Sneakerheads indicate on various forums whether they want to buy the pair ( cop ) or leave it alone ( drop ). Either way: there is a lot of discussion about it. Word-of-mouth marketing at its best. Just before the official release, photos appear of celebrities who already have the shoes in their hands. Whether this happens via the fax lists backdoor (retailers who sell under the counter) or whether it is part of the marketing strategy, is not clear. If I go by my gut feeling, I think it is a combination.
Image with ‘Got ’em’ on it.
The coveted message after a successful draw. Source: Sneakerjagers.nl
The moment of truth
After the hype building process comes the actual release. Before corona, the exclusive sneakers were often sold in limited editions, at a select number of retailers. This often resulted in long lines that started 3 days before the release. Nowadays* you can only buy highly coveted versions online, often through a lottery system. You sign up for a so-called ‘raffle’ and if search engine optimization mails your name is drawn from the hat, you get to buy a pair. This is a clear example of a sellers market where low supply meets high demand. But the prices are not absurdly high yet.
Resell: the market
Seconds after the raffles are over, the shoes already appear on platforms such as Marktplaats and Vinted and on social media. A pair of sneakers that was bought in retail for €160 is immediately offered for €260+. Resell is experienced with mixed feelings within the community. On the one hand, it is seen as unfair and opportunistic, start a group session on the other hand, it does offer the possibility to still get your shoes if you have not been drawn.
Although the goal of reselling is generally quite clear, there is a distinction to be made in the motivations of the unofficial traders. Collecting sneakers is an expensive hobby. Because the regular salary is usually spent on basic necessities plus a vacation every now and then, a financial bonus can bring the collection costs back into balance. On the other hand, there are the 17-year-old ‘professional’ resellers who try to score as many hyped pairs as possible purely for the money. The use of bots for an unfair advantage in lotteries is often not avoided by them.
Resell platforms
Screenshot of an app group about sneakers.
‘In-it-for-the-money’ resellers
Source: Screenshot from app group GruppoBigFeet45+.