Comebacks, Culture, and Changes in the Sneaker World
The sneaker world in 2024 has been packed with comebacks, bold strategies, and cultural shifts. Big players like Nike and Adidas worked hard to redefine themselves, while rising stars like New Balance, Asics, and Salomon made waves. Meanwhile, sneaker reselling continued to thrive, evolving alongside changing consumer trends. Let’s dive into everything that shaped the sneaker landscape this year.
Nike: A New Era and a Fresh Strategy
Nike entered 2024 at a crossroads. During the COVID-19 pandemic, the brand’s direct-to-consumer approach through SNKRS, the Nike app, and its stores was highly successful. However, as trends shifted post-pandemic, this strategy began to lose its edge. Fans grew frustrated with the SNKRS app, criticizing its lack of fairness and transparency, while sneaker enthusiasts felt the excitement of new releases was fading.
By late 2023, sales reflected these issues, and Nike’s over-reliance on direct channels strained relationships with key retailers like Foot Locker. Recognizing the need for change, the company marked the end of John Donahoe’s leadership in October 2024, with Elliott Hill stepping in as CEO.
Hill quickly shifted the focus to rebuilding wholesale partnerships, reopening channels with multi-brand retailers. This balanced approach aimed to make Nike’s products more accessible while reigniting enthusiasm among sneakerheads. Hill also doubled down on product innovation, pushing for fresh designs that could captivate fans again.
On the marketing front, Nike reignited its bold spirit with the “Winning Isn’t for Everyone” campaign, led by Chief Marketing Officer Nicole Hubbard Graham. Featuring stars like LeBron James and Giannis Antetokounmpo, the campaign celebrated the grit and determination of athletes, a return to the Nike of old that fans loved. While challenges remain, these changes set the stage for a promising future.
Adidas: A Stunning Turnaround
Adidas faced major challenges after ending its partnership with Kanye West’s Yeezy brand in 2022. Losing a high-revenue segment left a significant gap, but CEO Bjørn Gulden led the brand through a remarkable recovery.
By returning to its roots, Adidas brought back timeless classics like the Samba and Gazelle. It also strengthened its presence in sports, especially basketball. Gulden’s leadership, emphasizing speed and creativity, allowed Adidas to refocus on its strengths and reconnect with its audience. As a result, the brand raised its revenue forecasts multiple times in 2024, demonstrating the success of its strategy.
Collaborations played a significant role in Adidas's resurgence. Partnerships with brands like Sporty & Rich on the SL72 model and Fear of God on the Athletics II Basketball garnered widespread acclaim. The Fear of God Athletics II Basketball, released on December 6, 2024, marked a notable entry into performance basketball footwear compared to the previous drop, blending functionality with Fear of God's distinctive design aesthetic.
These successful collaborations not only expanded Adidas's product offerings but also strengthened its cultural relevance, contributing to the brand's impressive turnaround in 2024.
New Balance, Asics, and Salomon: Rising Stars in the Sneaker World
While Nike and Adidas worked on comebacks, other brands stepped into the spotlight with innovative products and strategic collaborations.
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New Balance: The brand grew its sales by 23% in 2023, reaching $6.5 billion. Collaborations like Joe Freshgoods’ New Balance 990v4 “1998 Intro” and the limited-edition New Balance 1000 “Black Ice” kept it at the center of sneaker culture. These drops blended heritage with fresh storytelling, keeping New Balance relevant and exciting.
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Asics: Known for its performance sneakers, Asics became a favorite among both runners and fashion enthusiasts. Its “dad sneakers” saw a surge in popularity, helping the brand’s stock price quadruple over two years. Collaborations with designers introduced Asics to a new audience, further boosting its appeal.
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Salomon: Once known mainly for outdoor gear, Salomon gained mainstream popularity in 2024. Models like the XT-6 became highly sought after, with sales on the secondary market increasing by 202%. Collaborations with high-fashion labels helped Salomon transition from niche to mainstream, winning over both hikers and sneakerheads.
Sneaker Reselling in 2024: A Dynamic Market
The sneaker reselling market evolved significantly in 2024, driven by shifting consumer preferences and new brand dynamics. StockX, a major player in the reselling space, highlighted key trends shaping the market:
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Emerging Brands: Asics became the fastest-growing searched brand on StockX, with models like the Gel-1130 seeing trades increase by over 1,000% year-over-year. Salomon also saw a 202% rise in secondary market sales, reflecting the growing appeal of performance-oriented sneakers.
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Collaborations: Exclusive releases continued to dominate. The Nike Air Force 1 Low Cactus Plant Flea Market Fuchsia achieved the highest resale premium at 255%, followed by the Jordan 1 Retro Low OG SP Medium Olive at 222%.
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Changing Preferences: While Nike and Jordan remained dominant, their resale market shares dropped by 11% and 12%, respectively. Models like the Nike Dunk saw a 41% decline in trades, showing a shift in consumer tastes.
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Performance Sneakers: Signature basketball sneakers surged in popularity, with Nike’s Kobe Protro line leading the way, followed by Devin Booker’s Book 1 and Kevin Durant’s KD series.
Hip-Hop and Sneakers: Building Worlds, Not Just Products
Hip-hop continued to influence sneaker culture in 2024, with artists like Travis Scott and Tyler, the Creator redefining what collaborations could be. Travis Scott’s “CactusCon” offered fans a full cultural experience, blending exclusive products with storytelling. Tyler’s Golf Wang label also continued to grow, emphasizing thoughtful designs over simple branding.
Major brands like Puma leaned into this trend with deep collaborations. A$AP Rocky and Skepta went beyond traditional endorsements, shaping product designs and marketing strategies that resonated with fans.
Sneaker Trends and the Year Ahead
Performance sneakers remained strong, with running and soccer shoes leading the charge. Athleisure styles grew steadily, while high boots and winter footwear saw spikes during the back-to-school season. Meanwhile, the resale market continued to thrive, driven by collaborations and emerging brands.
As 2024 wraps up, sneaker culture is more diverse and dynamic than ever. From brand comebacks to new industry players and the evolving resale market, this year proved that sneakers are more than just shoes — they’re stories, culture, and self-expression.
Source: StockX, BoF