2024 Sneaker CRASH: What the Hell Went Wrong & What We Learned | BusinessCasual.
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Discover how the sneaker market experienced a dramatic crash in 2024, unraveling the factors behind this unprecedented event. Learn the key lessons and insights that aspiring entrepreneurs and fashion enthusiasts need to navigate future market challenges.
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I’m so glad the sneaker market crashed tbh, now I can freely get shoes I want and don’t gotta go through all the bs
yes now we can but the intrinsic value of what you buy now it’s much lower so getting it is not soo rewarding.
@@qu3nt people should start buying shoes they like first instead of looking for the value, this is the same reason why replica sneakers got so popular
@@qu3ntwhat intrinsic value? Feeling like you got the hottest shoes? Lol
@@LuisLopez-jm7xs yes, but it’s the human nature, something is not cool anymore if everyone have it. am sorry but that’s just the way it is
@@indigo_died6910 humm yes
The culture itself is fine. OG sneakerheads are still into sneakers. It’s the resell and hypebeast culture that collapsed
My son never saved his shoes and always wore them to school. He has 20 pairs of Air Jordans, 3 dunks and 3 Air Force Ones. This does not include his dress shoes.
@@mocheen4837 I think your son has a problem
@@mocheen4837 unless your son will be going into a career in fashion, you're just wasting money buying him all those shoes. Consumerism and putting one's value on what they wear is also NOT a healthy minset.
@@ChumbynKnopa my mindset is fine and I like to have a lot of options to what I wear instead of thinking I don't need it but it's what I want because it's what I like.
@@ChumbynKnopagod forbid people spend money on things they enjoy.
This is a good thing. I hated sneakers being treated like a commodity. Overnight a lot of people became self-proclaimed “experts” and drove the market up. I like wearing my shoes and being able to grab them at and especially below retail. Overpaying for sneakers is not a flex.
Thank you bro well said
Like I can’t stand when they quote a resell price as the “worth” of the shoe… NAW them pair of Travis Scott’s was like $170 boss
resellers are now stuck with boxes of shoes that are harder to sell.
What do you mean you hated sneakers being treated like a commodity? That's exactly what they are... A mass produced, widely available product that everyone needs. Of course sneakers should be treated as commodities.
@@Whackjob_I think he was trying to sound smart
Hey William, you’re using commodity incorrectly.
Buyers brains suddenly woke up from this stupidity. Shoes are meant to be worn, not worshipped.
yes
Well said😊
Tell that to the Rolex fanboys ... see what they did to that industry too.
We’re all broke and tired of consuming.
100% fuck low quality high price products
It was time. Fuck resellers and fuck brands for putting out low effort shit that no one wants. If you want to put no effort in, just re-release the classics
Also what is the point of just buying shoes to sell them years later.. it defeats the purpose of fashion.. if everything is just sitting in its pacakging
Amen brother, fuck resellers, I’ve been cheated a couple of times from resellers selling me fakes for above retail (StockX & Goat) never again
Rereleasing classics with the same quality***. I hate that Nike has been so disappointing in recent years by increasing prices and quality going downhill.
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.
This says that the people who were spending on this “hobby” didn’t have it to spend.
Somebody was asking about how to “start investing in watches” and I told this kid, “don’t buy a watch that you couldn’t lose and be ok”.
Same goes for all hobbies, because Pokemon cards are not an investment.
Fuc bills
I think BusinessCasual is a solid name for these types of videos
In the 80s and 90s, we wore our sneakers, it was part of your wardrobe. We didn’t put our sneakers in trophy cases and didn’t display them like museum pieces.
I abandoned most sneakers for boots, far better value if you're spending 200+
Boots are for the real men.
same - still got a pair of AF1 for the gym, may switch to 0drop for better gym foot health
Exactly. I’ve done the same thing
Absolutely
Imagine buying $20 sneakers made in China for $300 that crease after one wear when you can buy boots made in the USA for $200 that took forever to look worn out.
I’m all for these changes in the times 👌🏻it honestly was just a matter of time! I fell out of love during Covid years largely in part to resell/tiktok culture taking over and I’ve started to fall back In with sneaker (s culture) last couple of months :) Keep up the great content fam ❤
So many sneakerheads who simply could not afford to stay in the game, me included. I was relegated to to running shoes and vans. So to say i'm happy the resellers are becoming extinct are an understatement. but at my age now i think I'll just stick to the runners, vans and etc.
cause yall thought them covid stimmys were gonna keep coming in thats why😂🤦🏻♂️
@@user-oe7oe2fl8q what does covid stimmy have to do with anything? What are you even talking about? 🤦🏻♂️
@@84yung cause stimmys are the main reason sneakers went up to begin with and after they stopped giving them out and people actually had to go back to work the sneaker market crashed
@@user-oe7oe2fl8q bro resellers have been taxing and or ripping people off long before covid.
