The streetwear bubble, which has been growing for at least two decades, has evolved from a uniform of skaters, punks, and hip-hop heads to a commercial fad powerful. It is argued that all fashion is a bubble, as the definition of bubble is “trade in an asset at a price or price range that strongly exceeds the asset’s intrinsic value”. The streetwear bubble has already burst for streetwear, with 2016 being the peak. Now, everyone is stuck in limbo doing Tyler the Creator cosplay. Highsnobiety is wondering how much longer until the streetwear boom goes bust.
The rise of streetwear has been fueled by inflated value and rampant speculation, but there are other signs that the cycle could be closing and coming to an end. The AW19 runways were not light on hoodies and sneakers were as prevalent as ever. The fever for overpriced sports footwear has subsided, and history has shown several instances of “bubbles”, boom and bust periods involving everything from tulips to the American housing market.
Some of the biggest names in fashion e-commerce, including Farfetch and MatchesFashion, have imploded. This means that fashion brands, investors, and non-sports styles are cashing in on the hype cycle. Sneaker resale values are falling amid subdued demand, and non-sports styles are cashing in on the hype cycle. Highsnobiety is questioning how much longer until the streetwear boom goes bust.
📹 2024 Sneaker CRASH: What the Hell Went Wrong & What We Learned | BusinessCasual
Keep it Casual. ••••• Follow us+ THECASUAL on INSTAGRAM: http://instagram.com/thecasual.co REGGIE on INSTAGRAM: …
What is the future of streetwear?
The future of streetwear is a dynamic and evolving industry, driven by creativity, innovation, and cultural relevance. Streetwear brands are challenging the established norms of fashion, influencing the way individuals express themselves through their attire, and are playing a significant role in shaping the future of sustainable practices and virtual influencers.
Is slow fashion becoming more popular?
Sustainable fashion has gained popularity due to growing awareness of environmental and social issues in the industry. Consumers are becoming more conscious of their purchasing decisions and seeking brands that align with their values. Examples of sustainable fashion practices include using organic and recycled materials, implementing fair labor practices, reducing carbon emissions and water usage, and promoting transparency in the supply chain.
What is the streetwear market forecast?
The global streetwear market, valued at USD 194. 43 billion in 2023, is expected to grow from USD 201. 39 billion in 2024 to USD 266. 74 billion by 2032, with a CAGR of 3. 58. Asia-Pacific holds the leading position in the market. The market emerged due to the increasing demand for fashionable, casual clothing. The pandemic has impacted the market, but post-pandemic, demand has increased. The market has attracted new consumers due to social gatherings and the Western lifestyle’s adoption of casual clothing.
The availability of streetwear on online platforms has expanded manufacturers’ reach and consumers’ enjoyment of the taste of streetwear. The joy from the taste of streetwear influences its demand globally.
Is streetwear still in style?
The concept of luxury is a prominent trend in the realm of streetwear, with consumers demonstrating a proclivity to invest in high-priced wearable pieces. Branded football shirts are experiencing a surge in popularity this summer, with high sell-out rates. Acne Studios, Aimé Leon Dore, and Balenciaga are at the vanguard of luxury blockcore, while baggy jorts, utilitarian outerwear, and motorsports gear are anticipated to gain prominence throughout the year.
Why is streetwear so popular now?
The streetwear industry is a rapidly growing global trend, often considered the next fashion revolution. Originating from popular culture, streetwear combines comfort and fashion, with influences from hip-hop music, skate and surf culture, sports, rock music, haute couture fashion, K-pop, and superheroes. The industry’s success is attributed to its ability to cater to the needs of people who want to wear comfortable clothes while being fashionable. The industry’s scope is vast, with influences from hip-hop music, skate and surf culture, sports, rock music, haute couture fashion, K-pop, and superheroes.
What is streetwear in 2024?
In 2024, sustainability is becoming a significant trend in streetwear, with brands adopting eco-friendly practices, using recycled materials, and promoting ethical production methods. Street fashion is now a showcase for environmentally conscious fashion, with upcycled sneakers and vintage-inspired pieces. Technological integration into daily life has also influenced street fashion, with LED accessories, smart fabrics, and tech-inspired prints making their mark.
