The Price Of Basketball Shoes - 1487 Words

There are plenty of trends that go on in our modern day era. One of the most expensive ones would be the increasing price in basketball shoes. The increasing price is due to many people being brand washed, meaning that the consumer buys the product from a brand, just because of the name and the status of it. Also an increase in labor costs in China all are factors that increase the price of basketball shoes in China. Because of the increase in material cost, it increases the general release cost for a sneaker. The effect of constantly increasing shoe prices on the consumer market, is that brands will start releasing sneakers with storylines / special editions, and will charge at least a two hundred dollar price tag for coveted sneakers.†¦show more content†¦Though the price tags on these basketball shoes can be seen as ridiculous, these companies are still making a huge sales off these shoes, largely because our society brand washed most of these brands customers to pay th at much for shoes. According to www.statista.com, Nike’s revenue worldwide is $30,601 Million, their net income worldwide is $3,273 million and there number of retail stores worldwide is 931. Also according to www.statista.com , Adidas net sales worldwide is 14,535 million Euros, their net profit was 524 million Euros and their number of stores worldwide is 1,746. Even with these hefty prices, at which companies are selling their products, they are still making huge profits globally and will continue to make big profits, due purely to the name of their brand, despite the prices. The increases in these companies prices, it has increased the price of other companies basketball shoes such as, Under Armor and Peak. Also it has sunk cheaper shoe companies like And-1 and Reebok. Also to include more foreign basketball shoe companies, for example China’s Li-Ning made 1.11 billion in revenue and a Net income of 318.8 million, also China’s Peak brand brought in over 530 million in revenue and can be seen on NBA players feet all over the league. These prices are not only burning holes in people s pockets but they are also sending the young crowds crazy, to the point where it is leading to violence. 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