SNEAKERS

THE GLOBAL SNEAKER MARKET

Table of contents

01 Market overview 02 Art & culture

▪ Global footwear revenue & pairs sold ▪ A cultural history
▪ A new form of art
▪ Sneaker & athletic shoe revenue
forecast ▪ Sneakers at auction

▪ Global comparison of sneakers to

footwear
03 Sneaker trends
▪ Global footwear production ▪ Sneaker resale
▪ Global sneaker revenue share ▪ Price premiums of StockX
▪ Footwear revenue of key players ▪ Consumer insights

2
 Pairs of sneakers sold 2021 2%
(in millions)
Volume change
in pairs sold 2021

1,139.8
0.2
Average volume
per capita 2021 (in pairs)

57.56
Average retail value
per unit 2021 (in U.S. dollars)

3 Source(s): Statista
The alternating culture of footwear
Executive summary

Sneakers were first produced in the late 19th century as sports shoes.
Since then, the market has diversified, giving birth to sneaker culture,
with history tied with personal identity and other forms of social
meaning. Sneakers can be seen everywhere, at almost every price point.
Nike Air Jordans are amongst the most valuable sneakers on the market
today, while Nike Downshifter and Adidas RunFalcon are among the
most affordable. Some shoppers pay extra money for luxury footwear,
viewing it as an investment.
Demand for fashionable and comfortable footwear that is not designed
specifically for athletic purposes make sneakers one of the hottest
categories in the footwear segment. In 2021, about 1.14 billion pairs of
sneakers were sold across the world. By 2027, this figure could reach as
high as 1.69 billion pairs sold, generating revenues of 106.6 billion U.S.
dollars.
Although sales continue to rise, the market was heavily impacted by
lockdowns during the peak of the COVID-19 pandemic. As stores closed
and people stayed indoors, sneaker sales plummeted from 69.82 billion
U.S dollars in 2019, to 62.97 billion U.S. dollars in 2020. Statista expects
growth should return to pre-pandemic levels in 2022.
What is changing in the sneaker market?
▪ The importance of sneakers is also reflected in the resale market. In
2019, it was estimated that the sneaker resale market was
valued at around six billion U.S. dollars globally, led by the United
States. Consumers are now turning to the resale market as a way of
buying luxury footwear at more affordable prices.
▪ Additionally, today, shopping secondhand is seen as responsible
and trendy, as consumers become more aware of their personal
environmental impact.
▪ Sustainability concerns have recently arisen regarding
manufacturing processes and the materials used in sneakers.
Due to this, brands have started to invest in natural, ethical,
recyclable, and sustainable footwear. In the UK and U.S. in 2020, the
number of sneakers described as sustainable or recycled saw
increases of 118 percent and 244 percent, respectively.
This report provides an overview of the sneaker market and gives
insight into how sneakers have become a cultural commodity and, in
some ways, a work of art.

4
01 Market overview
▪ Global footwear revenue & pairs sold

▪ Sneaker & athletic shoe revenue forecast

▪ Global comparison of sneakers to footwear

▪ Global footwear production

▪ Global sneaker revenue share

▪ Footwear revenue of key players

Sneakers are outperforming the sports shoe
Estimated revenue of the sneaker and athletic footwear market worldwide from 2014 to 2027
(in billion U.S. dollars)

Over the past several years, sneakers have been one

Sneakers Athletic footwear of the biggest fashion trends among consumers, and
6.71%
the hype shows no sign of stopping. The global
revenue of sneakers was valued at approximately 66
billion U.S. dollars in 2021, and the market is expected
70
68 to grow annually at a CAGR of 7.95 percent between
65
63 2022 and 2027.
60
The global footwear market is on the road to recovery
52 51 after seeing a revenue decrease of almost 12 percent
50 46 in 2020. In 2021, it was the sneaker segment that saw
45
46
43 the biggest move towards recovery, growing by 4.8
39 40 percent in revenue from the previous year. Statista
107 forecasts that the entire market will have recovered
97 102
87 92 from the effects of COVID-19 by 2024, when revenues
70 73 exceed 91 billion U.S. dollars.
59 65 63 66
48 54 7.95%
45
Many big sportswear brands have followed this
fashion trend by investing more and more in sneakers,
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
and consumers are responding. By 2027, athletic shoe
sales, including shoes designed for sport, are expected
to reach around 70 billion U.S. dollars.

