Younger generations are welcoming the renaissance of luxury thrift shopping and reselling.
Millennials and Gen Z are leading the “shopping to sell” trend in the luxury market, according to a report by The RealReal Inc.
The luxury resale company focuses on contributing to a more sustainable future for fashion. Currently, many of their most active users are in their 20s.
An article from Bloomberg stated that “Consumers 25-years-old-and-younger see resale shopping as something of a sport, buying used luxury goods with the goal of selling them later at higher prices.”
Some resellers such as Nica Yusay of ShopFashioNica and Emily Dao prefer other platforms such as Instagram and Tiktok. Recently featured on Fortune, Yusay said that she’s been thrifting since she was 14, even before Gen Z turned it into a trend.
In her early 20s, she began purchasing second-hand designer bags with her corporate salary. However, she only started reselling them at the beginning of the pandemic.
Eventually, what was once a hobby turned into a lucrative business. The following year, Yusay was able to quit her job to turn her side hustle into a full-time business.
Similarly, luxury enthusiast and reseller Emily Dao bought her first designer handbag when she got her first job. Usually buying two bags a year, she does plenty of research on each piece’s resale value before making a purchase.
Preferring Instagram as her selling platform, Dao said “It’s really cool to know my bag is going to someone who has seen it from the moment I’ve unboxed it and styled it a few times.”
As more women are prioritizing their careers and earning high salaries, sales of luxury handbags are still on the rise. In the midst of this, the younger generations—especially Gen Z—are set to become the biggest buyers by 2030.
Banner image by Karolina Grabowska via Pexels.