US Sneakers and Streetwear Market Report 2022

Overview

• What you need to know
• This Report looks at the following areas
• Definition
• Market context

Executive Summary

• Top takeaways
• Sneakers and streetwear outlook
  • Figure 1: Sneakers and streetwear outlook, 2022-27
• Opportunities and challenges
• Current economic, social and industry challenges may impact category sales but not interest
• A growing diverse population creates opportunities with sneakers and streetwear
• Bots will continue to pose a threat
• Virtual worlds open new doors
• Explore opportunities to collaborate
• Key consumer insights

Sneakers and Streetwear Perspective

• Understanding the sneakers industry
• Understanding the streetwear industry

Market Factors

• Rising prices and decreased consumer confidence create challenges
  • Figure 2: Consumer Price Index change from previous period, 2007-22
• • Figure 3: Consumer Sentiment Index, 2007-22
• Various global and societal issues could further hinder market growth
• A growing diverse population creates opportunities with sneakers and streetwear
  • Figure 4: Population by race and Hispanic origin, 2017-27
  • Figure 5: Bella Doña streetwear brand celebrates Mexican American culture
• • Figure 6: Kids of Immigrants and Buchanan’s Whisky create clothing collaboration
• Sneaker resale industry will continue to grow – creating opportunities and challenges for consumers, brands and retailers alike
• Bots crash the party
  • Figure 7: Bots negatively impact experience for consumers and sneaker designers
  • Figure 8: Nike communicates efforts to combat sneaker bots
• Sneakers and streetwear are the intersection of individuality and community

Competitive Strategies and Market Opportunities

• Nike looks to “reward” consumers who have taken losses
  • Figure 9: Nike looks to help consumers turn Ls into “Got ‘ems!”
• Airbnb taps into sneaker interest
  • Figure 10: Airbnb connects its offering to sneaker culture
• BAPE and Marvel reunite to launch collab collection
  • Figure 11: BAPE rejoins forces with Marvel Comics
• Culture influences consumers and creates opportunities for brands
  • Figure 12: Adidas, Puma and Champion celebrate iconic cultural films and figures
• Bring subscription service model to sneakers and streetwear
  • Figure 13: Native Shoes Remix Project gives new life to worn shoes
• The future really is now: create virtual items and experiences

Sneakers and Streetwear Consumers – Fast Facts

Sneakers Purchase Behavior

• Sneaker purchases
• Interest in sneakers beyond function drives purchases, especially for younger generations and males
  • Figure 14: Sneaker purchases, by generation, 2022
  • Figure 15: Sneaker purchases, by gender, 2022
• • Figure 16: ELLE magazine highlights styling tips for classic sneakers
• • Figure 17: Crep Protect promotes cleaning sneakers
• Black consumers are heavy sneaker buyers
  • Figure 18: Sneaker purchases, by race and ethnicity, 2022
• LGBTQ+ consumers’ purchase behavior creates opportunity
  • Figure 19: Sneaker purchases, by sexual orientation, 2022
  • Figure 20: Converse and Nike show support for LGBTQ+ communities
• • Figure 21: Vans and Keds show support for LGBTQ+ communities
• Brand purchases
• Nike leads the way overall; interest and opportunities exist across brands with younger generations
  • Figure 22: Sneaker brand purchases, by generation, 2022
• • Figure 23: Previous New Balance ad acknowledging “dad sneaker” label
• Males and females are shopping across brands
  • Figure 24: Nike taps notable female figures Jess Sims, Tunde Oyeneyin and Billie Eilish
• • Figure 25: Adidas targets female consumers with Beyoncé partnership and SportyRich collection
  • Figure 26: Sneaker brand purchases, by gender, 2022
• Brands must heighten focus on increasingly diverse audiences
  • Figure 27: Sneaker brand purchases, by race and ethnicity, 2022

Factors of Importance for Sneakers

• Comfort, price and style lead the way across generations
  • Figure 28: Factors of importance – Sneakers, by generation, 2022
• Females evaluate factors more than males
  • Figure 29: Factors of importance – Sneakers, by gender and generation, 2022
• • Figure 30: ELLE Magazine and Glamour highlight casual white sneakers
  • Figure 31: Sneaker brands highlight collaborative efforts
• • Figure 32: Sneaker brands focus on style and uniqueness

Streetwear Brand Familiarity

• Low familiarity for most streetwear brands, yet younger generations show potential for growth
  • Figure 33: Champion shares brand history timeline
  • Figure 34: Champion focuses on appealing to female audience
• • Figure 35: Supreme’s various collaborations spark interest and enthusiasm
• • Figure 36: Virgil Abloh highlights Off-White’s partnership with Nike
  • Figure 37: Streetwear brand familiarity, by generation, 2022
• Highlighting connection to culture can appeal to multicultural consumers
  • Figure 38: Streetwear brand familiarity, by race and ethnicity, 2022
• • Figure 39: Kith looks to connect with Black consumers

Streetwear Brand Purchases

• As awareness and interest grow, so too will purchases
  • Figure 40: Champion drives relevance and appeal with key audiences
  • Figure 41: Streetwear brand purchases, by generation, 2022
• • Figure 42: Streetwear brand purchases, by race and ethnicity, 2022