(1) Note(s): Worldwide; 2014 to 2027 (2) Note(s): Worldwide; 2014 to 2027
6 Source(s): Statista; Statista Consumer Market Outlook Source(s): Statista; Statista Consumer Market Outlook
The global footwear market
Share of total revenue and pairs sold of the footwear market worldwide in 2021, by segment

Sneakers occupy an important place in the

Textile & other footwear Leather footwear Sneakers Athletic footwear
market, blurring the lines between fashion
and function.

Athletic footwear, leather footwear, and

sneakers all accounted for a higher share
3%
13% of revenue than actual sales volume in
9%
2021. These shoes are about quality as
much as quantity, selling for a higher price
than textile and other footwear. While
34% sneakers made up nine percent of
19%
footwear sold in 2021, the sector was
Revenue 25% Pairs sold 63% responsible for 19 percent of the total
revenue.

Textile and other footwear, including town

footwear from textile, rubber boots, and
flip flops, accounted for just 34 percent of
34% total revenue, despite making up 63
percent of all footwear items sold.

(1) Note(s): Worldwide; June 2022

7 Source(s): Statista; Statista Consumer Market Outlook
Where sneakers rule
Revenue from sneaker sales as a share of total footwear sales (in percent)

Globally, sneakers account for

under 20 percent of footwear
revenue. At the country level,
this figure varies greatly.

For many, sneakers are a luxury

item. Sneaker revenue accounts
for less than 10 percent of total
footwear revenue in five of the
50%+
ten largest producers of
41-50% sneakers worldwide: India,
Indonesia, Bangladesh,
31-40%
Pakistan, and the Philippines.
21-30%

11-20%

>10%

No data

Note(s): Worldwide; 2021

8 Source(s): Statista; Statista Consumer Market Outlook; World Footwear
Asia accounts for 88 percent of global footwear production
Leading footwear producers in 2021, by quantity produced

Global demand for sneakers has

3 Vietnam soared, and production has increased
6.1%
correspondingly. China accounted for
1 China 6 Turkey
54.1% 5 Brazil 2.5% almost 55 percent of all footwear
3.6% produced in 2021, equivalent to
around 12 billion pairs of shoes.
7 Pakistan According to World Footwear, Asia
2.3% accounted for over 88 percent of the
world's footwear production in 2021.
8 Bangladesh
1.8% Western countries such as the United
States and Germany imported more
9 Mexico
footwear than other regions,
0.9%
including sneakers. In fact, Europe
10 Philippines accounted for over one third of
0.8% footwear imports in 2021.
Other
11.2%
2 India
4 Indonesia
11.7%
4.9%

(1) Note(s): Worldwide; 2021

9 Source(s): World Footwear
The United States is the leading market for sneaker sales
Leading countries by share of global sneaker revenue in 2021
India Italy United
2.1% 2.4% States
30.1%
France Canada Brazil Sneakers have become an integral part
2% 2% 2% of American culture. People from all
walks of life including athletes,
billionaires, celebrities, and ordinary
people, are all just as comfortable in a
pair of sneakers.
China Unsurprisingly, the United States
United 18.7%
Kingdom
topped the list of sneaker consumers
5.6% worldwide in 2021,holding
Japan
approximately 30 percent of the
4.9%
Germany market share.
3.9%
China is the only other country to
Mexico account for a double-digit share of the
2.5% market, with one-fifth of all consumer
spending made in China. After that,
there is a significant gap to the UK
sitting in third place with a 5.6 percent
percent share of global sneaker
spending.

Note(s): Worldwide; 2020

10 Source(s): Statista
Nike is the front-runner in the sneaker market
Footwear segment revenue of select sports brands in 2021

Revenue (in billion U.S. dollars) Nike and Adidas lead the sneaker market by
a considerable distance, with the footwear
Asia-Pacific, divisions of these companies both earning
Nike 28
Latin America more than their nearest rivals combined.
North America
In 2021, Nike generated more than 28 billion
3.66
Adidas 13.4 U.S. dollars in revenue from its footwear
segment alone. Footwear accounted for 66
percent of Nike’s global revenue.
Puma 3.7
11.64
5.75 Revenue Second-placed Adidas generated around 13
Greater China
(in billion U.S. dollars) billion U.S. dollars in 2021. Puma and Under
Armour trailed behind the market leaders
Asics 2.9 with footwear revenues of 3.7 billion and 2.9
billion U.S. dollars, respectively.

Converse 1.6 6.97 Nike’s regional revenue breakdown

highlights the importance of each market to
the sneaker giant. The company generates
Europe, Middle East, Africa
Under Armour 1.3
almost as much revenue from North
America, as it does from Europe, the Middle
East, Africa, and China combined.

