garbage now. The last 4 pairs I bought only lasted a year or so before the glue that holds the soles together began to disintegrate. My New Balance and Asics last way longer and are half the price. If you check for sales you can occasionally grab up some FLY shit from these brands for under $50
So many sneakerheads who simply could not afford to stay in the game, me included. I was relegated to to running shoes and vans. So to say i'm happy the resellers are becoming extinct are an understatement. but at my age now i think I'll just stick to the runners, vans and etc.
cause yall thought them covid stimmys were gonna keep coming in thats why😂🤦🏻♂️
@@user-oe7oe2fl8q what does covid stimmy have to do with anything? What are you even talking about? 🤦🏻♂️
@@84yung cause stimmys are the main reason sneakers went up to begin with and after they stopped giving them out and people actually had to go back to work the sneaker market crashed
@@user-oe7oe2fl8q bro resellers have been taxing and or ripping people off long before covid.
@@user-oe7oe2fl8q i think one of the main reasons for the resell market crashing is because there are too many hyped shoes and brands to keep up with that weren't popping before that are now. Asics for example. Not to mention designer brands. Before it was just dominated by J's and Nike.
The problem is that the big companies just over saturated the market with the more popular and hype styles and only focus on those instead of looking at the many styles from their catalog of sneakers they can look at and push. Having Jordan releases every two weeks is to much so it’s why many sit and don’t sell and really working with great artists and work on better collaborations so they have new styles and looks that people would appreciate.
We have planar fasciitis bro, feet problems. Sneakers are cheaply made. There is also lots of options now
I have plantar fascitis just can't wear the sneakers just for the looks anymore. Have to wear sneakers that don't hurt my feet.
i loved the end of sneaker craziness, shit was just ridiculous.
It’s crazy how many things have inflated and imploded within the last 5 years.
4 years, specifically.
Dude this is random but you were a tour guide for me in Tokyo in September 2017. Good to see you blew up!!! My algorithm suggested this but instantly remembered when you said “Reggie casual”
This happened in many markets during the [censored]. Guitar market did the same exact thing.
The culture is great, but the vultures are dying. As someone who grew up before the reseller boom, I love this. Ninety percent of the shoes I want are now attainable. 🙏🏽
Nobody LITERALLY talking about the scalpers…scalpers hurt EVERY industry that they are in…
I’m glad. Lolol as 32 yr old guy coming back up the sneaker scene it’s about damn time. I can finally scoop 😂
Thank you for this video and CASE STUDIES!! This man is getting better with each video.
Name idea could be “ Business Casual “
From 2012 - 2020 people had job and financial security which allowed them to splurge on things like sneakers and now things have changed causing people to cut back.
It’s not that the sneaker market is dead but the silhouettes like Jordan’s & dunks limit your style. There’s only so much you can do with Jordan’s. Boots, sambas, salmons, some designer footwear etc… just expand the possibilities.
That and you look like a teenager when you wear Jordan's. Dudes don't understand how many women feel like this and I'm in NYC and talking about Blacks, Carribbeans, and Puerto Ricans too
The name "Business Casual" is right there for the taking
Yeah we went with that. It was a good look.
it took way more than anybody could expect for that resell market bubble to pop but i am glad it finally did, hopefully prices will go back to normal for regular shoes.
It's truly shocking how so many businesses did not see any of these current struggles/ financial headwinds coming.
Increased sales and profits whilst people were confined to their homes and travel was heavily restricted. Yet no one predicted a drop off when the restrictions lifted?
Sky rocketing costs of living leading to less disposal income? Wonder what will happen there?
Businesses now have to pander to one group, shareholders and it's leading to some absolutely moronic behaviours.
I think a few of them need to watch your content Reggie.
As a sneakehead, I'm happy to see the market return to some semblance of normality. I'm happy to see GRs sitting and be available, I want to see people buying and wearing some really good sneakers.
They knew. They just don’t care. Most business are concerned with the short-term profit. They want the fastest ROI as possible. They aren’t thinking about the long-time. I agree. It’s a terrible way to run a business. It’s not just exclusive to rue shoe business. It’s even worse in the gaming world.
Sneakers? Them big Mac meals already hurting nowadays!
So weird how we treat sneakers like a stock or share. If you were into this 15-20 years ago you would have completely different outlook. Objectively, every sneaker is worth about the same thing… $10-15 in cheap plastic, thin leather and glue.
I have no understanding of the sneaker thing but keep the faith. Enjoy what you love.
the culture is dying....because now everyone has access to sneakers. so truly it's the opposite, sneaker culture is flourishing while resell culture is dying. two completely different things
What crashed the sneaker market is when Chinese factories appeared in youtube shorts saying sneakers cost less than 10$ when ordered in volume. 😂
Growing up in the 90s, it was out of reach to get a pair of Jordans. The moment I got my first part-time. I saved up for a pair of Vince Carter Shox, $180. Coolest kid at school. Now? You got kids in elementary rolling in with Travis Scott Jordans and all these other crazy collab.
They liked something that was expensive, as did you
Nah fr I know so many people who have 2000 dollar plus shoes that they daily
Shoutout to Puma. Theyve come alomg way and made some very cool and innovative silhouttes for a reasonable price. Ive bought like 10 pairs in the last 3 years
I have shoes look like dress shoes but with a comfortable sneaker like outsole. It has the best of both world. They look good with suits and casual outfits. Unless I go jogging or working out in a gym, I wouldn't wear traditional sneakers anymore.
02:10 600% of his stock left unsold...
