With inventory piling up and consumers spending less, big sportswear labels are slashing production numbers going into 2023.
The Coronavirus pandemic was a major shift in the way the world, people, and businesses operated their day-to-day lives. As the PPP loans and stimulus checks rolled into various bank accounts across the US, consumers were spending and boosting the economy while at the same time the sneaker game exploded. This period saw limited pairs released per drop and demand increasing so significantly that almost every shoe that was released held its value and some on the secondary market which caused footwear manufacturers to gear up for what they thought would be a continually expanding market. Unfortunately what comes up must come down as we saw the sneaker aftermarket and demand across the industry plummet in 2022. The factors that led to this would require a much deeper dissection, however, because of this reports are coming out stating that brands like Nike and adidas are reducing their production numbers in 2023 and beyond.
As reported by Hypebeast, reports indicate that large footwear manufacturers have notified their manufacturing facilities and reducing their order volumes by 30-40% starting in the Summer 2023 season. Insiders are also stating that this will likely run throughout the latter half of 2023 - meaning releases into 2024 may see a major decline. On top of the aforementioned inventory issues brands have faced in 2022, COVID-19 has once again hit China hard and brands have lost the Russian market due to the country's aggressive campaign against Ukraine.
Gone now are the days of releases selling out instantly, however, with reduced production numbers in the second half of 2023 and beyond could we see the same fervor for sneakers that we witnessed over the last few years? Only time will tell as the economic health of the world should dictate where people shift their funds - and sneakers are a luxury. Keep it locked to our Twitter and the Sole Retriever mobile app to stay updated on the latest releases, raffles, news, and more in the sneaker and streetwear world.