The RealReal’s Luxury Consignment Report 2022 has been released. It reveals a variety of new trends and behaviours in the resale market.
This report uses data from 24 million platform members to show evidence of increasing resale potential. As more consumers become conscious consumers, the report shows that there are growing resale possibilities.
The study found that 40% of shoppers were switching to resale from fast fashion, and 43% prefer resale as it is more sustainable. It was also discovered that the sale of discontinued styles attracted 50% more buyers than regular resale products.
Gucci was the platform’s most loved brand, followed closely by Prada, Louis Vuitton and Prada. Dresses were the most desired product category, sold by first-time consignors, and purchased by first-time customers.
“Resale has undoubtedly gone mainstream …”
The report found clear links between different generations. Gen X was the most influential generation driving resale. This generation covers 1965-1980 and was responsible for selling vintage pieces to Millennials as well as Gen Z buyers who were just discovering them. The 90’s designs had a significant impact with Vivienne Westwood brastiers and Prada vintage coats experiencing price increases of more than 25%. Attempts to appeal to younger customers have not succeeded in driving Gen X from the top spot in resale.
Rati Sahi, Rati Levesque’s rresident at The RealReal said in a news release that “Resale has undeniably become mainstream” and that the luxury sector has one distinctive distinction that sets it apart. “From Gen Z to Silent Generation, all demographics increased their adoption of secondhand luxury in 2021. Nearly every brand saw a rise in resale values as a result.”
The highest resale values were seen in high-value sneakers, with New Balance and Nike making significant moves in the market. The resale value for New Balance collaborations was 387 percent. However, the average sale price for Nike sneakers increased 32 percent annually – twice as much as other brands. Rolex and Bottega Veneta were the next in terms of resale values gains.