600%??? Of the stock? What is 600% of a stock?
Can you explain?
The market became over saturated with Jordan and Dunks. Gazelles and Sam as seem to be really popular now, but Nike is just meh, no mojo.
Can anybody tell the difference between the Samba, the Gazelle and the Spezial?
I'm definitely a 👟head but haven't purchased sneakers in a few years due to the new LAME designs❌️🧢
I’ve known this for a while now. It was unusual for all the Jordan’s to sit and when I seen all the dunks that started sitting everything just made sense.
This guy doesn't know what he's talking about. I'm amazed that he got through a whole video without mentioning the effects of COVID, the stimulus checks, or inflation even ONCE.
Can anyone answer this question. Why did Adidas NOT sell their TMNT Shredder & Splinter sneakers in Canada 🇨🇦 & USA but it’s sold on their website to the rest of the world 🌍
Prob a copyright issue
I am guessing the IP distribution rights are different in Europe, sometimes that is the case
The cause is clearly too obvious and staring at everyone. The outrageous and obnoxious resale market killed the market. That's what you call KARMA !
after all my jordans fell apart even though they were in storage, i don't like buying expensive sneakers anymore. i now prefer cheap and comfy shoes
You covered most of the factors affecting the resellers and the industry but one factor you did not touch on is the replica market which has gotten so good that some people choose replicas not only because even the trained eye can't tell the difference they're doing it as a giant F U to the greedy resellers who are getting their comeuppance
Sneaker culture became gentrified.
I’m an avid sneaker Fan but i have not bought any new sneakers until last month cause for me now is the time for the real sneaker lover to buy one when they are on sale or retail.
Worked at a retail store during college and remember the whole Beanie Baby craze. I would tell people stories about how some people paid thousands for Beanie Babies, and I'd say, "This is no different!" People would often tell me I was old and didn't understand, or that this was different, and give me some random answers. The point is, history always repeats itself, just with different faces. Don't be fooled! Learn from the past. Anyway, good luck! And hey, maybe a Princess Diana Beanie Baby /Jordan sneaker would work!
The entire sneaker market has not crashed. There will always be a strong demand for sneakers.
The market hasn’t crashed for me being a size 13 it’s even harder to get a pair
Any tips on ordering Japanese fashions here in the US ??
I have had no issues ordering from Japan only issue is import tax is high
If the site doesn't accept American cards you can either use a proxy like Buyee or you can use services like PayPal/Zelle if they accept that
Idk wtf this man is talking about. I have been trying to get sneakers on the SNKR app and every time it’s sold out. Sneakers ain’t dying my man
One reason in the UK was new changes to tax law where eBay and other sites have to report sellers thus handing over seller detail to hmrc
Culture or reselling?
The Business Casual Fridays
It’s all good, they can keep their bs colored mass production Jordan 1s. I can’t even wear 1s anymore it reminds me of me of those times
I just picked up off StockX,
4 pair of AF1’s, 3 for well under retail even after fees and shipping, the 4th I did pay $15 over retail, although I’ve seen that drop since I bought mine. Very few shoes attracting big resale $.
Change up a few things and sell it so high..like the jordan 17 now being sold for 300!!!! wtf!!!
I recently starting wearing skateboard sneakers,NB,Etnies😎
My favorite part of the sneaker culture crashing is that I can wear my favorite Jordans and not worry about being robbed of them. I am crossing my fingers though.
NBA becoming less popular didn’t help either.
Dont feel bad hope resellers stocked up on top ramen
Another tulip buble popped 😂
Got my Levi’s kicks for under $20 at Marshall’s 🤟
There’s nothing wrong with sneaker culture . The resellers the ones that dying.People who really love sneaker is doing just fine in fact doing better
I think it's hilarious that Nike is now suing everyone who imitates them when the very creation of Nike came from them ripping off Asics.
Sneaker culture isn’t dying. Reselling is what’s dying. Nike addiction is dying. As long as feet exist sneakers will still be popping. I have been a sneaker lover since I was a kid in the 80s. And the hot brands come and go but the culture is still there.
Sounds like the Dutch Tulip crash back in the early 1600's.
How a market for SHOES became so big in the first place is beyond me. I have a fair share of kicks, but some of you guys just got obsessed!
I’m just waiting for the housing market to crash again
Reselling sneakers isn't "culture". The resell game is killing sneaker culture.
Why would i wanna play 200+ for Nike's where the glue that holds the sole disintegrates after just a year or two? I have 4 pairs of kicks from big box retailers like Champs & Foot Locker that i paid for each between 150-200 that had that happen to
Quality presentation sir
The number 1 reason why the sneaker market crashed is because people just can't afford to buy sneakers every week anymore
Inflation and over saturation..Jordans in the 90's had 4-5 releases a year, now 9/10 a month.
Who would have thunk shoes don’t actually have any value. Shocking.
I'm so happy this is happening to resellers....I bought my first pair Nike Dunks in over 10 years, I refused to pay 2x to 5x over retail....the funny part is I got them off the nike website for $58...
Whats the difference between resselers and scalpers?
There is no difference.
No one is buying overpriced sneakers anymore
Thays great. Maybe now i can finally buy something 😅
Good for my style and my wallet.
Most of what i want still sells out immediately. This year, i've only copped court purple, rayssa leal and chicago sbs, and jordan 1 low retro unc. only pairs I'm after waverunners, black toe reimagined and maybe mocha 1 lows. When i get all those without hiccups only then can i say reselling is dead.