@@user-oe7oe2fl8q i think one of the main reasons for the resell market crashing is because there are too many hyped shoes and brands to keep up with that weren't popping before that are now. Asics for example. Not to mention designer brands. Before it was just dominated by J's and Nike.
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
EVERYBODY just bought the fakes.
They won't ever tell you.
The UA unauthorized copies.
They selling for like $140-$200
So everybody just went that route 😂
Like I said, most people would never admit it though.
I Think there were no more colours left to make Dunks or Jordans in haha
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.
The real reason : COUNTERFEITS ARE BETTER THAN EVER !!!!
Consumerism is never a culture. Facts
I’m glad about the market right now. I’m old head sb collector
2002 till now, after ‘16ish it’s been tough just getting these dunks now it’s becoming easier again. Not a cake walk but easier.
We are living in a cost of living crisis. What is the point of buying so many pairs? There are too many releases and too much variety. They just end up in the closet and it's empty and shallow materialism. People are more aware of landfill and don't want to contribute to it.
Loving most of the Asics, NB, and even the Mizuno releases, the GR are already so good
Most countries are in a recession right now. People don’t have the money to splash around like they did even a year ago. Times are tight, it has nothing to do with sneaker culture. So you best believe this is not an isolated incident, many markets are feeling it at the moment
Paying 500 bucks for a pair of shoes that cost 40 bucks to make is insane.
Probably $5 in China
Its not dying. The hypebeast left and im glad. I hated the 2011 concord era. Long lines, ppl getting hurt and high resell prices.😊
I’ve known this for a while now. It was unusual for all the Jordan’s to sit and when I seen all the dunks that started sitting everything just made sense.
We have planar fasciitis bro, feet problems. Sneakers are cheaply made. There is also lots of options now
I have plantar fascitis just can't wear the sneakers just for the looks anymore. Have to wear sneakers that don't hurt my feet.
Dude this is random but you were a tour guide for me in Tokyo in September 2017. Good to see you blew up!!! My algorithm suggested this but instantly remembered when you said “Reggie casual”
It’s crazy how many things have inflated and imploded within the last 5 years.
As a sneaker collector, I'm loving this crash. Pairs that used to resell well can be bought on sale from time to time.
it took way more than anybody could expect for that resell market bubble to pop but i am glad it finally did, hopefully prices will go back to normal for regular shoes.
Thank you for this video and CASE STUDIES!! This man is getting better with each video.
Name idea could be “ Business Casual “
It’s not that the sneaker market is dead but the silhouettes like Jordan’s & dunks limit your style. There’s only so much you can do with Jordan’s. Boots, sambas, salmons, some designer footwear etc… just expand the possibilities.
The market hasn’t crashed for me being a size 13 it’s even harder to get a pair
This happened in many markets during the [censored]. Guitar market did the same exact thing.
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.
They knew. They just don’t care. Most business are concerned with the short-term profit. They want the fastest ROI as possible. They aren’t thinking about the long-time. I agree. It’s a terrible way to run a business. It’s not just exclusive to rue shoe business. It’s even worse in the gaming world.
Sneakers? Them big Mac meals already hurting nowadays!
Any tips on ordering Japanese fashions here in the US ??
I recently starting wearing skateboard sneakers,NB,Etnies😎
I’m glad. Lolol as 32 yr old guy coming back up the sneaker scene it’s about damn time. I can finally scoop 😂
Amen! What the consumer needs is balance. Not just Nike and Adidas, there are more brands to choose.
Growing up in the 90s, it was out of reach to get a pair of Jordans. The moment I got my first part-time. I saved up for a pair of Vince Carter Shox, $180. Coolest kid at school. Now? You got kids in elementary rolling in with Travis Scott Jordans and all these other crazy collab.
They liked something that was expensive, as did you
Nah fr I know so many people who have 2000 dollar plus shoes that they daily
I'm from Asian. And for us sneakers just a shoes. If it's price is ok, we buy it. If it's stupid, then just stay in store room until rust. 😎✌🏻
I'm from the Philippines and we have locally made shoes that are high quality and way better than sneakers.
as a sneakerhead I am happy that prices are going down and hype as well. I was able to get Futura SB Dunks for retail which I never expected. I hope to get more sneakers that I like at retail.
Quality presentation sir
The cause is clearly too obvious and staring at everyone. The outrageous and obnoxious resale market killed the market. That's what you call KARMA !
I'm definitely a 👟head but haven't purchased sneakers in a few years due to the new LAME designs❌️🧢
Saying a pair of trainers are worth thousands of pounds was a joke anyway.
Was about time
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!
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 $250 on a red and blue Nike but everyone's wearing the latest black and white.
