Resale marketplace The RealReal has released its newest Luxury Consignment Report for 2022, unveiling a number of emerging trends and behaviours among resale customers and the market itself.
The report, which utilises data from the platform’s 24 million members, displays evidence of growing resale opportunities among every generation, as more shoppers transform into conscious consumers. It found that 40 percent of its shoppers were replacing fast fashion with resale, while 43 percent shopped resale because it’s more sustainable. It also found that sold-out styles attracted 50 percent more new buyers than standard resale items.
Gucci came out on top as the platform’s most popular brand, followed by Prada and Louis Vuitton, while dresses were the most sought-after product category sold by first-time consignors and bought by first-time buyers. The report also found explicit links between different generations, with Gen X leading the way as the most prominent generation to be driving resale. The generation, which covers 1965 to 1980, was found to be selling vintage pieces forward to Millennials and Gen Z shoppers who were discovering the items for the first time.
It was 90’s designs that made a particular impact, with the likes of Vivienne Westwood bustiers and vintage Prada coats seeing price increases of over 25 percent. Furthermore, pushes to appeal to younger audiences have not been able to drive Gen X out of the top spot for resale.
“Resale has undeniably gone mainstream, and the luxury sector has one distinction that sets it apart: every demographic actively participates in luxury resale,” said Rati Sahi Levesque, rresident of The RealReal, in the report’s news release. “From Gen Z to the Silent Generation, every demographic increased its adoption of secondhand luxury in 2021, and nearly every brand saw rising resale value as a result.”
“High-value” sneakers saw the greatest resale value gains, with the likes of Nike and New Balance making considerable moves in the marketplace. New Balance collaborations held a resale value of 387 percent, while the average sale price of Nike sneakers grew 32 percent year on year – two times more than other brands. The activewear brand was followed by Rolex and Bottega Veneta in resale value gains.
The RealReal store in Chicago
More from ANALYSIS
LOUIS VUITTON secures $586 million damages in battle over counterfeits
Louis Vuitton has secured record damages award in its ongoing battle against counterfeits. In an order last week, a U.S. …
Why luxury brands should be more worried about influencers (ANALYSIS)
Luxury brands from the most diverse luxury sectors have been recognising the growing importance of social media but, post pandemic, …
HILTON’s undeniable five-star opportunity !
Hilton Inc. has been actively looking at redesigning its 106-year-old Hilton flagship brand. The company is trying out its new ideas at …
