The refurbished sneaker market is anticipated to observe growth at a CAGR of 8.5% and is likely to touch a valuation of USD 407 Million by 2032, while it holds a revenue of USD 180 Million in 2022. Global study on refurbished sneaker market explains that the market conditions are in favor of the stained, marked, discoloration, and fading sneakers that fuel the sales of refurbished sneakers.
These sneakers are with no sign of wear or flaws and are gently worn. These sneakers are generally cosmetically flawed with visible light wear. Another factor that fuels the demand for refurbished sneakers is their easy availability and well-worked sales channel.
Covid-19 and the lockdowns followed by it led to job losses and impacted the middle- class strata with the economic crisis. Therefore, the investment in new branded sneakers is next to impossible task.
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Research report on refurbished sneakers market explains that the refurbished sneaker market holds a fruitful future for the new brands introduced refurbished. It’s a win-win concept for the brands as the flawed, slightly used and deformed pairs will no longer be a loss factor for the manufacturing company.
Key Takeaways from Market Study
- The refurbished sneaker market is expected to increase with a market share of 22.86% in North America.
- Europe is expected to account for 18.67% market share during the assessment year.
- Refurbished sneaker market demand analysis explains that the start-ups are innovating various new refurbishment methods along with better sales channel management and enhanced marketing funnels.
- Mumbai based startup, Greensole recycles and refurbishes old shoes into best comfortable eco-friendly vegan shoes and stylish shoes for men, women and children.
“Latest fashion influencers adopting and promoting sneakers along with higher affordability and accessibility gains traction for the market and is anticipated to fuel it during the forecast period.People went through the cash crunch post-covid-19 and it has taken them some time to get recovered from the phase. However, companies have understood the task and have started introducing cheaper products. Though, another, options that the vendors hold is the introduction of a refurbished section.” says a Future Market Insights analyst.”
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Competitive Landscape
The Refurbished sneaker market is fragmented by the several key vendors present in the market to lift the market share of refurbished sneaker. These players are using various tactics to acquire bigger share in the market in recent years.
Some of the popular marketing methods adopted by key players are mergers, collaborations, partnerships, product launches, acquisitions and others during the forecast period.
Recent Market Development
- Nike has launched its refurbishment section that extends the llife of eligible products by taking like-new, gently worn, and slightly imperfect kicks, refurbishing them by hands.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global Refurbished sneaker market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on Application (Food, Beverage, Pharmaceuticals, Other (Applications), Form (Natural Refurbished sneaker, Synthetic Refurbished sneaker), Region (North America, Latin America, Europe, East Asia, South Asia, Oceania, MEA)
Key Segments
Consumer Orientation:
- Men
- Women
- Kids
Price Range:
- Mass Refurbished Sneaker
- Premium Refurbished Sneaker
Sales Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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