Shoe Recession

NORTHRIDGE, CA – The recession started summer of 2022 primarily due to inflation. One market that has taken a dip that only a few people have taken to account is the sneaker market. Jimmy Nguyen owns a sneaker store named Shoe Pugs on Ventura.

Credit: Nelson Cruz

Nguyen gives an insight into what the sneaker market is. "It's a pretty big secondary market. In terms of an item having a secondary market which you can make money on it."

The sneaker market is foreseen to get to $120 Billion by 2026. Its projection is going up due to being evaluated in 2020 at $80 Billion.

There have been many shoes whose value decreased from the start of the recession. The Travis Scott Fragment Jordan one was two-thousand-eight hundred dollars in 12 months. In October, its pricing is at one-thousand dollars.

Isaac Covarrubias, a Creative Director at the store, gives his thoughts on what shoes will go up in the future. "He says he is pretty much done with the Jordan one model," Covarrubias said. "So pretty much whatever Travis touches turns into gold."

The sneaker market is constantly shifting. It can remain the same or pick back up where it left off. Adam Bustamante is an employee who thinks there's no going back. "Stuff changes. Living in California, living here gets more expensive," he said. "People need to afford more things. So people can't spend five dollars on a pair of shoes."

The average rent price in Los Angeles for a one-bedroom apartment is $2,738.

It seems like with the higher prices rise for necessities. People aren't buying sneakers. Right now could be the best time to buy hyped sneakers.