Econ 101 Term Paper (Supply And Demand) Macewan University/ Economics 101 Essay

976 words - 4 pages

Stock Market
In the current sneaker world, there are many of us, who are sneakerheads. We are the ones who spend a lot of money on sneakers, understand the culture behind the shoe, and collecting. For this term paper, I have decided to write about the current struggles of sneaker buying and selling within the sneaker culture. Back when Michael Jordan started playing basketball, Jordan and Nike would create the best shoe selling brand to date: Air Jordan’s. It was well sought after by many individuals who loves the NBA, and Michael Jordan himself. When the first Jordan shoe to announce (Jordan 1 Black/Red) there were many individuals who would camp outside of shoe stores and spend hours waiting for the release. As more and more Jordan shoes came out, the more popular the sneaker culture became, and it was all about who had the best sneaker or collection.
It has been known throughout media that there have been stabbings and riots occurring during sneaker releases due to the limited amount of stock. Because stocks were limited, people were willing to pay a hefty price for that pair of shoes. If you were lucky enough to buy the sneaker for retail, you were able to flip it and made double or possibly however much you want. You, the resellers, were the price setters. You were able to make up any price you want for these sneakers, as long as someone is willing to pay that price. We, as consumers, had to either pay that price, or just not have that shoe at all. It was all a marketing game, and it has been growing and growing since. Nike and many other popular shoe companies would try to eliminate the whole process of reselling. They wanted to eliminate other oligopolies from making this kind of money. What Nike did with Jordan Brand was increase their prices for shoes by 10-15% (and eventually 25%). Now if you go into a store, or see a shoe release, you’re paying a lot more for a pair of shoes. Nike saw this as an opportunity to make even more money and possibly eliminate oligopolies. The changes that were made by Nike shifted the Supply and Demand Curve for resellers. Supplies were high (inventory) and the demand was low. Now resellers have excess inventory that they can’t sell due to price changes, having the resellers the need to increase their price as well. However, this didn’t stop resellers from buying and flipping for more, as the market became very elastic. Small resellers thought the best opportunity is to make as much money as you can, and think of it as a benefit. They were able to buy limited shoes for retail (e.g. $250) and the current price setting value of reselling is $600, small resellers would take less such as: $450-500 and walk away thinking it as a benefit. This...

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