Note(s): Worldwide; 2021 Note(s): Worldwide; 2021

11 Source(s): Company reports Source(s): Nike
02 Art & culture
▪ A cultural history
▪ A new form of art
▪ Sneakers at auction
Iconic moments in modern sneaker culture
Converse released its first pair of All Stars as early as 1917, but it was in the 1970s that the sneaker phenomenon gradually gained momentum thanks
to New York’s hip-hop and basketball community. Having started as an underground subculture, sneaker fever eventually boomed in the 1980s. In
1984, after putting pen to paper on a 2.5 million U.S. dollar deal with Nike, basketball icon Michael Jordan began to wear his brand-new signature
shoes: the Air Jordan 1. Jordan’s talent on the court, combined with a successful marketing campaign, made the sneakers extremely popular when they
were first released the following year.

Beyond basketball, songs and movies played an essential role in turning everyday shoes into iconic symbols of pop culture. In 1986, Run-DMC’s single
“My Adidas” made the Superstars a legendary model. The song – both a genuine shout-out to the culture and a response to those who associated
sneakers with criminality – resulted in the group signing the first-ever endorsement between rappers and a sneaker company. In 1989, the Air Jordan 4
featured in an emblematic scene in Spike Lee’s “Do the Right Thing,” and the world was introduced to the self-lacing Nike MAG in “Back to the Future
Part II.” A new era for sneakers had begun, and, at that point, the rise in popularity was unstoppable, just like Forrest Gump running in his Nike Cortez.

Reebok Court Victory Adidas x Parley For the

Converse All Stars Air Jordan 1 Adidas Superstar Nike MAG Yeezy 1 “Prototype”
Pump Oceans

1917 1984 1986 1989 1990 2008 2015

While not the first Michael Jordan‘s first “My Adidas” – Run “Back to the Future Made famous by Kanye West’s A demonstration of
sneaker, the first signature sneakers DMC’s first single Part II” – Marty tennis star first signature sustainability in the
Converse All Star worn at NBA games from the Album McFly’s (Michael J. Michael Chang, sneakers worn industry, Adidas
went on sale, with a “Raising Hell” Fox) self-lacing this design was at 2008 created the first
similar design to the sneakers also re-released Grammy shoe from upcycled
shoes of today in 2014 Awards plastic waste
performance

Source(s): Complex; ESPN; Sneaker History; The Atlantic, Business Insider, Fashion United
13
 „ „
“ “
My Adidas are seen on the movie screen. All you want is Nikes,
Hollywood knows we’re good, if you but the real ones.
know what I mean. Just like you; just like me.
- -
Run-DMC Frank Ocean
“My Adidas” (1986) “Nikes” (2016)

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Sneakers as a new form of art

Number of visitors to the Museum of Contemporary Art Chicago

The cultural impact of sneakers goes beyond sports, music,
400,000 and movies. Before his passing in 2021, Virgil Abloh,
345,794
founder of the luxury fashion company Off-White and
artistic director of Louis Vuitton, took it one step further
and looked at sneakers as a new form of art. In 2020, he
300,000 claimed that young people “may value sneakers more than
278,240
a Matisse,” suggesting that even a valuable pair of shoes is
more accessible to young collectors than a renowned
painting.
182,833 It then comes as no surprise that sneakers played a big
200,000
visitors to Virgil
182,833
Abloh’s exhibition part in Abloh’s exhibition “Figures of Speech,” held at the
Museum of Contemporary Art (MCA) in Chicago from June
to September 2019. The show, displaying a broad range of
Abloh’s varied productions, also featured a series of
100,000
prototype shoes created by the designer for Nike. Demand
162,961
was so high that the exhibition was extended by a week.
Overall, “Figures of Speech” attracted nearly 183,000
visitors, becoming the MCA’s third most popular exhibition
0 ever shown and helping the museum’s total attendance rise
2018 2019 by roughly 24 percent year-over-year.

