Comfort, diversity and perceived value are among the most important factors driving trend-conscious shoppers to trade on StockX in 2023.
That’s according to the company’s merchandising director for sneakers and collectibles, Drew Haines, who spoke to Sourcing Journal about the insights from the company’s Big Facts trend report this week. Released Wednesday, the report highlights the brands that have seen the biggest trading gains on StockX during the first six months of the year, compared to 2022 data from the same time period.
In the sneaker space, growth favored brands outside the big three (Nike, Jordan Brand and Adidas), with some unexpected players dominating trades on the online marketplace. Swiss performance brand On Running saw trades increase by a whopping 15,357 percent from last year, while French sportswear label Salomon, StockX‘s fastest-growing brand of 2022, saw a rate of growth of 202 percent. Asics continued its “meteoric” rise, growing 72 percent year-on-year.
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Haines said he has been surprised to see the Japanese sportswear brand growing by leaps and bounds in recent seasons. “That 72 percent growth is is meaningful, because it wasn’t small last year either,” he explained. It’s not a flash-in-the-pan trend—July was a record month for Asics, and he believes the brand will easily lap its progress in August. “The demand is so high right now that everything across the board within the Asics brand is selling.”
Haines believes the performance footwear obsession is “a continuation of the trends and the consumer behaviors that occurred during the peak lockdown, stay-at-home Covid era.” Shoppers haven’t traded in their comfortable, practical shoes, even as they become more adventurous with their wardrobes.
“This could be something that’s just a mainstay for the foreseeable future,” he said. “Everyone who talks about On always says they’re the most comfortable sneakers they have ever worn, and I think that fits into the continuation of the comfort trend,” he said by way of example. Lifestyle footwear’s winningest brands were also members of the comfort category. Ugg’s trades grew by 836 percent from the first half of 2022, followed by Birkenstock (492 percent) and Dr. Martens (92 percent).
Buzzworthy partnerships are giving these footwear brands opportunities to reach new audiences, and Haines said he doesn’t think consumers will develop “collaboration fatigue” anytime soon. Asics’ JJJound drop capitalized on the Montreal-based streetwear brand’s cachet, while Salomon’s limited-edition release with New York women’s wear designer Sandy Liang brought a feminine appeal to the XT-6 Expanse’s sporty silhouette. On partnered with New York streetwear brand Kith and Spanish luxury leather goods brand Loewe, known for its red-hot Puzzle Bag, and Nike’s collaboration with Tiffany, released this spring, was one of the hottest releases of the year, selling out immediately and generating high price premiums on StockX in the ensuing months.
Birkenstock got a bump from a collab with streetwear label Fear of God, while Crocs, which grew 26 percent, continued its partnership with Salehe Bembury. “Collaborations give consumers a chance to access a higher-end or luxury brand at a more affordable price point,” Haines said.
In the apparel arena, mainstays like Fear of God and Supreme were notably absent from the list of fastest-growing brands. They made way for relative unknowns like British streetwear label Represent, which topped the list with 300 percent year-on-year growth in trades, mostly within the U.K. The brand was followed by hip hop artist Young Thug’s Sp5der Worldwide (224 percent) and Denim Tears (181 percent), founded by Virgil Alboh protégé and Supreme creative director Tremaine Emory.
Shoppers are also buying more products priced between $100 and $150, and orders within that range “are a lot higher than they have been in the past,” likely due to lingering concerns about inflation and the economy more broadly. “Consumers are looking for value,” Haines believes. While “high-heat releases” and collaborations still fetch huge premiums, consumers are turning to a brand’s core assortment for options within their budget. Haines pointed to Asics as an example. “We’re seeing great demand for the general release and in-line models that are not limited in a specific way.” Meanwhile, newer brands and niche labels are also benefiting from the trade down.
“The general story across categories is that the consumer wants diversity in their closet,” Haines said. Streetwear lovers have wardrobes full of Jordan Brand and Nike, Fear of God and Supreme. “This is not something we’re seeing changing, it’s just a more additive approach from sneaker heads where they’re looking for something a little more unique,” he added. More established players “will still dominate from a volume perspective, but we’re seeing a whole tranche of emerging brands growing at a faster rate.”
