Proceedings of the 10th International Academic Conference on Humanities and Social Sciences
Year: 2024
DOI:
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The Psychology Behind the Sneaker Resale Market: Exploring Scarcity, Conspicuous Consumption, and Celebrity
Joaquin Soler
ABSTRACT:
The sneaker resale market has emerged as a significant facet of consumer culture, driven by online platforms like StockX and GOAT. This paper explores the psychological processes behind the rise of sneaker resale, focusing on three key phenomena: scarcity, conspicuous consumption, and celebrity influence. Scarcity tactics, where limited edition shoes are released in small quantities, fuel consumer demand and exclusivity. Conspicuous consumption plays a major role, as buyers are motivated by the desire to display wealth and status through owning rare, expensive sneakers. Social media enhances this dynamic, making appearance-driven consumption even more prominent among Gen Z and millennials. Finally, celebrity collaborations, such as those with Travis Scott and Kanye West, significantly boost the resale value of sneakers. These psychological drivers—scarcity, status signaling, and celebrity endorsements—shape the sneaker resale market’s continued growth. As this sector expands, it offers valuable insights into modern consumer behavior, particularly among younger generations. Understanding these factors is crucial for brands, resellers, and consumers navigating this evolving market.
keywords: Gen Z, online marketplaces, scarcity, sneaker resale, sneakerheads