Boutique owner dishes on premium priced shoesPosted: Updated:
Jay Wong has been in the sneaker game for over 10 years. As the owner of Jwongboutique in Manhattan, he's seen how much people are willing to pay for sneakers. The more limited and exclusive they are, the more people want to get their hands on them.
That means business is booming for sellers like Wong. As long as the sneakers are authentic, he says people are willing to spend just about anything to rock a pair.
MORE: Boutique owner’s passion caters to serious sneaker fanatics
A fresh pair of sneakers can cost anywhere from $150 to $2,000 or more, and Wong says people are happy to pay thousands of dollars for shoes -- even if they’re used. So what makes someone pay up for that premium pair? Wong says it’s an obsession for some, but it can also be a smart investment. He says a smart investor can flip the sneakers for double the price or more.
Wong says he once had a pair of Gold Yeezys from Kanye West’s collection going for $3,000. He says it’s all about current trends in music and fashion, and having people compete to purchase a limited pair is what makes the prices skyrocket.