September 27, 2022

One pair of sneakers sold every 1.5 seconds on eBay

EBay Inc. said Monday that it is expanding its sneaker authentication efforts for all new and preowned pairs priced over $100 starting this month with the most popular styles and including all sneakers in early 2021.

The news comes days after the release of a Cowen report that forecasts the growth of the global resale market for sneakers and streetwear to $30 billion by 2030. Earlier this summer, Cowen estimated that the North American resale market is now at $2 billion.

“Authentication has become an expectation for today’s consumers in categories of high passion and high value,” said Jordan Sweetnam, senior vice president of eBay North America, in a statement.

The company EBAY, -1.52% says it sells a pair of sneakers every 1.5 seconds. In 2019, eBay sold 6 million sneakers in North America.

Demand for sneakers, streetwear and athleisure were soaring before COVID-19. With more consumers working from home and seeking out comfortable clothing, demand for these sorts of items has climbed.

EBay’s “Authenticity Guarantee” already applies to each watch sold in the U.S. priced at more than $2,000.

For sneakers, the seller will ship the purchased item to a third-party facility where it will be inspected. EBay has partnered with Sneaker Con on the facility, and the inspection includes the shoe, the box and the accessories.

Ebay stock has rallied 53.4% for the year to date. The Amplify Online Retail ETF IBUY, -0.43% is up 88.7%. And the benchmark S&P 500 index SPX, -0.59% has gained 9.4% for the period.