Sneaker marketplace StockX has released its second Snapshot report showing the state of the company and how the Covid-19 pandemic has affected it and the news looks good on all fronts.
While the pandemic has undermined so many other businesses, this one seems to be riding high. The company said that the first half of the year saw it reaching more than $2.5 billion in lifetime gross merchandise value (GMV).
That figure takes into account its cumulative performance up to and including this year, but the firm also said that Q2 2020 saw it recording 18 of its top 20 sales days, excluding promos and holidays.
In fact, May and June were the biggest months in its history and despite widespread discounting in the fashion sector, the company said resale prices for the top 500 sneakers were up 6% between February when lockdowns started and June when many were being eased.
This was driven by high demand, not only in the US but in Europe too, where sales were up 200%+ year-on-year.
Popular products have included Air Jordans, of which it authenticated a million pairs in the past six months, a big chunk of its lifetime total of 3.5 million pairs. Sales of the brand rose 40% as Michael Jordan docuseries The Last Dance aired. In April, the company also said the Jordan 13 Flint became the fastest-selling sneaker in its history with 40,000 pairs sold.
Kylie Jenner via Instagram also helped drive sales of the Nike SB Dunk Ferris Bueller 50% higher.
But in the past half-year, smaller brands such as New Balance and Anti Social Social club have seen big growth as well and have outpaced the wider market by 100%.
Interestingly too, women’s shoe sales have risen 70% in the past year. And while most of its customers are aged 24 and under and it has 69% penetration among Gen Z sneakerheads, sales to those aged 45 and over have risen 30% in just six months.
The company is best known as a secondary sneaker marketplace but it also sells apparel, accessories, and collectibles and it’s in these areas that it’s been seeing some surprising results.
After lockdowns were announced, in the 197 countries in which StockX operates, the business saw growth in unexpected product categories like puzzles (+582% GMV), slides (+364% GMV), and face masks (+282% GMV) — all of which are “presumably tied to changing buying patterns under the new normal,” it believes. Additionally, sweat shorts rose 179% and track pants 5%.