2024 Sneaker CRASH: What the Hell Went Wrong & What We Learned | BusinessCasual. 

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

The culture itself is fine. OG sneakerheads are still into sneakers. It’s the resell and hypebeast culture that collapsed

This is a good thing. I hated sneakers being treated like a precious 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.

Buyers brains suddenly woke up from this stupidity. Shoes are meant to be worn, not worshipped.

We’re all broke and tired of consuming.

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.

Paying 500 bucks for a pair of shoes that cost 40 bucks to make is insane.

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 is a a reseller market crash, not a sneaker market crash. This is good for all of us! 🙌🏼

I abandoned most sneakers for boots, far better value if you're spending 200+

As a sneaker collector, I'm loving this crash. Pairs that used to resell well can be bought on sale from time to time.

Its not dying. The hypebeast left and im glad. I hated the 2011 concord era. Long lines, ppl getting hurt and high resell prices.😊

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

I Think there were no more colours left to make Dunks or Jordans in haha

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 ❤

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)

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.

Nothing went wrong. It just turned back to normal ;-)

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.

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.

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.

I stopped wearing sneakers,i was addicted.God rescued me!

Saying a pair of trainers are worth thousands of pounds was a joke anyway.

If sneakers crashed i should be able to get the jordan aqua 5's at a really good price😁

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”

Loving most of the Asics, NB, and even the Mizuno releases, the GR are already so good

It’s crazy how many things have inflated and imploded within the last 5 years.

This happened in many markets during the [censored]. Guitar market did the same exact thing.

The real reason : COUNTERFEITS ARE BETTER THAN EVER !!!!

Ive been doing retail arbitrage since the late 90s and I basically moved away from sneakers about a year ago. I noticed that my resales were way down last christmas so i branched out it into other stuff to flip.

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.

I have been a sneaker/fashion head since 2012. In 2017 the hypebeast culture dominated. Now we are all older and the young people are just super lame. Its not the problem with the product. Its the culture itself. Resellers are drug dealer mentality, and the modern mainstream hypebeast is usually a low class inner city youth. Its a destruction of society overall.

I’m glad. Lolol as 32 yr old guy coming back up the sneaker scene it’s about damn time. I can finally scoop 😂

Sneakers? Them big Mac meals already hurting nowadays!

Nobody LITERALLY talking about the scalpers…scalpers hurt EVERY industry that they are in…

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.

So weird how we treat sneakers like a stock or share. If you were into this 15-20 years ago you would have completely different outlook. Objectively, every sneaker is worth about the same thing… $10-15 in cheap plastic, thin leather and glue.

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

I'm definitely a 👟head but haven't purchased sneakers in a few years due to the new LAME designs❌️🧢

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.

Thank you for this video and CASE STUDIES!! This man is getting better with each video. Name idea could be “ Business Casual “

One reason in the UK was new changes to tax law where eBay and other sites have to report sellers thus handing over seller detail to hmrc

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.

The market hasn’t crashed for me being a size 13 it’s even harder to get a pair

What crashed the sneaker market is when Chinese factories appeared in youtube shorts saying sneakers cost less than 10$ when ordered in volume. 😂

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

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 an avid sneaker Fan but i have not bought any new sneakers until last month cause for me now is the time for the real sneaker lover to buy one when they are on sale or retail.

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.

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!

after all my jordans fell apart even though they were in storage, i don't like buying expensive sneakers anymore. i now prefer cheap and comfy shoes

Sneaker culture became gentrified.

Got my Levi’s kicks for under $20 at Marshall’s 🤟

I recently starting wearing skateboard sneakers,NB,Etnies😎

Can anyone answer this question. Why did Adidas NOT sell their TMNT Shredder & Splinter sneakers in Canada 🇨🇦 & USA but it’s sold on their website to the rest of the world 🌍

Another tulip buble popped 😂

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

Dont feel bad hope resellers stocked up on top ramen

Sounds like the Dutch Tulip crash back in the early 1600's.

The Business Casual Fridays

I just picked up off StockX, 4 pair of AF1’s, 3 for well under retail even after fees and shipping, the 4th I did pay $15 over retail, although I’ve seen that drop since I bought mine. Very few shoes attracting big resale $.

Inflation and over saturation..Jordans in the 90's had 4-5 releases a year, now 9/10 a month.

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

I'm so happy this is happening to resellers....I bought my first pair Nike Dunks in over 10 years, I refused to pay 2x to 5x over retail....the funny part is I got them off the nike website for $58...

Idk wtf this man is talking about. I have been trying to get sneakers on the SNKR app and every time it’s sold out. Sneakers ain’t dying my man

Culture or reselling?

I started shifting toward heritage boots mostly because of a new job field. It also made me realize how many bad foot habits I've developed from wearing sneakers for decades, and I got used to buying multiple pairs within a year due to soles wearing out or straight separating. I spent 200+ on 1 pair of boots that have lasted me 2 years and will continue to last me until it gets resoled in another 1 or so. I got tired of throwing money away into pairs because the quality dropped in most sneaker brands, especially Nike.

