The sneaker boom surged worldwide in the early 2020s but rapidly declined in 2023 due to various factors:
- **Oversupply**: Brands released numerous new and retro models during the boom, leading to consumer saturation. Too many variations of the same design or color diminished uniqueness and rarity, while rapid releases overwhelmed consumers and reduced their purchasing interest.
- **Resale Market Decline**: The resale market fueled the sneaker trend, with popular models being sold at higher prices. Oversupply led to price drops and anti-resale measures, reducing resale profits and causing resellers to leave the market.
- **Economic Downturn**: Global economic deterioration from factors like COVID-19 and delayed vaccinations raised prices, e.g., Nike Air Force 1 increased from ¥12,100 in 2021 to ¥15,400 in 2023. Consumers prioritized essentials, reducing discretionary spending on sneakers.
- **Excessive Sales**: Frequent sales to clear inventory backfired, as consumers perceived no value in paying full price. Sale items often had lower quality or limited sizes, reducing satisfaction.
- **Focused Popularity**: The trend centered on specific models like Nike Dunks, Jordans, and Adidas Yeezys, endorsed by celebrities and influencers. Other models lost value, and consumers became trend-driven.
- **Speculative Approach**: Sneakers turned into speculative assets rather than practical footwear, diminishing their wearability. Collecting and reselling prevailed, but this behavior wasn't sustainable.
- **Retro Revival**: Brands leaned on old models instead of innovation, capitalizing on nostalgia. As novelty faded, sneaker allure diminished, and consumers sought freshness and innovation.
Despite these complexities ending the sneaker boom, the intrinsic value of sneakers remains unchanged. Sneakers are integral to fashion and culture, cherished by many. The end of the trend doesn't invalidate your love for sneakers. Choosing what you love beyond trends is empowering. Sneakers don't just adorn your feet; they enrich your life. Enjoy sneakers in the future as well!