Take a look at the community and market built upon the value of giving new life to pre-loved luxury pieces.
There is no shame in buying second-hand luxury pieces. A community of luxury resellers of designer bags, shoes, clothes, and everything in between has emerged as one of the most prominent groups in the fashion industry. To further understand the luxury resale market, The Real Real, the largest online marketplace for authenticated, resale luxury goods, released a report.
The 2023 Resale Report from The Real Real based its data on the consumer behavior of the reseller’s 33.6 million members. The company analyzes the trends that created an impact on the value of second-hand luxury items. “Value can mean different things to different people, whether they find value in what the item costs, what it reminds them of, or what the item evokes emotionally,” explains Rati Sahi Levesque, The RealReal’s President and Chief Operating Officer.
Breathing New Life
“Historically, fashion has been about a desire to look a certain way: polished, pristine, and remaining on-trend. But, with the recent rise in fair condition, shoppers have embraced imperfection. They’re willing to buy older, worn items that are made well and remain beautiful, and they wear them with pride,” says Samantha McCandless, The RealReal’s Chief Merchandising Officer.
Second-hand resellers create opportunities for customers to find phased-out pieces in retail stores. Another reason shoppers tend to shop secondhand is the prices of some pieces are significantly lower compared to retail. Lastly, customers appreciate the secondhand market because buying a designer piece from the past is like traveling back in time. You are revisiting an era that has passed.
The report also discovered six key themes that define the second-hand designer market.
Every Demographic Increased Investment Shopping
Despite the macroeconomic instability across all generations, people, regardless of age, still invest in designer pieces. Moreover, Boomers and Gen Zs are driving the market up.
The Most Sought-After
One of the most sought-after designer brands is Chanel, a fashion house customers tend to gravitate towards. It was revealed that Chanel’s Classic Flap is one of the most searched items on the website.
Circular Behavior Continues To Thrive
Customers of The Real Real are noticing and recognizing trends more than last year. Customers are now looking for pieces that correspond to their aesthetic—following a certain trend from the past.
Quiet Luxury Enters The Resale Market
The rise of stealth wealth and quiet luxury can also be seen in the designer resale market. Brands that are known for quiet luxury styles, such as Bottega Veneta and Celine, appeared in The Real Real’s Top 10 Most In-demand Brands List.
Battle Scars Are In
Bags that are in fair condition, which means that bag signs like heavy wear such as worn corners, significant scratches, or interior wear, are in demand this year.
Looking Wealthy Is The Goal
Lastly, the data revealed that Gen Z-driven trends, such as quiet luxury, old money, and unapologetic opulence, categorize the wealthy styles many want to go for.
Banner photo by Pegah Sharifi via Pexels.