Wearable tech is no longer limited to fitness trackers, blurring the lines between fashion and functionality. The streets have become the new runway, allowing individual expression and pushing boundaries in the fashion industry. Key influencers shaping the street fashion scene in 2024 include designers like Yves Saint Laurent, who are introducing tech-inspired prints and LED accessories to blur the lines between fashion and functionality.
What are the 3 biggest trends in streetwear lifestyle fashion currently?
The popularity of streetwear in 2024 has increased due to its urban roots, casual aesthetic, and cultural influence. Bold, oversized, and chunky styles, along with accessories, are becoming popular trends. Caterpillar is at the forefront of this movement, blending rugged durability with streetwise style. The trend is characterized by sustainability and social responsibility, and it has transcended clothing to become a global phenomenon. This blog will explore popular streetwear trends for 2024.
Is fast fashion going away?
Fast fashion’s influence on the global garment supply chain is not diminishing, as traditional retailers have adopted practices to increase speed and flexibility. Before fast fashion, a standard piece of apparel took about two months to produce, but now it can be produced in less than two weeks. This has also accelerated the life cycles of clothing, with fast-fashion brands launching at least one new collection per month, unlike traditional seasonal collections.
What is the most popular streetwear item?
In the year 2019, the product categories of hoodies, T-shirts, and footwear were the most popular among global retailers in the sportswear industry, collectively accounting for 67 percent of total sales. Further details regarding the methodology can be accessed here.
What will streetwear look like in 2024?
In 2024, streetwear will see a surge in technology-infused apparel, with garments featuring scannable barcodes, interactive elements, and smart fabrics that respond to environmental factors. This will elevate the aesthetic appeal and functionality of streetwear. The fashion industry’s growing emphasis on sustainability will continue to influence streetwear, with eco-friendly materials, recycled fabrics, and ethical production practices becoming key components.
Brands that prioritize environmental consciousness and social responsibility will gain prominence. Gender-fluid fashion will also emerge, challenging traditional gender norms with oversized silhouettes, neutral color palettes, and inclusive sizing options for a diverse range of body types.
Who buys the most streetwear?
Streetwear consumers are predominantly young, with over 60% under 25, and with an average annual income of $40, 000 or less. They have the means to spend on their favorite brands, with 56 spending $100-$300 on a single item. Asian consumers spend more, with 32 spending $500 or more per product. They connect directly with brands both offline and online, with 53 buying from the brand’s store and 42 from its website. Social media is their top source of influence, followed by other young urban people.
Successful brands have strong links to the cultures that streetwear grew from, with musicians having the most credibility among consumers. Streetwear’s young fans consider themselves socially conscious, with 70 stating social awareness and brand activism are important to them. The growth expectations for streetwear are robust, with 76 of industry respondents expecting the market to continue growing significantly over the next five years. To succeed in the streetwear market, brands should focus on authenticity, scarcity, democracy, affordability, and seamless online and offline activity.
📹 Shoes That only NPC’s Wear 🤮
Shorts ————————————————- Links: tiktok: @ofcdrippy instagram: @ofcdrippy ( soon ) …
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.
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
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)
It’s crazy 2024 litearlly is the year where every company is Fing up because they don’t listen to the consumer.. don’t care abotu the consumer.. only care about the shareholders.. litearlly everything.. and honeslty.. we need this collapse for them to realize there is no $ without consumers.. it ere is no demand.. your supply depreciates in value.
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.
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.
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
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.
So easy to predict. I’m still not wearing any of those big brands. They lost my dollars a long time ago. Regardless, the endless collabs, ridiculous product, and all the cornballs that came with the exploitation cemented them as money hungry culture vultures quick to capitalize on what people who don’t look like them validated. Nike got lucky imo and the company snowballed. The MJ deal really knocked it out the park. Unfortunately for them consumers evolve and the wind changes direction. Nike needs to take a step back and tap back in. Although I think it’s too late.
