The overwhelming market response of the jointly release T-shirt by KAWS and Uniqlo this summer is the best example of the shift of consumption power towards Chinese millennials, who has been driving sub-cultures mainstream. Therefore, there is little surprise to find ‘Sneakers flipping’ or ‘Blind box flipping’ among top searches on the internet in recent days.
It was reported that during the blindbox craze in 2019, close to 200,000 consumers frequent monthly various platforms to spend lavishly on blind box. On the other hand, statistics from sneakers trading platform showed that on 19th August 2019, 26 of the 100 top selling models accounts for close to 450m RMB trading volume of the platform, exceeding the single day trading volume of all 9431 NEEQ-listed companies combined. Taking on the trend, various sneaker-flipping/blindbox-flipping related APP and companies proliferated and populated the market.
Clearly, the fellow millennial blindbox/sneaker flippers have fallen victim to the New Speculation Economy amid the transition of 2019 into 2020.
Key to making all investments is authenticity. Whether we can authenticate on the item is the pretext of deciding its investment value. With the many options available in the market, it is not surprise to see counterfeit items and hence authentication has been difficult. But who are to blame when among the culprits are different brands, platforms and even investment institutions, who have been fueling the trend.
So it seems that looking ahead in 2020, we shall expect continual infusion of new blood into the sneaker market – a new wave of post 90s, 95s or even 00s, all carrying the hope of earning multiple times or even 10x return in the gold rush.