So, in the past couple of years, things have been shifting in the sneaker industry. The biggest fish in the sneaker sea mostly used to be U.S residents. But, now, the Chinese sneaker market is here to change things up!Â
Cowen Equity Research estimated that the value of the global resale market would reach $30 BILLION by 2030. And, China will be one of its fastest-growing markets and contributing factor. According to Statista, the revenue for sneakers in China amounted to $13.65 Billion in 2020. And, the market is also expected to grow annually by 9.3%! In comparison, the United States’ highest revenue in 2022 reached $21.58 Billion.Â
Now, these are IMPRESSIVE values to look at. So, this makes the Chinese sneaker marketplace a formidable force! One that we shouldnâ€™t overlook. Letâ€™s break it down!
THE CHINESE SNEAKER MARKET
The rise of the Chinese sneaker market is not much of a surprise considering the mediums that it uses. Just like weâ€™ve got some of the greatest marketplaces for sneaker resale, China has its very own! One of the biggest leading Chinese marketplaces is none other than POIZON. A marketplace that could definitely give StockX a run for their money! Especially since it is perfect to cater to the Asian market.
Given the size of the country and the people in it, sneaker marketplaces have to cater to them too. Minus the outrageous fees! And so, in 2019, GOAT launched a China-specific app and program. And, in 2020, StockX opened a brick-and-mortar authentication center in Hong Kong. However, Poizon definitely takes the cake for the best sneaker marketplace in the Asia Pacific region!Â
And so, the biggest fish of the sneaker resale platforms are trying to integrate themselves into the Asian scene. But, Chinese sneaker market platforms like Poizin offer more diversity for brands and companies! Learn more about the Chinese sneaker app Poizon, here!
So, although the United States remains the global center for the sneaker culture, the demand in China is growing too! People want the Air Jordan 1s, the Adidas Yeezys, the Air Forces, and the Travis Scotts! Sneakerheads from across the world should have a chance to join in the resale culture as well.Â
According to Zhang Qi, chief analyst at consulting firm iiMedia, Chinaâ€™s secondary market for sneakers exceeded $1 billion in 2019. All they needed was a proper medium! And, just like any other sneakerhead, people want to buy in bulk! This makes the Chinese sneaker market the perfect scene for sneaker botting too!Â
Therefore, the surging demand for the mainstream, hyped sneaker brands forced the Chinese market to take different measures. And now, traders are able to buy and sell sneakers online and make a living off of it too!
Finally, hereâ€™s why we think that the Chinese sneaker market might soon take over! You see, most sneaker manufacturers operate in China. Nike sneakers are widely manufactured in China, and so is Yeezys!
And therefore, this does give it perfect grounds for cultural growth. So, could we soon be trying to cop off Chinese sneaker market platforms instead of ours?Â