When there is a bubble, it will burst. The pumpers will come and go. I’m glad the vultures are mostly gone, I hated seeing IG pages “future release and estimated resell value” (ON WHAT DATA?) and sneaker podcasts taking most of the time about the resell market and how to resell like they dont have backdoor plugs
In 2020, we had a once in a lifetime phenomenon. The entire world shut down and people were stuck in their homes. With nothing to do they turned to social media which made tik tok explode in popularity. From there sneakers exploded for thousands and thousands of people who were just trying to fit in with an internet trend. Sneaker brands thought it was a smart business model to release products based on social media popularity. Sneakerheads is such a small niche of consumers that it ultimately blew up in their face.
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!
It absolutely sucks that these companies do this. I have a very small collection that I like to wear but last a long especially the special shoes in collection mainly AJ’s. I have pair of AJ13 French Blues. It was Christmas last year and my birthday. So, AJ8 Playoffs were coming out. I went in the Nike / AJ website tried to get them and couldn’t. Then, went on GOAT and they want 350 for shoe that costed $225 or $250. I all wanted was to have was 2 to 3 pair of AJ’s that I had through High School. The problem is Nike sells a lot of shoe off one model and limited of others. The AJ8 PO was a limited release which sucks. I wouldn’t resell them I wear them till wore out. Which would be 5 or 6 yrs from this past Christmas. I take care of my stuff. It’s cool.
Sneaker flipping market already crashed in China before the pandemic. Back then, Chinese sneaker heads were so crazy, they even created a sneaker investing platform. On the platform, the would sell “shares” of a pair of sneakers & you could buy them to own “part of” the sneakers. Yes, they basically turned sneakers into stocks like the stock market. As the pair of sneakers you invest in grow in value, your share in the pair of sneakers would grow as well. This only accelerated the burst of the sneaker bubble in China. Finally, the hype died out, the sneaker flipping trend ended, and astronomical value vanished from the platform. Although the crash didn’t happen overnight like crypto did, but many people actually lost money from investing sneakers.
Here’s what happened, idiots payed 700+ for Jordan’s made in China. You could go get legit off white off court 3.0. It’s basically a Jordan 1 but made better. They don’t crease, I’ve had a few pairs for 5+ years with no crease. Better leather, better toe box. They’re Italian made, Italians make the best shoes. Even LV, although being French, only sells Italian shoes.
The consumer no longer cares due to being gatekept from the shoes they loved for a decade. They then went to other brands, and for a decade, fell in love with those brands instead. They wont be coming back, and i hope the resellers get jammed with them. My website is all about reselling, but we said since day one, this is not a category to play in. its not established, and if you over extend you will get jammed with goods. It doesnt matter the product, you will see funkos take the full fall next.
At the end of the day, who really cares?!??!!!?? It’s just a pair of sneakers, nothing more nothing less. All of these companies have sold a gullible public a bill of goods. For example, there is about $7 of material and labor in a pair of Nikes and they scalp people on the daily. Even if you double that to $14 they still pick your pocket with every purchase you make. The only time I consider buying a pair of Nikes is if there’s a style I like with a serious sale. Recently, there was a $109 Nike sneaker that I had my eyes on. It went on sale for $55 (49.5% discount) and I jumped on it. Otherwise, no way I’m getting fleeced by these con artists. If you need a $200 – $500 pair of sneakers to be hip or cool, forget it because you’re a lost cause.
Eventually everyone starts wearing the same thing. Suddenly everyone is wearing Gazelle…it just puts you off of them. Secondly, the model is clear: Take the Nike Air force one, which from a quality perspective is actually a mediocre shoe: Change the color of the swoosh, call that a ”special limited edition” and sell it for 50% more. Its literally the same shoe, they just changed a color! Its taking people for idiots. Also, there are so many innovative small brands that make much better quality sneakers: for the same price as a pair of Jordans, you can buy sneakers which are hand made in Europe or the U.S by crafts people, with full-grain quality leathers, real leather lining, pure thick natural latex (instead of diluted rubber). Instead, people prefer to buy chemical foams, cheap plastinated leather and plastics, glued together in Asia….
