If you go on Instagram you can literally find hundreds of accounts devoted to sneakers. Major retailers like Holt Renfrew and the Bay have devoted huge sections of their floor space to sneakers. All because sneaker sales have continually grown over the past few years.
Well, It looks like the height of sneaker popularity has finally reached its zenith.
Wall Street Investment bank Goldman Sachs have recently reported that major sneaker retailers like Footlocker and Finish line have seen a significant drop in sneaker sales as a result of consumers’ movement out of the world of sneaker collecting. In addition to Goldman Sachs, Campless, a company that tracks the collectible sneaker market, has seen a decline in sales for high-priced collectible sneakers. The first time a dip in sales has occurred in the sneaker industry since 2012.
Industry experts attribute the slowdown in sales to a few factors. Topping the list of factors is the salient point of market saturation. It seems like everyone and their mother has a sneaker company these days, and every big brand from Levi’s to North Face is in the sneaker game. Additionally there has been a slow trend from the movement of high-priced performance sneakers like Jordan brand to more casual athletic footwear like New Balance’s lifestyle collection.