Source(s): Artnet; ARTnews; Chicago Tribune; Museum of Contemporary Art Chicago; The Art Newspaper
15
Collecting sneakers like artworks
Most expensive sneakers sold at auctions worldwide
Auction price in thousand U.S. dollars
Kanye West`s Nike Air Yeezy 1 "Prototype"
Game-worn Jordan's Nike Air Ships
Game-worn Air Jordan 1 "Shattered Backboard"
Game-worn Air Jordan 1
Nike Moon Shoe
Nike Mag 2016 Auto-Lace
Game-worn Converse Fastbreak
Nike x Louis Vuitton Air Force 1
Game-worn Air Jordan 7 "Olympic"
Game-worn Air Jordan 12 "Flu-Game"
Note(s): Worldwide; as of June 2022
16 Source(s): Christie’s; Guardian; Sotheby’s; ID 1244757
Virgil Abloh’s opinion on footwear as artworks is much more
than an idealistic vision of an artistic director, as recent
1,800,000 auction figures based on sneaker sales demonstrate. In April
2021, auction house Sotheby’s sold Kanye West’s renowned
1,472,000 Yeezy 1 “Prototype” – worn by the artist at the 2008 Grammy
Awards – for the staggering price of 1.8 million U.S. dollars,
615,000
making them the most expensive pair of sneakers ever sold. In
October 2021, Michael Jordan’s earliest known regular season
560,000
game-worn sneakers sold for 1.47 million U.S. dollars.
437,500 Just as with works of art, these shoes are considered
extremely valuable to sneaker enthusiasts and collectors – so-
200,000
called “sneakerheads” – for reasons such as their history,
features, or fame. Kanye West’s shoes worn at the Grammy
190,370
Awards, for instance, marked the start of the Yeezy brand, also
151,200 representing the first time a rapper helped design a pair of
Nike shoes. In the same vein, the pair of Air Jordan 1s sold by
112,500 Christie’s in August 2020 was worn by the basketball player in
a 1985 game that became legendary after Jordan’s powerful
104,760 dunk shattered the glass backboard. When the sneakers were
sold, a piece of glass was still stuck in the sole of the left shoe.
03 Sneaker trends
▪ Sneaker resale
▪ Price premiums of StockX
▪ Consumer insights
 Increasing options for consumers
Selected online marketplaces for reselling sneakers
Social media
Social media makes direct consumer-
to-consumer selling easy. This has
become even more true as social
media sites have integrated
marketplaces into their sites.
Instagram is one of the original
online platforms for sneaker
reselling. People formed
communities to share their interest
in sneakers and make swaps and
sales.
In a survey of sneakerheads, 74
percent said that they use
Instagram to find a community.
The biggest reselling accounts have
hundreds of thousands of followers,
and many people who sell sneakers
more informally, as a side-hustle, use
the platform.
18 Source(s): StockX, eBay, solesavy.com, Adidas
Resell platforms
Examples of apparel resell platforms are
Depop, ThredUp, Vinted, and most famously
eBay.
Of course, you can buy just about anything
on eBay, but it is one of the original
marketplaces for reselling sneakers and, after
announcing the company’s sneaker business
continued to grow at double digits annually,
the company is clearly looking to expand its
reach in this category.
In 2021, eBay bought Sneaker Con, a shoe
verification company, to ensure that shoes
sold on the platform at a cost of over 100
U.S. dollars are genuine.
According to eBay in 2021, there are more
than 1.9 million pairs of sneakers available to
buy every day on the website, and in the UK
alone a pair of sneakers were sold every 9
seconds on the platform.
Specialist sneaker platforms
Market Leaders in this category include GOAT
and StockX.
StockX launched in 2016 and sells apparel and
collectibles but specializes in sneakers. The
company was valued at 2.8 billion U.S. dollars
at the beginning of 2021.
StockX provides historical financial information
on sneakers, allowing users to track price
changes, just like the stock market.
There were more than 7.5 million trades in
2020. Resellers send the shoe to StockX where
it is authenticated across 12 locations
worldwide, before being sent on to the buyer.
All items on the website are “deadstock”, so
even though the sneakers are being resold,
they have never been worn. In 2020, the gross
merchandise value on the website was 1.8
billion U.S. dollars.
Company resell programs
Companies that make the original
sneakers are also looking to get in
on the resale act. In the past year,
Nike and Adidas launched their own
resale programs.
Adidas’ program is called “Give
Back”. Consumers can send back
old shoes and clothing from any
brand, in exchange for membership
points and Adidas vouchers. The
program is run in partnership with
ThredUp, who then resell or reuse
the old clothing.
It was launched in-app in October
2021 and widened to stores and
online in early 2022.
From Sotheby’s to StockX: The proliferation of sneaker resales
Average price premium above retail on StockX in 2021, by brand

While rare and historic items may fetch hundreds of thousands of

dollars at auction, ordinary investors and collectors turn to
Air Jordan 60%
platforms such as eBay and StockX to trade limited edition
sneakers. For some, the practice is a lucrative one, with average
resale prices for the top brands coming in well above retail.

Nike 57% Air Jordans dominate sneaker sales on StockX. In 2021, the Jordan
1 ranked as the top-selling sneaker model for the fourth
consecutive year, selling for an average of 60 percent above retail.

