Meet the cool kids who are shaping Singapore's sneaker culture. In the second of a three-part series, CEO of Novelship Richard Xia discusses Singapore's thriving sneaker market, and the rising influence of a new generation of consumers
Singapore is situated uniquely in the larger Southeast Asian sneaker market, notes Novelship co-founder and CEO Richard Xia. “What sets us apart is affluence. There are generally more buyers here who can afford resale sneaker prices, whereas those in the other Southeast Asian markets tend to focus on getting their sneakers at retail price since they can’t necessarily afford to pay twice or three times the price for resale kicks.”
This in turn leads to greater exposure to sneaker culture, as enthusiasts have the means to purchase and engage with it. As testament to Singapore being a hotbed for streetwear and sneaker culture today, the city-state was also set to host the world’s largest sneaker event in 2020, but it was cancelled due to the pandemic and lockdown restrictions.
Today, e-commerce platforms such as Novelship play a big part in democratising the local sneaker landscape. The online sneaker marketplace allows for both buyers and sellers to acquire and sell exclusive and limited‑edition streetwear products, while providing a physical authentication service that guarantees all products are authentic and ready to be shipped out.
Xia explains, “The rise of platforms like ours has definitely introduced a new generation of consumers, mainly Gen Z, to the culture of reselling and profitability.” The way he sees it, sneaker culture can broadly be divided into two camps: mainly resellers and collectors. Resellers are more inclined to look at these limited-edition pieces as an “alternative” asset class as compared to traditional securities as they are hoping to make a profitable return. There isn't a specific timeline tagged to them either, as some silhouettes appreciate quicker than others.
However, this isn’t to say that resellers are any less interested in sneaker culture, “as quite a few of them use reselling as a way to fund their collecting habits”.
(Related: Why Sneaker Collecting is No Longer Just A Niche Hobby But A Form of Investment)