StockX quarterly report shows Asia and EU driving demand
6 Oct 2020
StockX, the global resale platform for sneakers, streetwear and collectables, has revealed that strong growth across the sector is being driven by international demand, particularly from Asia and Europe.
In its quarterly review, StockX states that the resale market is currently bucking global economic trends and has a projected growth of 15-20 percent year-on-year, meaning it will reach 23 billion pounds by 2030.
The growth is also being driven largely by non-US markets, showing that sneaker love is universal. The non-US sneaker resale market is expected to reach 15 billion pounds by 2030, according to data from market research firm Cowen.
The report, which coincides with StockX’s two-year EU launch anniversary, shows that non-US sales on StockX increased by 260 percent in the last year and that the platform has customers from more than 200 countries.
In Q3, StockX averaged 25,000,000 global monthly users, and increased its female customers, with non-US female StockX users jumping up by 130 percent in the last year, due to an increased offering of female sneakers on the platform. On StockX, global sales of women’s exclusive sneakers outpaced the overall market by 70 percent in 2020, according to the StockX State of Resale report.
StockX reports an increase in female users outside the US
Another key growth area is the rise in users under the age of 25, which account for 62 percent of users on the StockX international app. This StockX states shows that Gen Z are fuelling the emergence of the next-gen customer seeking “unique and exclusive collaborations over fast fashion”.
As well as sneakers being an increasing trend, collectables are hot commodities. StockX reports that non-US sales of collectables such as puzzles, electronics and figures are 3.2 times higher than they were a year ago.
It adds that while growth is tied to pandemic-induced shifts in consumer shopping, brands like Kaws had amassed a cult-like following long before Covid, with the non-US Kaws market growing by almost 200 percent over the last year.
Sneaker trends from around the world
When it comes to the purchasing habits of the UK, British sneakerheads purchases were up 200 percent year-on-year, and the Jordan 1 Mid Pink Quartz (GS) were bought at 9 times the global average. Nike dominated the top ten sneakers, taking all but two places with its Air Jordan and Nike Air Max styles.
With regards to streetwear, Fear Of God apparel has proven hugely popular in the UK and is purchased 3 times more than the rest of the world. As for sellers, the UK has emerged as a leading exporter of Adidas Yeezys. In Q3, three of the top five most-exported sneakers were Yeezys, and the UK was the second biggest exporter of Yeezys outside of the United States.
In France, sneaker trends were dominated by the Jordan 1 Mid and Nike Air Max silhouettes, taking 19 spots within the top 100 sneakers in 2020. Jordan 1 Mids are purchased at 6 times the global average, while Air Maxes are purchased at 8 times the global average. There was also a similar pattern in Italy, with Italian buyers more loyal to the Jordan 1 Mid than any other market, taking 25 of the top 100 sneakers.
While in Germany, which saw an increase of 300 percent year-on-year in purchases, consumers were attracted to the Adidas ZX series, with seven different sneakers making its top 100 list this year.
Nike, Adidas, and Jordan dominate brands on StockX across the world, however, in Hong Kong, the best-selling brand is the streetwear giant, Supreme. Among Hong Kong buyers, Supreme market share on StockX is 4 times larger than in the US, and the top-five best-selling streetwear items are all from Supreme. As for sneakers, some of the most popular releases in Hong Kong are from New Balance, with the sportswear brand’s market share in Hong Kong being 5 times bigger than the rest of the world, and eight of the top 100 sneakers are New Balance models.
Images: courtesy of StockX