Good video
How a market for SHOES became so big in the first place is beyond me. I have a fair share of kicks, but some of you guys just got obsessed!
Whats the difference between resselers and scalpers?
There is no difference.
Just bought gratitude 11s under retail
This is good, I just got into Jordan Retro’s and I love the aesthetic look of them.
I just got my first pair of Jordan 1’s Mid top and now I’m hooked.
Thats unfortunate
@@mvil How’s that unfortunate?
@@HanzoWasabj Because people generally hate mids. They don't consider them real jordans, same thing as the team jordans. Wear what you like though don't let some losers persuade you.
@@Qui6Below oh 100%, I was just curious to see what they’re response was. I appreciate you 👍🏼
What crashed the sneaker market is when Chinese factories appeared in youtube shorts saying sneakers cost less than 10$ when ordered in volume. 😂
It’s all good, they can keep their bs colored mass production Jordan 1s. I can’t even wear 1s anymore it reminds me of me of those times
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
I was so surprised when Ive found many colors of Dunks (I've bought the jade ones) on sale at ABC Mart for only 10 000円. 2-3 years ago you would had to buy them from a reseller for 400$ or more.
at one point Yeezy was selling way more shoes then jordan and Micheal jordan was mad hahaha I remember that was them days
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.
Recently purchased space jam lows and medium curry dunks, and now i can find them for less than the retailed price. 😅
The sb 4s are still a stupid price tho 😒
Ya why is there always a crazy line at the ON store on Cat Street 🤣🤣🤣🤣
Theirs too much of everything. Too many shoes, releases, resellers, collaborations, celebrity endorsements. Not enough expendable funds
Shoutout to Puma. Theyve come alomg way and made some very cool and innovative silhouttes for a reasonable price. Ive bought like 10 pairs in the last 3 years
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.
Sneaker Resellers for a long while, caused stress, frustration and forced customers and fans to part ways with too much of their hard-earned money. I'm happy to see things are returning to "normal" and Resellers are going hungry.
The market became over saturated with Jordan and Dunks. Gazelles and Sam as seem to be really popular now, but Nike is just meh, no mojo.
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
Sneaker culture is doing just fine. Its just the resell market thats taking it on the chin. Which is great for the culture. Get these reselling vultures tf outta here. Sneakers for those that actually like them and wear them.
Its a glorious time for actual sneaker heads
Sneaker culture became gentrified.
No one cares about random general releases anymore, but hype stuff is still extremely hard to obtain for retail. Which is funny considering resale is no where near what it was.
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)
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.
Comes in cycles. Usually every 7 years, but this last run lasted a good bit. And if y’all remember Nike pulled the dunk from production for a few years.
What shoe is in thumbnail?
the culture is dying....because now everyone has access to sneakers. so truly it's the opposite, sneaker culture is flourishing while resell culture is dying. two completely different things
I have shoes look like dress shoes but with a comfortable sneaker like outsole. It has the best of both world. They look good with suits and casual outfits. Unless I go jogging or working out in a gym, I wouldn't wear traditional sneakers anymore.
Good
The Business Casual Fridays
Dudes got greedy and the corporations humbled y’all, that’s all.
Resellers buying up all the $150 sneakers and slapping a $500+ price tag on them the same day is what did it they ran off consumers to dhgate and other sites that sell fakes because the quality ain’t bad like it used to be resellers did this to themselves and to the market as a whole good job guys
i loved the end of sneaker craziness, shit was just ridiculous.
I'm like those doomsday preppers, I have a good stockpile to keep me going while I wait for the few 'must cop' shoes to come back around. I'm telling you, they're going to bring back the Bordeaux 7's next 2 or 3 years.
the glue an all the material will be broken down by that time
7s are trash
I could not be happier for the world. I could not think of a more toxic and hyped up community this could happen to.
Dont feel bad hope resellers stocked up on top ramen
Culture or reselling?
Supply up, demand low. Prices crash. Buy low. Sell high. You're welcome.
Best and worst time for me, since the next 2 weeks will be the very last of the Yeezy and Adidas drops. Good for getting my grails, bad for my wallet 😂
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.
When these sneakers started costing more than luxury shoes and loafers with actual expensive materials and build quality, I knew the sneaker game was cooked.
The days of Nike/Jordan sneakers are done. People prefer non-Nike/Jordan shoes.
Because Chinese rubber isn't a commodity.
Artificial demand - it was set by Nike and set to help them sell shoes and make it cool
Greatest thing to ever happen, I couldn't stand all these ''hypebeast'' youtuber
The Travis scott were the beginning of the end, lets be honest. They just put the tick backwards
New Balance got the best designers right now.
All Nike shoes fall apart quickly. Not worth the money.
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.
Finally 😂 tired of going through hella shit just for some regular ass shoes