The ‘sneaker market’ is becoming a popular source of money-making as South Africans appear to place value in what they wear on their feet.
Whether they are new or pre-loved, sneakers – or takkies as we call them too, are being bought and sold in an interesting trade market that has arisen.
Many people even see this side hustle as some sort of investment.
The value that South Africans place on their clothing – from head to toe, is evident even in this tough economic climate as clothing and footwear retailers record increasing sales while other retail categories see declines. It is this that has seen many people turn to the sneaker trade to raise extra funds or income, says Thulani Ngwenya, chief executive and founder of Sneaker Love, a classified platform that allows users to sell – or even rent, new or pre-loved takkies.
But, like any trade, it is all about buying low and selling high.
“The trick is knowing which releases are likely to command a significant price premium on the secondary market and targeting them with everything you’ve got.”
Even in 2020, when lockdown restrictions were in place, people were still finding various ways of acquiring the latest sneakers and trying to flip them for some extra cash in their pockets.
“All of this should tell us that sneakers aren’t just a subculture, but, rather, have strong financial power.”
He explains that e-commerce continues to create opportunities for people to monetise their valuables. The Sneaker Love platform is one way South Africans can either start a side hustle or “build real sneaker businesses”.
“The sneaker market is unlikely to disappear as more people are shopping online and more opportunities have arisen to make money. Those looking for extra income may want to consider getting into the selling game.
“Sneakers have become a wardrobe essential, irrespective of the season. Be it winter, summer, or spring, everyone loves wearing sneakers to add a trendy look to their outfit.”
IOL Business