The sneaker resale market has been a global phenomenon for years now. But, for those unaware, it consists of major sneaker brands dropping a limited supply of sneakers. Then, these sneakers are bought, only to then be put on resale sites like StockX for an astronomically higher price.
For example, the Adidas Yeezy 700 V3 Azael originally sold for $200 in December 2019. But now, the sneakers go for anywhere from roughly $700 to $900 on StockX.
The sneaker resale market has permeated the culture with such a menace that it now IS popular culture. Reselling Yeezys and Jordans is no longer a subculture for the expertly informed. It is a practice that a great deal of young people now know about. Reselling's popularity is likely because of social media and the ability to play off of consumer's competition.
Getting a pair of rare Jordans (and immediately posting them on Instagram) is a badge of honor for many young people. This is because it shows that one was either extremely lucky, winning the sneakers in a raffle, OR they were able to pay a large amount for the sneakers. Either way, it is a flex that intrinsically breeds hype and competition on the internet.
With the release of its newest console, the PS5, Sony seems to be adopting a similar, hype-based approach. You see, the PS5 is only out on the market in limited quantities. So, not only are there concerns about the console being stolen when shipped in its original packing, but some PS5 consoles are already being put up on the resale market. In fact, you can buy the PS5 on StockX for $800, twice the amount of its retail price.
But, you might ask yourself, is Sony's slow, limited, and hype-based rollout of the PS5 intentional, or is it based only on genuine demand? Well, the use of a certain rapper seems to hint at the former . . .
Rapper Travis Scott epitomizes hype culture in 2020. The Houston-based artist has a series of deeply-coveted Nike sneakers, a McDonald's meal, and even played a concert INSIDE Fortnite. To make it even more clear that Nike is trying to ride the "hype" of the PS5, there is also a Travis Scott and PS5 sneaker.
Obviously, most businesses do not have the connections that Nike or Sony do. Nor do they have the luxury of selling a limited supply of their product. However, what we as marketers can learn from Sony's approach is the ability to adopt marketing strategies, whatever the product. The sneaker resale market has become a pillar of modern, youth culture. And now, thanks to their marketing campaign, the PS5 may be too.
