StockX shared its mid-year 2021 report on resale culture and emerging trends in the secondary market. In line with StockX findings over the past 18 months, user growth was again a big topic. Likewise, StockX highlighted the fastest growing brands on its platform, showing just how diverse the resale landscape is.
After the start of the pandemic, every new StockX user was twice as likely to be a woman, according to the data. Additionally, the demographics have diversified even more over the past 12 months as there has been a 100% increase in the number of non-U.S. Buyers. About 70 percent of platform users are still under 35, however, the number of consumers 45 and over has increased by 90 percent, showing some older heads are starting to get more involved. .
When it comes to brand growth, five brands that do not belong to traditional sportswear powerhouses have taken the biggest leap. Birkenstock (+ 610%), Louis Vuitton (+ 440%), Crocs (+ 430%), Alexander McQueen (+ 370%), and Reebok (+ 210%), saw tremendous business growth during the year last.
There are a number of reasons for this, ranging from the types of products these brands offer to changing consumer behavior and trends, some of which are described by StockX Chief Economist Jesse Einhorn for Highsnobiety.
“Even as people continue to work from home and more and more consumers prioritize function and comfort above all else, what really pushes brands like Crocs and Birkenstock forward is their aggressive collaboration strategy,” explains Einhorn. “A few years ago, Crocs and Birkenstock were barely on the StockX radar. Today they are thriving in the aftermarket thanks to product collaborations with established brands like Kith and Stüssy and artists like Post Malone, Justin Bieber and Bad Bunny.
Einhorn also pointed out that the success of these “fringe” brands shows that the boundaries of sneaker culture continue to expand. Most of the time, all it takes is the right partners and a well thought out strategy to break into the industry.
“The demand for designer sneakers is also on the rise, with sales for Louis Vuitton and Alexander McQueen four and five times greater than they were a year ago,” says Einhorn. “Someone who maybe prioritized a more formal or traditional work shoe or accessory a year ago is now investing those dollars in sneakers.”
While Reebok, Louis Vuitton, Crocs, Birkenstock and Alexander McQueen grow at a rapid pace, the big dogs of Nike and Adidas continue to grow. “The dominant sneaker brands continue to lead the category in terms of total trade, and each has experienced significant year-over-year growth,” explains Einhorn. “The ability of smaller brands to gain market share and the diversification of consumer preferences are a healthy sign for the entire secondary market and prove that powerful incumbents cannot take their position for granted.”
Check out StockX’s mid-year snapshot here.
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