Retailers Shopped

• Consumers will shop at retailers that offer what they are looking for
  • Figure 43: Retailers shopped – Sneakers OR streetwear, by generation, 2022
• Males and females share similar shopping locations
  • Figure 44: Retailers shopped – Sneakers OR streetwear/sneakers and NOT streetwear, by gender, 2022
• • Figure 45: PacSun highlights sneakers and streetwear items on TikTok
• Multicultural consumers will shop at a variety of retailers to find what they want; Black consumers shop more specialty stores
  • Figure 46: Retailers shopped – Sneakers OR streetwear, by race and ethnicity, 2022
• • Figure 47: Retailers shopped – Sneakers and NOT streetwear, by race and ethnicity, 2022
• LGBTQ+ consumers overindex across all retailers, except Amazon
  • Figure 48: Retailers shopped – Sneakers OR streetwear, by sexual orientation, 2022

Influence and Inspiration Factors

• Interest comes from a variety of sources; social media is key in driving inspiration
  • Figure 49: Factors influencing interest, by generation, 2022
  • Figure 50: Sources of inspiration, by generation, 2022
• • Figure 51: Madhappy brings nostalgia with Space Jam collection
  • Figure 52: Chipotle taps into streetwear culture
• Create engagements with both males and females early and often
  • Figure 53: Factors influencing interest, by gender, 2022
  • Figure 54: Sources of inspiration, by gender, 2022
• • Figure 55: LeagueFits showcases athletes’ wardrobes and where to purchase
  • Figure 56: LeagueFits taps into popularity of NBA2K
• • Figure 57: DC personality Britt Waters showcases her passion for sneakers on air
• Black consumers are eager for related content
  • Figure 58: The Complex Sneakers Podcast provides in-depth coverage of sneaker culture
  • Figure 59: Adidas partners with diverse artists: Bad Bunny, Anitta and Pharrell
• • Figure 60: Factors influencing interest, by race and ethnicity, 2022
• • Figure 61: Sources of inspiration, by race and ethnicity, 2022
• Parents, and their kids, are not to be overlooked
  • Figure 62: Factors influencing interest, by parental status, 2022
• • Figure 63: Sources of inspiration, by parental status, 2022
• • Figure 64: Various sneakers and streetwear brands target parents with kid-focused items
  • Figure 65: Opportunity to highlight key figures’ kids’ styles

Attitudes toward Sneakers & Streetwear

• Personal style
• Sneakers and streetwear aren’t going away; allow consumers to express their individuality and interests
  • Figure 66: Attitudes toward sneakers & streetwear – Personal style, by generation, 2022
• • Figure 67: Crep Protect showcases benefits of sneaker crates
  • Figure 68: ASICS partners to build connections with students
• Black and Hispanic consumers turn to sneakers to express their personal style
  • Figure 69: Attitudes toward sneakers & streetwear – Personal style, by race & ethnicity, 2022
• • Figure 70: New Balance’s “Conversations Amongst Us” celebrates Black culture
• Focus on authenticity
• Shopping for sneakers and streetwear isn’t always easy or enjoyable; opportunity to evolve the experience to attract younger generations
  • Figure 71: eBay Sneakers targets buyers and sellers with discounts
  • Figure 72: eBay Sneakers explains authentication process
• • Figure 73: StockX updates verification language
• • Figure 74: Nike targets resellers
  • Figure 75: Attitudes toward sneakers & streetwear – Focus on authenticity, by key demographics, 2022
• Vintage/secondhand shopping options
• What’s old is “new” again
  • Figure 76: Vintage-style clothing stores appeal to key consumer segments
  • Figure 77: Urban Outfitters highlights vintage-inspired clothing
• • Figure 78: Secondhand shopping platforms highlight sneakers and streetwear items
  • Figure 79: Attitudes toward sneakers & streetwear – Vintage, secondhand and resale, by key demographics, 2022
• Areas of improvement and evolutions
• Bring fair and increased opportunities to consumers, including beyond IRL
  • Figure 80: More than one million consumers entered Travis Scott x Nike raffle
  • Figure 81: Concepts addresses fraudulent activity during item release; fixes the issue and rereleases sneaker
• • Figure 82: Nike and RTFKT are blending the physical and digital worlds together
  • Figure 83: Adidas introduces Virtual Gear NFTs; Puma promotes soccer-themed Roblox apparel
• • Figure 84: Attitudes toward sneakers & streetwear – Areas for improvement, by key demographics, 2022

Appendix – Data Sources and Abbreviations

• Data sources
• Consumer survey data
• Abbreviations and terms
• Abbreviations
• Terms

Appendix – The Consumer

• • Figure 85: Sneaker purchases, by race and ethnicity and generation, 2022
• • Figure 86: Retailers shopped – Sneakers and NOT streetwear, by generation
• • Figure 87: Factors influencing interest, by sexual orientation, 2022
• • Figure 88: Sources of inspiration, by sexual orientation, 2022
• • Figure 89: Attitudes toward sneakers & streetwear – Personal style, by sexual orientation, 2022