Just my two cents as an old brown dad. Idc about sneakers that much, I just knew they were always silly’ish expensive based of popularity sorta deal. My kids however, love them, Well, this economy has been tough to say the least so told them this season they each get a pair instead of the usual 2-3 pairs per new season. Then one of me said “Dad, you could get us a lot still if you buy reps”. I had no idea wtf she was talking about but it took me all of 15minutes of using IG and WhatsApp and I had a plug. For less than the cost of 3 retail AJ4’s I got all the kids 2 pairs of their choosing. They each love their pairs, and the plug was kind enough to hook up random free socks, t shirts, a hoodie and a coupon code to use in the future. I ain’t mad.
Nike brand issue is they haven’t had any new styles to release that are creatively dope…all the top shoes look whack since 2000… LeBron,Kobe, Kyrie,etc….thays why all the 90s shoes are only selling… problem with that is over flooding the market with too many color ways which doesn’t make them exclusive…Jordan brand definitely has too many releases of terrible colors..Tinker Hatfield was a design legend…Adidas destroyed their wave over politics…At the end of the day I’m glad it’s at least allow me to get the shoes I like without going broke to have em..500+ for shoes are ridiculous especially when they only cost 150 originally…
What is flippin sneakers….its buyers cornering new products built on hype, which are then on sold to other buyers at a profit….so what is it….It’s a hustle….who wins from that hustle….nike and Michael Jordan and some flippers…but the more flippers you have, the less profit there is too share around….and in addition a hyped up sneaker may pass through 2,3,4 flippers before it gets to an end consumer….each trying to flip it for a small profit….which bids up the price, which reduces the pool of potential end buyers….which results in disinterest or redirect to cheaper sneakers.
It was bound to happen…the bubble had to burst…after popularity soared during the pandemic.. not to mention “The last Dance” bringing it to a boil…like every fad …it had to come to an end…Those of us who have always loved Jordan are still here because it wasn’t a fad to us…and just like every fad…it will be a trend yet again in due time…peace love and just one more pair..
Shoes companies would probably sell more if they actually kept with the demand of customers. The fact that the shoes people actually want are never in stock and just available trough resellers is stupid. I can never find shoes my size trough official means, i always have to overpay someone else the money that could go into Nike’s Pocket
All market crashes eventually which doesn’t provide additional value, other than hype some regular stuff up and sell with high margin. Sneaker market became a thing throughout dumb customers who thought can acquire status through their shoes. BS! When you are rich you don’t really care what shoes you are wearing anymore, but you maybe own an expensive car or real estate or rather assets what bring more profit.
A lot of resellers were just buying whatever they could and then were selling it for a nice profit. They didn’t need to do any research or see trends, they just bought the entire line of whatever came out whether through bots or back door deals. Now consumers are more selective and are prepared to wait to get the shoes they want on discount, not just try to buy whatever comes out. In a market when there’s people who know what they are doing and then there’s people who don’t know anything but can only buy without thinking about it, surely will suffer in the end. Same was with Lego, people would buy whatever came out and then resell it afterwards for good profit, meanwhile the die hard fans wouldn’t be able to get it so would pay the reseller amount. Now people keep playing the long game and eventually they can hold out that they can get a good price for sets. Eventually the people who can’t hold on have to get rid of the their stock for maybe less than what they paid which was never the case about 2 years ago. When something is trending, don’t get invoved. Chances are it’s already too late
Yeah, people really, really underestimate kanye’s influence on sneaker. Culture bro, they literally don’t recognize this man. He’s single handily. Is the reason why most of the culture is dead? No effects so anyone else. And then now I can get all the easies. I want from way cheaper than I could before bro. I’m telling I got all the easies I want. That’s the thing it was always hype. It’s na’s never about cool. It was never about what you actually liked. It was all hype beast. Remember them
Here’s one thing Nike could do to increase sales. Make more shoes for drops of SKU’s people really want. Just off the top of my head, Jarritos, Dodgers, Jackie Robinson, Parra, Futura and Born x Raised (Not to mention any collab between Travis Scott or Off White) are all semi recent drops that could have sold WAAAY more units than what was produced and there’s tons that I missed. We’re not talking small numbers either. That’s multi-millions of units that they’re leaving on the table. and that’s JUST dunks. I’m not saying Nike should just “make more shoes” they should make more units of HYPED releases, Jordan 1 and 4 had tons of drops that could have sold way more more units as well.
