Bidding war drives up prices of sneakers, creating huge market
The global athletic footwear market is a 37-billion-dollar industry that shows no sign of slowing down. Market research shows that sales of athletic footwear in China alone will hit 9.5 billion dollars. Observers have noted a bidding war is driving up prices of popular sneakers. The online trading volume of the hottest 25 sneakers in China has topped 450 million yuan or 63.2 million dollars as of last month. To cope with the bids, various apps and platforms offer real-time prices, even indices for sneaker trading. The most popular athletic footwear with high prices come from Adidas and Nike, whose iconic Air Jordans have benefited from the skyrocketing online bids. A Nike sneaker with lights on it which appeared in one of Steven Spielberg's films sells at 56,000 to 84,000 U.S. dollars in China's secondary market.