In 2023, the global refurbished sneaker market had a value of US$ 196.1 million and is anticipated to accumulate a market value of US$ 435.3 million in 2033, with the market likely to grow at a CAGR of 8.3% during the forecast period. Previously, from 2018 to 2022, the market experienced a lower CAGR of 7.3%.
Analysis of the demand in the refurbished sneaker market reveals that factors such as diminished trust due to negative reviews and higher prices linked with certain brands hinder market expansion. While price range and quality can appeal to end-users, they often conduct thorough research on both the product and its refurbished version’s quality, subjecting refurbished products to ongoing scrutiny.
The reconditioned trainer industry has grown significantly in recent years, owing to a variety of causes. One of the primary factors is the rising customer demand for environmentally friendly and sustainable products. Refurbished trainers are a more ecologically friendly option for new trainers since they minimize waste and carbon impact.
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There are several constraints in the reconditioned trainer industry. One of the most difficult difficulties is ensuring the availability and validity of trainers. Maintaining customer trust requires guaranteeing the quality and authenticity of reconditioned trainers. Strict quality control methods and verification processes are required to overcome this difficulty.
Price sensitivity might be a deterrent for some customers. Refurbished trainers, while less expensive than new ones, may nevertheless be more expensive than other second-hand footwear alternatives. It is critical to balance competitive pricing with quality and authenticity to attract and keep customers.
Collaborations with brands and designers can assist the reconditioned sneaker industry in terms of potential. Collaboration with significant sneaker brands or fashion houses can boost remanufactured sneakers’ attractiveness and market visibility. Furthermore, consumers may simply identify and acquire reconditioned trainers by utilizing internet platforms and marketplaces.
The reconditioned trainer market is expected to rise rapidly because of sustainability trends, fashion choices, and changing customer needs. Addressing obstacles and capitalizing on opportunities will be critical to long-term success in this volatile environment.
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Key Takeaways
- In the United States, the market is growing at a CAGR of 19.4% in 2022.
- The United Kingdom is expected to develop at a 7.8% CAGR by 2033, led by rising consumer desire for environmentally friendly and economical footwear solutions.
- The refurbished sneaker market in India is expected to develop at a CAGR of 11.2% by 2033 as consumers adopt refurbished sneakers as a more eco-friendly and cost-effective option.
- The Chinese refurbished trainer market is predicted to rise at a CAGR of 9.9% by 2033, driven by the growing popularity of sustainable fashion and increased awareness of the environmental effect of rapid fashion.
- Japan’s market recorded a compound annual growth rate of 9% through 2033.
Competitive landscape
- The market for refurbished trainers is quite competitive, with numerous prominent competitors contending for market dominance. Nike, a renowned athletic footwear business, sells refurbished versions of its popular shoe models to retain quality and performance while giving consumers a sustainable and cost-effective choice.
- Another significant participant in the sneaker market, Adidas recognized the rising demand for refurbished shoes and launched its range of refurbished footwear, capitalizing on its brand image and dedication to sustainability. Reebok, an Adidas affiliate, also sells remanufactured trainers that emphasize style and sustainability. PUMA has entered the market with a line of refurbished footwear, emphasizing the use of recyclable materials and environmentally responsible manufacturing procedures.
- New Balance has expanded its product line to include reconditioned trainers to provide sustainable solutions without sacrificing quality. To suit the changing demands of consumers, these companies constantly develop and enhance their refurbishing procedures, boosting the quality, durability, and aesthetics of their reconditioned trainers.
Key Players
- Reebok
- Nike Inc.
- PUMA SE
- Greensole. in
- Etsy
- Skechers India
- RELAY
- Adidas AG
- Chuck Taylor All Stars
Recent Developments:
- Nike, a famous athletic footwear company, has introduced the Nike Renew program, which offers reconditioned trainers that have been cleaned and restored to assure quality. They provide a variety of popular styles, including Air Max and Jordan, with an emphasis on sustainability and waste reduction.
- The RealReal, a premium consignment site, has added reconditioned trainers to its inventory. They provide buyers access to a wide choice of luxury and designer trainers that have been professionally repaired and certified for authenticity, as well as authentication services and quality assurance.
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Key Segments
By Consumer Orientation:
- Men
- Women
- Kids
By Price Range:
- Mass Refurbished Sneaker
- Premium Refurbished Sneaker
By Sales Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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