The consumers are buying only reason it seems like they’re not is because we have stopped the resellers buying out the whole stock and I’m happy about it people finally realized how dumb it is to be paying resell when you can fashion classic adidas like a samba or new balance etc etc that’s always available
I go to my local NIKE stores all the time (I have two within less than 20 minutes away) and see tons of Jordans for under $50. And if buying online Nike has tons of sales with additional discounts shipped directly to you and with zero doubts that they will be fakes since it’s coming straight from NIKE.
I ran a very large warehouse, with 240 employees. Most were tough, inner city young men. While I had 20% of my money put into a 401(k), with an excellent company match, my workers knew every store manager of every shoe store in a hundred mile radius. They were CONSTANTLY talking about their kicks. Now? I am fully retired, with several hundred thousand in CD’s, and a LOT of them have a closet full of sneakers. SMH….
2:13 This has to be an error. You can’t have more than 100% of something REMAINING. Example; If 1000 shoes were made, it’s impossible to have 600% of stock remaining. That would be 6000 shoes… you can’t have that as a remainder if you only made 1000 shoes to begin with. 60% of stock unsold is realistically representable. 600% of unsold stock is not.
Actually it’s an awesome time to be a sneaker enthusiasts since he/she doesn’t have to jump through hoops and pay ridiculous resell prices in order to buy the shoes that they want. The casual sneakerheads or those who simply bought shoes because they just wanted to be in trend or be “cool” are not buying sneakers anymore. All that’s left are those who really are into sneakers and it’s a relatively small community. The current economic climate is also not helping as inflation drives prices up especially necessities in which now a lot of people prioritize spending which excludes sneaker purchases. Sneakers going back to simply something you enjoy putting on your feet instead of viewing it as a commodity is the biggest win for me.
I think we gotta also shift the focus.. again.. yes yes rich people mmmmm.. but the greater market is the middle lower class who also want to look good.. while being poor 😂 We gotta learn to enjoy the now.. the fashion NOW.. aka.. WEAR THE DAMN CLOTHES and shoes, bags.. not just have them collecting dust. It’s time to WEAR CLOTHES .. and people to relaly invent their own style .. which allows mixing matching.. of NOW clothes.. its time to really look at – do you want market stay or temporary trend? Do you want to sell 4 bags or 400 bags and also have relevance? These are the questions.. and you need to know your demographic.. do you want to be Hermes.. or do you want to be Uniqlo.
We now have many companies releasing different sneaker models almost every other week. Faster than the retailers can sell their current stocks. Similarly, auto and electronic device makers. Adidas and Nike confuse the hell out of their customers. What you buy at Footlocker becomes old-style as soon as you pay the cashier. Or you spend $250 on a red and blue Nike but everyone’s wearing the latest black and white.
When stuff becomes too expensive, it makes them inaccessible to people who actually enjoy them, which means that people will no longer buy accessories or items associated with the product. For example, if PlayStation prices skyrocket, people will stop buying not only the console itself but also games, spare controllers, TV screens, or even furniture like TV stand and a couch.
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.
I started shifting toward heritage boots mostly because of a new job field. It also made me realize how many bad foot habits I’ve developed from wearing sneakers for decades, and I got used to buying multiple pairs within a year due to soles wearing out or straight separating. I spent 200+ on 1 pair of boots that have lasted me 2 years and will continue to last me until it gets resoled in another 1 or so. I got tired of throwing money away into pairs because the quality dropped in most sneaker brands, especially Nike.
As a reseller, I have a lot of stock that I will not get my money back from. For example, I have some DS pairs of Trophy 🏆 Room 1 that I’ll loose $1400 if I sell them now. I doubt I’ll even get my money back on them. Supreme is still reselling, but not big dollar items. Lots of camp caps. Summary is the economy is shrinking, 3x number of shoe releases per month meaning there is more choice and high volume + small margins is the new reselling norm.