China's secondary market for sneakers has passed $1 billion in value in 2019, according to data-mining company iiMedia Research.
The figure positions China as one of the fastest-growing components of a $6 billion global market, which is still led by the United States.
The resell craze in China has been driven by the emergence of local sneaker-trading platforms like Poizon, whose annual volume is around 15 billion yuan (approx. $2 billion USD). That’s reportedly more than triple the volume of StockX!
Recognising the growing remand in the region, sneaker marketplace GOAT launched an app-like mini-programme on leading Chinese messaging platform WeChat in July. There’s also speculation StockX are planning their own money moves within the region.
‘China will soon become the sneaker capital of the world,’ says Henek Lo, general manager of GOAT China, revealing the demand from Chinese millennials is ‘something we haven’t seen anywhere else’.