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.

Whats the difference between resselers and scalpers?

Sneaker flipping market already crashed in China before the pandemic. Back then, Chinese sneaker heads were so crazy, they even created a sneaker investing platform. On the platform, the would sell "shares" of a pair of sneakers & you could buy them to own "part of" the sneakers. Yes, they basically turned sneakers into stocks like the stock market. As the pair of sneakers you invest in grow in value, your share in the pair of sneakers would grow as well. This only accelerated the burst of the sneaker bubble in China. Finally, the hype died out, the sneaker flipping trend ended, and astronomical value vanished from the platform. Although the crash didn't happen overnight like crypto did, but many people actually lost money from investing sneakers.

Covid and ppp loan money dried up... less people with extra money laying around that care about sneakers.

It absolutely sucks that these companies do this. I have a very small collection that I like to wear but last a long especially the special shoes in collection mainly AJ’s. I have pair of AJ13 French Blues. It was Christmas last year and my birthday. So, AJ8 Playoffs were coming out. I went in the Nike / AJ website tried to get them and couldn’t. Then, went on GOAT and they want 350 for shoe that costed $225 or $250. I all wanted was to have was 2 to 3 pair of AJ’s that I had through High School. The problem is Nike sells a lot of shoe off one model and limited of others. The AJ8 PO was a limited release which sucks. I wouldn’t resell them I wear them till wore out. Which would be 5 or 6 yrs from this past Christmas. I take care of my stuff. It’s cool.

now i can buy dunks im broke and i love that shoes

at one point Yeezy was selling way more shoes then jordan and Micheal jordan was mad hahaha I remember that was them days

I collect BAPE sneakers and mostly use ON, HOKA, Camper and ECCO shoes.

NBA becoming less popular didn’t help either.

I never was into this hype on sneakers of any type. It reminds me of the famous Dutch tulip bubble in the early 1600s, the Cabbage Patch Kids hype back in the late-1980s, and the Beanie Babies craze in the early 2000s. Supply-Demand and FOMO taken to the extreme.

Ya why is there always a crazy line at the ON store on Cat Street 🤣🤣🤣🤣

Quality presentation sir

My favorite part of the sneaker culture crashing is that I can wear my favorite Jordans and not worry about being robbed of them. I am crossing my fingers though.

I ran a very large warehouse, with 240 employees. Most were tough, inner city young men. While I had 20% of my money put into a 401(k), with an excellent company match, my workers knew every store manager of every shoe store in a hundred mile radius. They were CONSTANTLY talking about their kicks. Now? I am fully retired, with several hundred thousand in CD's, and a LOT of them have a closet full of sneakers. SMH....

What is flippin sneakers….its buyers cornering new products built on hype, which are then on sold to other buyers at a profit….so what is it….It’s a hustle….who wins from that hustle….nike and Michael Jordan and some flippers…but the more flippers you have, the less profit there is too share around….and in addition a hyped up sneaker may pass through 2,3,4 flippers before it gets to an end consumer….each trying to flip it for a small profit….which bids up the price, which reduces the pool of potential end buyers….which results in disinterest or redirect to cheaper sneakers.

Gazelles were popular way back in the 90s I had like tons of different colors etc I thought they were cool. Then I found out my dad had them back in the early 70s…

Just my two cents as an old brown dad. Idc about sneakers that much, I just knew they were always silly'ish expensive based of popularity sorta deal. My kids however, love them, Well, this economy has been tough to say the least so told them this season they each get a pair instead of the usual 2-3 pairs per new season. Then one of me said "Dad, you could get us a lot still if you buy reps". I had no idea wtf she was talking about but it took me all of 15minutes of using IG and WhatsApp and I had a plug. For less than the cost of 3 retail AJ4's I got all the kids 2 pairs of their choosing. They each love their pairs, and the plug was kind enough to hook up random free socks, t shirts, a hoodie and a coupon code to use in the future. I ain't mad.

I’m just waiting for the housing market to crash again

This guy doesn't know what he's talking about. I'm amazed that he got through a whole video without mentioning the effects of COVID, the stimulus checks, or inflation even ONCE.

Culture is not dying but the re seller are

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

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.

I think it's hilarious that Nike is now suing everyone who imitates them when the very creation of Nike came from them ripping off Asics.

Theirs too much of everything. Too many shoes, releases, resellers, collaborations, celebrity endorsements. Not enough expendable funds

I will be so glad that the hype behind a particular sneaker will die so I can get the sneakers I want. Most of those sneakers I want are those from the 90s, especially the Jordans/Pippens/Barkleys.

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.

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.

Pandemic changed everything. After the pandemic, people realized they dont need a thousand pairs of shoes, luxury bags, jewelry... Food is more important :).

reminds me of comics in the '90s

Good for my style and my wallet.

Thays great. Maybe now i can finally buy something 😅

hopefully ill be able to cop a pair of amm 3s for retail 🙏🙏🙏

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.