Billions luxury Magazine - FASHION u
The global sneaker market valued at approximately US $ 79 billion (£ 56 billion ) in 2020 and is predicted to reach US $ 120 billion (£ 85 billion ) by 2026 . With such huge growth , it is unsurprising that they are considered big business .
Such are the strides in the sneaker industry that a new exhibition at London ’ s Design Museum explores how the shoe became an undisputed cultural symbol of our times .
Comfort is king
The last decade has seen a huge shift in how sneakers are worn . Donning a pair is no longer frowned upon in the workplace or on more formal occasions . Even British etiquette experts Debrett ’ s have given their seal of approval , deeming them socially acceptable for smart casual occasions .
The continued dominance of the athleisure trend has had a significant impact on the growing sales of sneakers – along with the pursuit of comfort . This only grew more during the pandemic as lockdowns made people further prioritise comfort , which resulted in a rise in sales of loungewear , athleisure and flat shoes , like sneakers .
As such , sneakers have moved from the niche to become coveted as fashionable objects . footwear is now the biggest selling category in the online luxury market and sneakers have made a significant contribution to this growth .
High fashion brands from gucci to Balenciaga are setting the pace in the luxury sneaker market . in 2017 , Balenciaga ’ s triple s became the biggest seller in the luxury sneaker market and its popularity seems unstoppable .
to understand how the sneaker has emerged to become a footwear phenomenon , it is important to trace its legacy from function to cultural icon .
84 Billions Luxury Magazine