Sneakers are no longer only styling items; they have become valuable assets like gold or coveted luxury products. Air Jordans are a great example! Air Jordans are the king of the world of sneakers, where a pair can command prices that are jaw-dropping.
From basketball courts to fashion runways, Air Jordans are simply ruling millions of hearts and representing style and true athleticism. However, do you know why are Air Jordans so expensive? From limited supply to the incredible branding power of Michael Jordan himself, there are a plethora of reasons that are directly contributing to the price tag of these iconic sneakers introduced by Nike.
A Glimpse of Air Jordan’s Market Value
Imagine that someone would like to pay somewhere between $2 and $4 million for a used pair of sneakers! This has happened at Sotheby’s auctions of a pair of Air Jordan 13s. Actually, this pair of Jordans holds a special place in history.
Michael Jordan wore this pair of shoes during the second game of the 1998 NBA Finals. This season, “the last dance,” marked the end of an era for the Chicago Bulls. Apart from this, there is another thing that makes this pair more valuable. It’s the only MeiGray photo-matched pair from the NBA finals to ever be on auction.
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Why Are Air Jordans So Expensive?
You are not alone in wanting to know the reasons behind the high price tag of Nike’s Air Jordans. And that’s why we thought to gather all the reasons here. So, let’s explore why are Air Jordans so expensive.
- History
Any expensive product with never-ending demand is connected to some sort of story. No one will pay for an overpriced shoe if it doesn’t have a story to cherish. When Micahel Jordan started to play in the NBA, Nike first signed him in a pricey partnership deal. In the first pair, they changed the upper appearance of the sneakers and turned them black instead of white.
However, this style wasn’t approved by the NBA. Later, Michael Jordan wore the sneakers anyway; they got an ample amount of attention, and the shoes became symbols of rebellion. It created new market opportunities for Nike, and the increasing demand for these sneakers changed the industry at its core.
- Michael Jordan
Perhaps the major reason why Jordans are so expensive is because of who they are named after. We all know Nike has spent lots of money acquiring Michael Jordan for its brand. And without any doubt, the decision was very successful. Michael Jordan is a famous celebrity and successful basketball player, and Nike spends hugely to keep him as their spokesperson.
People trust or desire a brand’s products when their favorite celebrity is associated with them. And it also applies to Nike’s Air Jordans. Apart from this, Michael Jordan has made a lot of contributions to the design and appearance, and the celebrity touch makes these sneakers immediately gold. Many are gaga over the shoes that Jordan personally endorses and believe a pair can improve their game.
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- Next-Gen Air Max Technology
The use of next-gen Air Max technology is another reason why Air Jordans are so expensive. In order to ensure the uniqueness and high quality of sneakers, Nike acquired Tinker Hatfield, famous for his Air Max technology. The Air Max took the Air Jordan brand to a whole new level and left everyone amazed.
The Air Max technology introduced special cushioning to the shoe to ensure better support for the foot on rough landings. It was sturdy enough to maintain its shape and soft enough to provide the required comfort. Most importantly, Michael Jordan liked it very much. Later, Nike introduced Air Max technology in the Air Jordan 3 Series, and it became an instant hit.
- Marketing & Promotion
Every company has a certain budget for its marketing, and that often affects the price of the products or services. We have seen Nike run plenty of marketing campaigns on a high budget. Hiring Michael Jordan was one of their successful marketing decisions.
Not only Michael Jordan, but Nike has included many celebrities in its marketing campaigns. Even Michael Jordan and Spike Lee teamed up for one of Nike’s marketing campaigns. However, nowadays, Nike doesn’t need to promote its Air Jordans, and it puts more effort into the reveals. The heavy price of the reveals definitely contributes to its overall price factor.
- Status Symbol
The reputation as well as the “cool factor” have made these sneakers a status symbol. Wearing a pair of Air Jordans not only offers legitimacy on the court but also represents expertise and “fan status” in basketball. Many also accept it as a way to prove they are the biggest Michael Jordan fans. Regardless of the reasons behind the high price tag, Air Jordans are a true status symbol.
- Materials
Manufacturing Air Jordans requires more materials than any average sneaker. Generally, Jordans are bigger, offer enhanced support, and are equipped with more cushioning compared to other sneakers available on the market. Nike uses high-quality materials for Jordan manufacturing, so the sneakers can withstand the abuse of the basketball court. Michael Jordan has proven it to be true during his games.
- Resale Value
Did you know Air Jordans also come with a great resale value? Even sometimes, the resale value may surpass the original retail price! Without any doubt, these iconic sneakers have become a hot commodity in the secondary market.
And the price is soaring due to limited availability and great cultural significance. The condition of the sneakers, authenticity, and rarity of some models play a crucial role in determining the resale value.
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Conclusion
So, we can see that the economics behind Air Jordan’s high price tag are a fascinating combination of supply and demand dynamics, quality, glorious history, marketing, and the brand value of Michael Jordan. The ever-increasing demand from enthusiasts and collectors contributes to its high price tag.
The association with Michael Jordan and Nike’s reputation also increases these sneakers’ allure and perceived value. No matter how high the price is, consumers are willing to pay a high price for Air Jordans and ensure an iconic symbol of style and status for themselves.
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