A huge target for sneaker collectors, Adidas yeezy shoes have been dubbed one of the trendiest and most exclusive sneaker series. Kanye West and Adidas collaborated to develop Adidas yeezy sneakers. They are known for their unique style and high price tag.
Public concern has been raised over these sneakers, as large crowds were seen gathering outside the cocoshoes outlet for the Adidas yeezy Boost 350 V2 sneakers, which sell for $349 at official retailers despite safe distances and crowd control measures.
A fine of up to $10,000 and/or imprisonment of up to six months can be imposed on anyone found flouting the COVID-19 regulations. Why are people willing to break the law and take the risk to get these trendy sneakers, even with these potential penalties?
Status Symbol For The Younger Generation
Gen Z and Millennials prefer sneakers over luxury timepieces and designer handbags due to changing fashion norms and sneaker culture.
Gen Z and Millennials are commonly characterized by casual and relaxed dress codes. According to a Business Insider article, sneakers are more “prestigious” partially because people want to be more comfortable, which explains the high adoption of sneakers that promise better comfort and now, better style. Changing attention from athletes (such as Michael Jordan) to celebrities (such as Kanye West) has also contributed to the increase in sneakers’ popularity. Sneakers are not just about athleticism, but also a fashion statement, which broadens their market.
As a result of this change in consumer demand and sense of scarcity, branded sneakers such as the Adidas yeezy have reached new heights. Adidas’ yeezy Boost 350 V2 (the most popular sneaker) retails for $349 officially. Depending on your design and colour scheme, the price can easily reach S$2,000 on the resale market.
Collection and Resale Value
In 2019, the global sneaker resale market was worth US$2 billion (S$2.7 billion), according to investment bank Cowen & Co. By 2025, it is expected to triple to US$6 billion. With the potential to yield profits from twice the retail price to a jaw-dropping six times the original retail price, flipping these shoes can result in even the average Joe queuing up for sneakers despite not being a sneaker enthusiast at all.
To give an example, each pair of the yeezy boost 350 in Turtle Dove retails for S$349 when released. Sneaker reselling is booming in Singapore, where sneakers cost between S$1,700 and S$2,000 on Carousell, a local hotspot for sneaker reselling. The shoes are also frequently resold on platforms such as eBay to overseas markets. According to the said platform, the lowest asking price starts at S$2400 (converted from US$), which is higher than the local asking price.
In a recent article, CNA Insider featured 16-year-old Remus Lim, who resells branded shoes to local and overseas markets. A pair of Air Dior sneakers he resold for S$8,000, originally purchased for S$3,300, was the most expensive shoe he resold. Even though it’s not an Adidas YEEZY sneaker, it’s an indication of the high resale value and potential profits that collectible sneakers can bring.
Limited Quantities
It is known that Adidas makes a limited number of yeezys for each new release. The yeezy Boost 350 V2 was launched in the “Clay” colour scheme with a total of 35,605 yeezys sold on the official site worldwide.
The Adidas yeezy shoes are not only limited in production, but also in distribution. If you wish to purchase the shoes directly from Adidas, you will need to participate in a ballot system via the Adidas website. You need to be very fortunate to successfully ballot for one of the highly sought after models at official retail prices, with many small-medium third-party resellers and individuals using shopping bots and/or multiple accounts.
