Consumer Psychology and Competitive Analysis of Sneaker Reselling Market In Taiwan
Date Issued
2016
Date
2016
Author(s)
Wang, Hsin-Hung
Abstract
Between 2014 and 2015, Jordan brand, the high-end and limited brand of Nike, Inc., started to become an important role in street fashion. Celebrities around the world started to wear sneakers as their fashion style and share these pictures through social medias. From that moment on, sneaker culture has become popular among young people, especially those who are active on social medias and being perceived as cool. Sneakers are no longer just sport wears but a fashion style that shows who you are and represents self image. Because of this fashion trend, the demand for sneakers began to increase in retail market, especially whenever there is an limited-edition release, people would just wait in line for hours, sometimes even days just trying to get a pair. The popularity of sneaker culture and sneaker madness also cause the sneaker reselling market in Taiwan to grow faster than ever. However, in 2015, the CEO of Nike, Inc. set a goal that the Jordan brand will achieve annual sales of $4.5 billion by 2020 and double what Jordan brand’s current yearly figure amounts. Since then, Jordan brand has not only increased both of their new styles and the frequency of new releases, simultaneously, but also the retail price and the quantities of every new styles. This new strategy had a devastating impact on sneaker reselling market. Not only did it change the consumer buying attitude and behavior but also increased the level of competition, making the business environment more difficult than ever. This research conducted a questionnaire to find out why target customers are buying limited-edition sneakers and the psychological mechanism behind it. Hoping this will help us to set up some criteria in order to understand how and what will affect a trend to develope. And then apply it to sneaker reselling to increase profit and performance. In addition, we were aware that it is not that simple, just understanding the psychological mechanism behind sneaker madness and then the profit and performance would increase. Therefore, this study also used five force analysis to analyze the relationships between each roles in sneaker reselling market in Taiwan and discussed if there’s a promising future, including how to survive. In the end, this study combined the results of questionnaire and five force analysis to provide some advises, strategically and practically.
Subjects
sneaker culture
sneaker reselling market
five force analysis
social media marketing
social media
consumer behavior
endorser effect
SDGs
Type
thesis
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