Is New Balance dominating the sneaker industry?
Well, New Balance sure knows how to make an entrance! It broke into 2022 like a wrecking ball, shaking up the sneaker industry’s sequence. The two sportswear icons won’t be just TWO anymore. It seems that Adidas and Nike will be welcoming New Balance into their market-dominating cult.
Nike and Adidas have conquered the sneaker kingdom for years now. BUT that’s old news because we can now say that NB was just preparing us for a major surprise all these years.
From Dad shoes to one of the most hyped sneakers in 2022. The question is, will New Balance be the upcoming market dominant?
New Balance Start-Up
Established in 1906 in Boston, New Balance Arch Support Company emerged into the sneaker industry with one objective in mind. Which is offering customers footwear with great comfort and a whole new concept to a new balance. William J. Riley, the founder of the company, hired Arthur Hall as a salesman who later became Riley’s business partner. Their focus was on developing products for people that stand up for long periods during the day, such as firefighters and retail workers.
In 1938, they entered the sportswear world, creating the company’s first running shoes for a local running club. The following decades consisted of the company expanding its product range by designing special footwear for sports, like tennis and baseball.
In addition, the owner of the company changed in 1972, never altering the company’s main custom and key feature, uniqueness. One example of product distinction is the usage of numbers for identifying shoe models instead of names so that all footwear produced by the company seems equal. Because every single shoe in itself is unique. So, the numbers define the type of shoes and their related activity.
Moving on, New Balance 320 introduced a new era for New balance. It was the first sneakers to feature the famous N logo. Its sales skyrocketed back in 1976 when the sneakers were ranked number one by Runner’s World magazine.
Following 320s, New Balance 550s were and still are one of the most popular NB sneakers, also designed for track-running.
New Balance Dominating The Industry
Today, New Balance is a serious competitor for major footwear brands, such as Nike and Adidas. But it still didn’t stand chance in ranking among the top 10 on the list of best-selling sneakers in previous years.
However, NOW it’s found its way into that list proudly! New Balance has broken the standards. New Balance 550 White Grey ranks seven on the best selling list of 2022.
It all started in 2020 when NB’s popularity started rocketing as the year went by. Much like Adidas and Nike, New Balances became the go-to sneakers for most consumers and collectors. The result? A 100 percent sales increase in 2021.
And in 2022, it doubled that percentage in trade growth! From 2021 to 2022, New Balance witnessed a 200 percent increase in trade growth. And this is all due to the brand’s continuous innovation, customer needs prioritization and complete product focus. NB has only provided quality craftsmanship and uniqueness since day one.
Now let’s talk more about numbers. Estimates show that global sneaker sales might reach $72.72 billion by the end of this year! And New Balance went from making $100,000 as sales in 1972 to $4.4 BILLION in 2022! Although Nike is still THE TALK of the sneaker industry, New Balance is not-so-silently making its way through. Therefore, New Balance dominating the sneaker industry is a process in the making. Who knows? You might find the best-selling sneaker 2023 list full of NBs. So, Nike and Adidas definitely need to up their game.
What Does All This Mean?
As we all know, the sneaker industry has constantly been growing along with sneakerheads and customers. But after a little dive into the sneaker industry and its players, you’d notice that the sneaker resale market makes up a significant part of this industry. In other words, the resale market is the yin to the industry’s yang. The sneaker industry is constantly growing thanks to the resale market’s popularity.
Since its establishment, the sneaker resale market has only been expanding. It’s estimated to be worth $30 billion by 2030. So, this is your chance to learn more about sneaker bots. So, unless you’re one of the lucky ones, you can’t even step foot into this market without a sneaker bot. It helps you cop exclusive sneakers at retail so that you can resell them at higher values. Take New Balance 999 Concepts The Kennedy, for example. It retailed at $150 back in 2011, but now it’s worth $3030 on resale.
Therefore, investing in a sneaker bot will definitely be worth it. However, with the rising popularity of the resale market, sneaker bots are also increasing in number. This means that you must choose your bot wisely. And to start up your experience it’s better you choose an efficient yet affordable sneaker bot, such as EasyCop Bots.