The secondary sneaker market might be good news for resellers,

Adidas 44%
manufacturers are less than pleased about sneaker bots buying
up limited edition stock. Human customers are virtually unable to
compete with sneaker bots, software designed to complete
New Balance
multiple online transactions within seconds.
41%
Unsurprisingly, manufacturers such as Nike are trying to put an
end to the practice through online raffle systems, but developers
are usually quick to find a way through the chicanes.
Converse 25%

Note(s): Worldwide: 2022

19 Source(s): StockX
Consumer insights
U.S. consumers prefer luxury shoes to buying secondhand

35%
31%
When it comes to shoes, consumers
36%
Share of internet users who also in the United States were more likely
buy premium or luxury items buy premium than to actively
purchase them secondhand.

According to the latest findings from

31%
Statista’s Global Consumer Survey,
20% only 20 percent of internet users in
Share of internet users who have 20% the United States had purchased
bought secondhand products secondhand shoes in the previous
within the last 12 months twelve months, compared to over 30
percent that had purchased
secondhand clothes.
47% Interestingly, almost half of
30%
respondents said that they paid
Share of internet users who pay 46% particular attention to brands when
particular attention to brands
it came to footwear.

Note(s): United States; 01 October 2021 to 23 September 2022; 55,275 respondents, representing ca. 187.4 million internet users in the United States, 18-64 years old
20 Source(s): Statista Global Consumer Survey
Sustainability through innovation: rethinking sneaker construction

Native Shoes, a Canadian footwear brand that aims to make all

its products 100 percent life-cycle managed by 2023, is going in
the right direction with its sustainable offerings to match
market trends. One example of how it is reaching this goal is
the development of the Plant Shoe. The Plant Shoe is produced
purely from plant-based components, making the product 100
percent vegan and animal-friendly. Pineapple leaf, olive oil, and
hemp are among the materials and products used to make the
sustainable sneaker. Due to the use of natural materials, the
sneakers are compostable or recyclable.

Native Shoes are not the only company moving in this

direction, with Adidas announcing the Stan Smith Mylo as
proof-of-concept in April 2021. The material used for the shoe
– Mylo – is derived from mycelium, the underground roots of
mushrooms. According to Adidas, Mylo can be grown in less
than two weeks.

While the product line is currently limited, these sneakers do

provide an exciting glimpse of where the industry could head in
the coming years.

Source(s): Design Museum; Ed Reeve; Adidas

21
A fast paced, high value industry
Brands consumers are increasingly investing in sneakers. Many
consumers today own several pairs that offer different styles, materials,
and functions; for some consumers, shoes have even become a status
symbol. This growing demand has fueled the sneaker market, and, as
we have seen, worldwide revenue is expected to exceed 100 billion U.S.
dollars in the coming years.
Consumers are becoming more conscious of the environmental impact
of their shopping habits as well. Within the sneaker world, sustainability
in production processes and environmental brand attributes are
dominant themes. Top athleisure brands like Nike and Adidas are
increasingly likely to use recycled materials and further develop their
long-term sustainability goals in order to attract consumers, alongside
smaller and more niche brands, such as Native Shoes. Resale shopping
channels and marketplaces offer consumers another way to shop for
apparel more responsibly. The global sneaker resale market is likely to
grow in years to come, as consumers continue to seek out more
affordable and sustainable footwear options.
22
The manufacturing of sneakers may also experience an overhaul in
years to come. China currently produces more than 50 percent of all
footwear worldwide and is unlikely to lose its ranking as the top
producer. However, with consumer focus shifting from value to quality
and sustainability, western countries may increase their shares of global
footwear production. Advances in technology and production processes
may also boost output at manufacturing sites.
The cultural influences on the development of the sneaker market
cannot be overstated: Celebrity endorsements, big moments in film and
music history, and the potential of sneakers to become a form of art
and investment have all greatly contributed to market growth. The
opening of exhibitions such as “Sneakers Unboxed: Studio to Street”
and “Figures of Speech” showcases the popularity of this distinct
segment of the apparel market.
Sources
Adidas IBM
Artnet Museum of Contemporary Art Chicago
ARTnews Native Shoes
Asics Nike
Boston Consulting Group (BCG) Puma
Chicago Tribune Reebok
Christie’s Sneaker History
Complex Sotheby’s
Converse Stan Smith
Cowen Group Statista
Design Museum StockX
Ed Reeve Strategy&
Edited The Art Newspaper
ESPN The Atlantic
Felix Speller Under Armour
GOAT Vestiaire Collective
Guardian Vogue
Helen Kirkum Studio World Footwear
Highsnobiety Yahoo
Hypebeast

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