The coronavirus outbreak is wrecking the sneaker resale industry, but investing in specific pairs can soften losses. Here's how to navigate the market in crisis, according to the head of China's Sneaker Con.
- The sneaker resale industry is being clobbered by the coronavirus outbreak.
- To navigate the crisis, resellers should consider cashing out on hyped pairs that might not regain value for another year, Jerry Wu, the head of Sneaker Con China, told Business Insider in an interview.
- Wu added that resellers should invest in reliable best sellers, like the Air Force 1 and Air Jordan 1 models, once the prices for those shoes inevitably go down at retail stores.
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The sneaker resale industry is not getting through the coronavirus outbreak unscathed. The virus has pummeled the $2 billion market, though experts say that resellers can follow some steps to stay afloat.
"I think right now it's almost the worst time and also the best time," Jerry Wu, the head of Sneaker Con China, told Business Insider in an interview, explaining how the disruption in the sneaker industry could lead to some unexpected boons in the future.
China and the US have both experienced slowdowns in the sneaker industry, on the retail and resale side. But if they prepare correctly, resellers can avoid any serious disruption to their businesses overall.
"I really do believe that right now is a great time to be buying," Sneaker Con cofounder and organizer Alan Vinogradov told Business Insider previously. "You should be buying certain models that you think are favorable to the sneaker culture and holding onto them."
Vinogradov was specifically referring to The Nike SB Dunk Low Travis Scott and the Jordan 5 Retro High Off-Whites.
Wu, who is based in Shanghai and has witnessed the impact of the virus on the Chinese market firsthand, offered some tips for sneaker resellers to avoid devastating impacts to their businesses.
Here's what he said:
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