More Shoppers and Consignors Motivated by Sustainability, Abandoning Fast Fashion for Resale
SAN FRANCISCO, Jan. 13, 2022 (GLOBE NEWSWIRE) -- The RealReal (Nasdaq: REAL) — the world’s largest online marketplace for authenticated, resale luxury goods — today released its 2022 Luxury Consignment Report. Following a year of growing resale adoption by every generation, the report charts the trends and behaviors driving the greatest resale value gains and losses. The report is powered by data derived from The RealReal’s more than 24 million members and more than 22 million items sold.
As the way people shop changes, The RealReal’s data shows it’s having a direct impact on the resale market. As shoppers become more conscious consumers, they’re turning to resale to shop their values: 40% of TRR shoppers are replacing fast fashion with resale and 43% shop resale because it’s more sustainable. Primary market supply constraints 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.”
Highlights from the year’s top consignment trends include:
- The Items First-Timers Shop & Sell Are Universal
- Gucci is the #1 brand and dresses are the #1 item sold by first-time consignors and bought by first-time shoppers
- Gen X is driving the generational closet swap
- Gen X is selling vintage pieces forward to Millennials and Gen Z shoppers discovering them for the first time
- It’s still your mother’s Tiffany
- While the brand’s average sale price (ASP) rose 23% year-over-year (YoY), its heavy push to appeal to a younger audience hasn’t shifted its No. 1 resale demo away from Gen X
- Vintage and unbranded jewelry sets new value records
- Desire for unique pieces with character is driving vintage jewelry and watch resale value up to 2-3x more than current collections
- Unbranded jewelry continues to rise in demand, with a $350,000 unbranded engagement ring becoming the most expensive item ever sold on TRR
- High-value sneakers see greatest resale value gains
- ASP for high-value Nike sneakers grew +32% YoY, 2X more than any other brand
- New Balance sneaker collabs top the list of what to sell now, with a resale value of up to 387%
To see the full breakdown of current trends in luxury resale, view The RealReal’s 2022 Luxury Consignment Report.
About The RealReal Inc.
The RealReal is the world’s largest online marketplace for authenticated, resale luxury goods, with more than 24 million members. With a rigorous authentication process overseen by experts, The RealReal provides a safe and reliable platform for consumers to buy and sell their luxury items. We have hundreds of in-house gemologists, horologists and brand authenticators who inspect thousands of items each day. As a sustainable company, we give new life to pieces by thousands of brands across numerous categories—including women's and men's fashion, fine jewelry and watches, art and home—in support of the circular economy. We make selling effortless with free virtual appointments, in-home pickup, drop-off and direct shipping. We do all of the work for consignors, including authenticating, using AI and machine learning to determine optimal pricing, photographing and listing their items, as well as handling shipping and customer service. At our 18 retail locations, including our 15 shoppable stores, customers can sell, meet with our experts and receive free valuations.
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