⚡ Get All Content for 20% Off ⚡

Business-Savvy Teens Tap Dynamic New Collector's Market: Designer Sneakers Much-coveted shoes are being bartered and sold by high schoolers at sneaker conventions across the country at eye-opening prices, The New York Times reports.

By Geoff Weiss

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Are shoes becoming the new stocks? For a budding community of teenage sneakerheads, the answer is unequivocally, "yes."

Like cards, comics and dolls before them, a trading market of sorts has established itself at sneaker conventions across the country, where designer basketball shoes are being bartered and sold by high schoolers with the gusto of stockbrokers and at eye-opening prices, according to a report by The New York Times.

In mint condition, Nike's Michael Jordan-branded footwear can fetch thousands of dollars -- as can limited edition designs only available in foreign countries. In one instance, reports the Times, a young trader turned down a $98,000 cash offer for a pair of Nike sneakers designed by Kanye West.

"I know I could buy a house with this kind of money," the 18-year-old vendor said. "But I'm a huge Kanye West fan."

Related: These Entrepreneurs Raised Almost $40,000 for Their 'No-Sock' Socks

While the cultural craze itself is a huge draw for many teens, those possessing a sharpened entrepreneurial eye are also aiming to trade up. For instance, the Times profiled a 13-year-old from New Jersey whose collection grew by four pairs and $815 after a flurry of 20 transactions in one day.

In addition to conventions held at hotel ballrooms and high school gyms, this business is booming online, as social media-savvy teens can showcase their wares on Instagram and Facebook.

And when they do in fact choose to wear the shoes instead of merely investing in them, special precautions are taken. While some only sport their shoes in the summertime in order to avoid weather damage, others have perfected the art of walking like a duck in order to avoid creasing, the paper reports.

Related: A 'Smart' Pair of Shoes With a Noble Purpose

Geoff Weiss

Former Staff Writer

Geoff Weiss is a former staff writer at Entrepreneur.com.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Remote Side Hustle a 43-Year-Old Musician Works on for 1 Hour a Day Earns Nearly $3,000 a Month: 'All From the Comfort of Home'

Sam Ziegler wanted to supplement his income as a professional drummer — then his tech skills and desire to help people came together.

Leadership

Former Interrogator Shares 5 Behaviors Liars Exhibit and How to Handle Them

Five deceptive behaviors to look for and how to respond to those behaviors when you encounter them.

Business News

AI Is Impacting Jobs. Here Are the Gigs Affected the Most, According to an Analysis of 5 Million Upwork Postings

The researcher said in the report that freelance jobs were analyzed first because that market will likely see AI's immediate impact.

Marketing

Ever Wonder Why Certain Websites Rank Higher Than Yours? This SEO Expert Reveals The Secret to Dominating Search Results

It's often the smart use of SEO, now supercharged with AI, particularly in keyword optimization.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.