Still Wanna Be Like Mike
The year is 1984.
In the now iconic scene in the Netflix documentary The Last Dance, basketball legend and all-around G.O.A.T Michael Jordan can be seen lacing up his Air Jordan 1s as he prepares to enter the game as a rookie.
This particular red and black colorway of the Nike Air Ship, the prototype for the Jordan I, was famously outlawed by then-NBA Commissioner David Stern (RIP) for having very little white on them. If you believe the scarcity model is the foundation for sneaker collector culture, this was its very first imprint.
The Air Jordan of course went on to make Nike USD$126 million in that first year alone, far outstripping the initial projections of USD$3 million over three years.
My personal theory on its success?
Michael Jordan jumped so high that it gave us a great look at the sneakers, seeing as THEY WERE LITERALLY AT EYE LEVEL when he soared for his dunks.
Jordan himself could not have predicted the high-flying, culture-creating aspect of the debut of his sneakers, and likely even less, the scale of which it would dominate the footwear and fashion industry in the years to come.
Growing up in the ‘80s, Air Jordans were the Holy Grail of shoes, fending off “competition” from Adidas and Puma. Reebok gave it a go with its Reebok Pump, LA Gear had its light-up shoes (those were pretty dope, to be honest) but the AJs had no real competition. They were like that uptown girl you were infatuated with but didn’t quite dare to approach. I mean, those shoes were not cheap!
In fact, the lucky ones (read: kids with wealthy parents) who managed to snag a pair of AJs in that time were probably the first ones in history to observe social distancing, in a bid to preserve their sneakers in pristine condition.
Basically, you didn’t want to end up like Buggin Out in Do The Right Thing.
If you had the shoes, you had the swag. There was a bounce in your stride like you were walking on air. You slapped high five with strangers who marveled at your style. The world was at your feet, feet wrapped in red-white leather with The Swoosh.
You had stepped into someone else’s shoes, and that someone was Michael Jordan.
GEN X – All grown up now
The past decade has seen the rise of street fashion and sneaker culture, and this was a call-to-arms for Gen Xers. They collectively decided that it was not too late to enter this world of cool by putting on a pair of shoes they couldn’t afford as kids.
This phenomenon has been particularly stark among Gen X men. Elisabeth Semmelhack, a senior curator at the Bata Shoe Museum in Toronto pointedly noted that “men’s fashion is being transformed from the feet up.”
That is certainly true, but not quite the full picture. While sneakers are certainly by definition a fashion item, these days they are as much a collector’s item in the same vein as baseball cards and mint condition vinyls.
Nike has, in particular, cleverly captured the imaginations and aspirations of the Gen X market, and launched iterations and colourways of the iconic shoe, from retro OGs to Dior collaborations.
In the hands of resellers, sneakers can command exorbitant prices. Classic Air Jordans can go for up to US$2,000, even in this pandemic-stricken economy. Adidas, along with pop culture kingpin Kanye West, leveraged the supply side of economics by making extremely limited quantities of Yeezys when he launched the line in 2015. To date, these remain some of the most coveted shoes out there.
With this, sneakers have become a viable investment market. StockX, the leading online marketplace for sneaker resales, itself recently hit a US$1 billion valuation. The most profitable sneakers sold on the site in 2019, the Jordan 5 Retro Trophy Room University Red (F&F), went for an average of more than US$5,200—a premium of about 2,490 per cent. The aforementioned Jordan 1 Retro High Dior has been sold at an average of over US$7,000 since its drop in late 2020.
Of course, the eyebrow-raising price indicates a demand that spans far beyond the Gen X demographic. The love for sneakers transcends generations. From Gen X to Millennials and Gen Z, this is the one thing we can all agree on: sneakers are totally dope and on fleek – no cap.
Social Capital
Make no mistake, owning a pair of sought-after sneakers credits you with as much social capital in your adulthood as they did in your childhood. They may not say “fancy” like your pair of leather loafers, but slip on a pair of Common Projects and people are going to notice.
Business Insider’s Avery Harmans put it this way: “The right pair of kicks is a trademark accessory carefully selected to convey a mix of power, nonchalance, creativity, and exclusivity.”
People want to dress in comfort, but at the same time be able to still communicate their sense of style—they too can be a taste-maker. A pair of limited edition sneakers does that job perfectly without looking like you’re trying too hard.
Sneakily Athletic
COVID-19 and the subsequent work-from-home culture has tipped the scales towards casual, athletic fashion even further. Donning “athleisure wear” in a professional context is commonly accepted and—in some companies—preferred.
It’s reasonable to assume consumer preferences and priorities will continue to move towards dressing for comfort, and that isn’t going to change anytime soon. With apologies to Barney Stinsen, it looks like nobody is going to “suit up!” with that much enthusiasm any more.
As a certified fashion idiot, I’m all for it. I get to dress comfortably, bounce around in my AJs and this is acceptable professional attire? Awesome.
Now excuse myself while I go run my random number generator to decide which of my 27 pairs of sneakers to wear to work tomorrow. It’s probably going to be the Air Jordan 1 Mid “Smoke Grey” I bought a month back—that pair’s an absolute a slam dunk.
