The global refurbished sneaker market value of USD 196.1 million in 2023 and is anticipated to accumulate a market value of USD 435.3 million in 2033, while the market is likely to grow at a CAGR of 8.3% in the forecast period. Previously, the market grew at a lower CAGR of 7.3% (2018 to 2022).
The popularity of sneakers in recent times with fashion influences promoting it along with the lower prices and next to the original quality of the product has fueled the sales of refurbished sneakers.
| Report Attribute | Details |
|---|---|
| Refurbished Sneaker Market Value (2023) | USD 196.1 million |
| Refurbished Sneaker Market Anticipated Value (2033) | USD 435.3 million |
| Refurbished Sneaker Market Projected Growth Rate (2023 to 2033) | 8.3% |
A global study on the refurbished sneaker market explains that the market conditions are in favor of the stained, marked, discolored, and fading sneakers that fuel the sales of refurbished sneakers. These sneakers are with no sign of wear or flaws and are gently worn.
These sneakers are generally cosmetically flawed with visible light wear. Another factor that fuels the demand for refurbished sneakers is their easy availability and well-worked sales channel. People with fixed expenditures prefer refurbished sneakers, expanding the refurbished sneaker market size.
Covid-19 and the lockdowns followed by it led to job losses and impacted the middle-class strata with the economic crisis. Therefore, the investment in new branded sneakers is next to impossible task. Several big sneaker brands like Nike have introduced their refurbished platforms for the convenience of end users, thriving the demand for refurbished sneakers.
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The research report on the refurbished sneakers market explains that the refurbished sneaker market holds a fruitful future for the new brands introduced refurbished. It’s a win-win concept for the brands as the flawed, slightly used, and deformed pairs will no longer be a loss factor for the manufacturing company.
The end user also gets benefitted through these refurbished sections as they get the like-new product at a lower price, fueling the overall sales of refurbished sneaker pairs. The market thrives on the end users like college students, wage earners, and outlet workers.
The latest fashion influencers adopting and promoting sneakers, along with higher affordability and accessibility, gain traction in the market and are anticipated to fuel it during the forecast period.
People went through the cash crunch post-covid-19, and it has taken them some time to get recovered from the phase. However, companies have understood the task and have started introducing cheaper products.
Though another option that the vendors hold is the introduction of a refurbished section. Let’s understand what factors help the refurbished sneaker market is gaining traction:
Low in Price: The main factors that fuel the demand for refurbished sneakers are the low price and exciting discounts. The company sets the price bracket according to the sneaker’s grades.
Also, a lot of retail stores have opened in the first world nations that only sell low-price refurbished sneakers and other footwear. These stores help the refurbished market gain revenue and come as a prospect for the industries such as smartphones, footwear, etc.
Makes the Environment Balanced: The application of refurbished saves the environment and helps the climate get better. This happens due to the lower about of footwear dumped, followed by the decomposition of it.
Even the recycling procedures of footwear take a lot of energy and production. Through the sales of refurbished sneakers, the dumping, extra production, and recycling processes skip and make a profit for the manufacturer as well.
The facts prove that the products like smartphones and footwear that are refurbished come with a certification of their refurbishment. It usually states that the product being delivered or sold to the end user has gone through the proper refurbishment procedures and has been cross-checked under the surveillance of quality production experts.
Warranty: The warranty varies with each grade type. Though the fact that the low-priced product comes with a warranty like a new product puts the customer’s faith in consideration and pushes the overall sales of refurbished sneakers. This also fuels the prospects for quality management companies.
Refurbished sneaker market demand analysis explains that the factors like lower faith and bad reviews, along with higher prices associated with some brands, restrict the market growth.
The price range and quality might attract the end user. However, end users do thorough research about the product and its refurbished version’s quality, putting the refurbished product under constant scrutiny.
This restricts the demand for refurbished sneakers in new regions. Another factor limiting and hindering the growth of the market is the presence of better alternatives to premium sneakers that introduce new pairs with premium quality under the same price range as refurbished pairs.
North America is likely to continue to dominate the global refurbished sneaker market share attributed to the growing number of retail stores and refurbishment units.
Furthermore, the newly introduced step-by-step procedures for refurbished sneakers are also expected to result in higher demand. Thus, North currently holds a 22.86% market share by 2023, and during the forecast period, the region is also expected to display formidable growth.
Go-to-refurbishment centers for companies like Nike and Adidas also operate in the United States that help people repair their sneakers.
The refurbished sneaker market regional analysis explains that the brand’s investments in building future-oriented sections in the portfolio are anticipated to increase the market share in Europe.
In addition, Europe is a hotspot for fashion, especially for the footwear industry, adding up to better opportunities in the region. Thus, Europe holds an 18.67% market share of the global refurbished sneaker market in 2023.
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Refurbished sneaker market demand analysis explains that start-ups are innovating various new refurbishment methods, better sales channel management, and enhanced marketing funnels.
Companies have started promoting refurbished footwear in some regions. However, the adoption rate is yet to be analyzed. Retail startups have started refurbishing multi-brand sneakers and are selling them offline/online.
Some key cell culture sampling device market start-ups are Greensole, Thaely, etc.
Start-up Development:
The refurbished sneaker market is fragmented by the several key vendors present in the market to lift the market share of refurbished sneakers. These players are using various tactics to acquire a bigger share of the market in recent years.
Some of the popular marketing methods adopted by key players are mergers, collaborations, partnerships, product launches, acquisitions, and others during the forecast period.
Recent Developments:
The refurbished sneaker market is valued at USD 196.1 million in 2023.
The refurbished sneaker market is likely to surge at 8.3% CAGR, reaching USD 435.3 million by 2033.
Given the rising number of retail stores and refurbishment units, North America is anticipated to sustain its dominant role in the global market.
Given their expanding consumer base, China, India, and Japan have emerged as notable Asia Pacific countries in the refurbished sneaker market.
Key refurbished sneaker market players are Reebok, Nike Inc., PUMA SE, Greensole. In, Etsy, Skechers India, RELAY, Adidas AG, and Chuck Taylor All Stars.
| Market Size (2023) | USD 432.4 million |
|---|---|
| Market Size (2033) | USD 658.8 million |
| Market CAGR (2023 to 2033) | 4.3% |
| Market Size (2023) | USD 3,556.3 million |
|---|---|
| Market Projected Size (2033) | USD 5,114.3 million |
| Market Value CAGR (2023 to 2033) | 3.7% |
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