The Billion Dollar Industry

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The Business of Sneakers

How did Basketball Sneakers have Taken Over the World?

“The entire millennial generation grew up wearing nothing but sneakers”.

Much like Apple, NIKE and Adidas products are no longer simply items people purchase – they are part of a culture. A culture that was created from shoe companies who turned into multi-billion dollar industries. Everybody owns and wears sneakers. Basketball shoes are not something one simply wears to a gym or a basketball court.

It is part of outdoor wear. It an be worn casually, it could be worn in formal settings. Parties, meetings, work, everywhere you look there are sneakers. Basketball shoes have taken over the world.

Business of Sneakers

Credit: Business Insider

In the United States alone, Adidas, NIKE, and Under Armour footwear sales saw a jump in $25-billion dollars from 2009 to 2013 and the record numbers continue to arise each and every year. Millennials remain the key driving force behind the sneaker boom, with upwards of $20 billion being spent on basketball shoes annually by Americans aged 18-34 alone.

Ultimately, with the culture instilled worldwide, basketball shoes, especially NIKEs are a hot commodity that everyone must have. Capitalism at its finest, it is an addiction created from the power of marketing and a brand filled with the biggest names in sports.

What basketball sneakers do you have?

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