Shoes vs. Sneakers: Resale Sites See Men Are Buying More Shoes
Could shoes overtake sneakers in resale?
The top players in the secondary market report that sneakers reign supreme in resale, but they are also seeing strong year-over-year growth for shoes and non-sneaker sales.
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The RealReal said hard-bottomed shoe sales grew 46 percent year-over-year in the first quarter and exceeded sneaker sales growth in the same period. Loafers and boots are the most trending non-sneaker styles, while on eBay, slides lead the way with a 70 percent increase in sales in March over February, followed by sandals up 54 percent, flats up 44 percent, mules and heels up 30 percent each, and loafers up 20 percent.
Gucci led the way on The RealReal for men’s hard-bottom shoes followed by Ferragamo, which increased 51 percent year-over-year, the highest increase among the top six bestselling brands, and Tod’s, Prada, Louis Vuitton and Saint Laurent.
StockX’s non-sneaker assortment is predominantly slides and casual footwear from Crocs and Birkenstock. Crocs trades increased 430 percent year-over-year (2021 versus 2020) and Birkenstock trades increased 610 percent year-over-year (2021 versus 2020).
In addition, Crocs broke into the top 10 most-traded sneaker brands on StockX, and the top-performing Yeezy products on the platform are the Yeezy Slides and Foam Runners.
Sneakers have had a stranglehold on footwear resale, at least among men, for decades but this movement behind non-sneaker footwear may be a sign of resellers and shoppers looking to the secondary market for their shoes.
“Sneakers are still dominant and represent the overwhelming majority of trades, but non-sneakers are growing faster than traditional footwear brands,” said StockX senior economist Jesse Einhorn. “The non-sneaker category is relatively small.”
The RealReal can attest to this. It said sneaker sales from first-quarter 2019 to first-quarter 2022 grew 174 percent compared to an 80 percent increase for hard-bottom shoes, and unit sales for sneakers were 55 percent higher than hard-bottom shoes in first-quarter 2022.
But what’s leading this move toward the other side of footwear?
StockX’s Einhorn said, “During the pandemic, Crocs blew up and it continues to be a top deal. Even in the last year, the growth has accelerated. On the buyer’s side, there is more demand for casual footwear, but on the selling side, sellers are seizing economic opportunity and arbitrage opportunity that didn’t exist in older years.”
Einhorn said Crocs had the highest price premium — listed on StockX at 100 percent above retail — but are still affordable compared to the resale prices of hyped sneakers. “Crocs, slides and Foam Runners present an opportunity for sellers to double, triple or quadruple their money depending on the colorway and collaboration. The Salehe Bembury x Crocs resold for $400 to $500 on the higher end, but presents an opportunity for sellers.”
He added that Crocs, Birkenstocks and even Ugg, which collaborated with Telfar on products, benefited from leaning on sales practices expected of sneaker releases, such as limited releases and collaborations to drive hype.
Blackstock & Weber is one example of a footwear brand adopting the drop model, dedicating Fridays to launching individual new styles. The brand recently introduced its Palomino II pony hair loafers, a sequel to its penny loafer in the same texture that is completely sold out. The original shoe retailed for $345 and resold on Grailed for $430.
“Any example where non-sneaker brands are doing drops imitating a sneaker drop, that type of product will have a secondary market lifespan,” Einhorn said.
Tirath Kamdar, general manager of luxury at eBay, said, “EBay’s annual Recommerce Report revealed that a large reason shoppers are buying pre-owned goods is that what they are looking for is unavailable in new condition in the primary market.”
Among men, Alexander McQueen shoes were up 72 percent in February over February 2021 and Bottega Veneta shoes were up 71 percent in the same period. In women’s shoes, the increases were not as steep. Bottega Veneta shoes jumped 13 percent in January 2022 over January 2021, Balenciaga was up 12 percent and Hermès up 9 percent.
“In line with the culture, we are seeing this return to the weddings and work culture is moving toward a hybrid work-from-home and office model,” said Alex Tudela, The RealReal men’s editorial manager.
Tudela also mentioned brands like Rhude and Aimé Leon Dore for showing streetwear’s maturation and inspiring their consumers to expand their style with the brands. “Streetwear doesn’t have to mean hype or a sneaker first aesthetic,” Tudela said. “There is a preppier or formal approach to be taken and that includes the footwear. These guys buying sneakers are adding on loafers and boots as another option for a daily fit.”
Tudela began working with The RealReal at the beginning of the pandemic and said no one was buying suits at the time, but he has seen the shift into suiting and suiting adjacent styles. He also mentioned the menswear centric Throwing Fits podcast for talking about the “post-sneaker culture.”
“When [Alessandro Michele] joined Gucci and made that fur loafer, it was at a time when you were seeing a lot of white sneakers on the runway. There was a battle back then,” Tudela said. “In men’s fashion, these trends take awhile to take effect.”
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