The market for sneaker reselling isn't just booming in the United States, the mass appeal has also hit the overseas market—specifically in China.
According to the Inquirer, the market is producing fast growth in Chinese sneaker-trading platforms like Poizon, whose annual volume is around 15 billion yuan, which converts to over $2.1 billion. According to Chinese tech consultancy iiMedia Research, that's more than triple the volume of StockX. Poizon has also netted hundreds of millions of dollars in investment from foreign and domestic venture capital since its launch this year.
The aforementioned data-mining company also reports that China’s secondary market for footwear has passed the $1 billion mark this year and is among the fastest-growing components to the estimated $6-billion global market led by the U.S. Domestic platforms including GOAT have already begun to take notice of the thriving resell market in China with the launch of its localized app as well as a WeChat Mini Program that made its debut in July.