money StockX sees surge in sales of high-end face masks
During the COVID-19 pandemic, online marketplace, StockX has seen a surge of activity. Though footwear is the company’s most famed seller, the “Stock Market of Things” has seen a rise in demand for designer face masks.
According to StockX, resale prices peaked in April. Between February and April, average prices nearly doubled. In February, the average mask was selling for $90, but by April, the average price was $160.
Jesse Einhorn, StockX senior economist, tells Yahoo Finance that Virgil Abloh’s Off-White and BAPE are the two biggest mask brands on StockX. Off-White saw the largest spike in sales volume, while BAPE masks saw the largest spike in resale price.
“Following the mid-March lockdowns, mask GMV (gross merchandise volume) grew by roughly 300%, while sales grew by roughly 200%. GMV growth exceeded sales growth because most masks on our platform increased in price during this time period,” Einhorn said.
Einhorn also points out that more than 90% of all face masks on StockX increased in resale price after lockdowns and more than 80% of increased sales volume. The OFF-WHITE Diag Face Mask (SS19) Black/White is one of the hottest selling masks on the site and sold for as high as $180 on the platform.
As April turned to June, mask prices have declined on StockX; however, Einhorn tells Yahoo Finance that it is part of the dynamics of supply and demand.
“In March, when demand for face masks exploded, the supply of face masks from brands like Off-White and BAPE was extremely limited. If you wanted to wear a face mask from one of your favorite brands, there was only a limited supply available on the secondary market,” he said.
“Consequently, prices went through the roof. However, in May, many of the top brands began to produce and release new styles. Starting in March, Off-White, BAPE, and Takashi Murakami all dropped new products. This increased supply put downward pressure on resale prices,” he said.
Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.
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