Luxury Is Moving From One Generation To The Next More Than Ever. Every demographic increasingly adopted consigning this year.
A Luxury Consignment Report from The RealReal (TRR) — the world’s largest online marketplace for authenticated, resale luxury goods — crunches data from the company’s 24 million members who have traded more 22 million items and reveals trends across brands across all sectors (apparel, jewelry, accessories, watches, etc), and assesses how people from different ages and backgrounds behave.
As shoppers become more conscious consumers, they are turning to resale to shop their values. Broadly speaking they are buying fewer items overall but investing in the best possible brands.
Interestingly, that trend is not confined to younger people. All age groups have discovered resale and the secondary market.
Here are FIVE reasons that the luxury resale market is booming, according to the report:
- 40% of TRR shoppers report that they are replacing fast fashion with resale and 43% shop resale because it’s more sustainable.
- Primary market supply constraints for the likes of luxury watches are driving shoppers to explore the secondary market, with sold-out styles attracting 50% more new buyers than standard resale items.
- “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, President of The RealReal.
- “From Gen Z to the Silent Generation, every demo increased its adoption of secondhand luxury in 2021, and nearly every brand saw rising resale value as a result.”
The secondhand market is expected to double to $77B in the next five years.
Imagine if that were spent locally.
That’s the idea behind our newest online resource: www.shopsmallsustainable.com. Check it out and add your store’s listing today!
Read the full TRR report here: https://www.therealreal.com/trr/luxury-consignment-report-2022
