I’m Yanely Espinal with another FinCap Friday brought to you by Next Gen Personal Finance. Many sources like to pinpoint the release of Nike’s first edition of the Air Jordan sneakers back in 1985, as the beginning of sneaker collecting ,which is done by a group of people who call themselves sneakerheads. While this group is mostly dominated by young men, 22% of teenage girls consider themselves to be sneakerheads too! Sneaker culture has taken to the internet and it’s the biggest its ever been! A recent Business Insider article reported that the estimated size of the sneaker resale market in the U.S. is about $2 billion! When a new pair of sneakers or limited edition pair comes out they usually cost just a few hundred dollars, so those who see an investment opportunity might buy one or more pairs, hoping for the hype to increase significantly around that sneaker so they can sell for thousands of dollars and collect a big return on investment. From early 2018 – 2019 the most commonly resold sneaker was the Adidas Yeezy Boost 350 V2 Butter, which you can find online for 2-3 hundred dollars. But then you have sneakers like the Nike AirJordan 4 Michigan PE which sold for about $5,851 on average in 2019. More and more online companies are being created to allow for buying and selling of sneakers online. For example, Stadium Goods, Goat, or StockX, which have all grown significantly since they were created.According to the LA Times, StockX is now the leading company among them all, with a valuation of nearly one billion dollars. For decades, the list of smart investment options has sounded something like stocks, bonds, and real estate. Well, don’t be surprised if people start to include sneakers on that list.
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