Consumers take the lead, redefine trends and invest in lasting value
SAN FRANCISCO, Aug. 21, 2024 (GLOBE NEWSWIRE) — The RealReal, the world’s largest online marketplace for authenticated luxury resale, today released its seventh annual Luxury Resale Report 2024. The comprehensive report examines the state of luxury resale using 13 years of data, providing in-depth analysis of the shopping and consignment behavior of The RealReal’s more than 37 million members, and highlighting the key trends shaping demand and resale value for luxury’s most popular brands and items.
Investment pieces like pricey fine jewelry and timeless handbags dominated, along with TikTok-ignited trends and the return of nostalgic TV shows that have had a cultural impact.
“Fashion is undergoing a dramatic shift. Trends no longer come from above (the runways) but now emerge from below through TikTok, TV shows, everyday street style and more,” says Rati Sahih Levesque, president and COO of The RealReal. “This unprecedented clash of fashion and culture has empowered consumers to shape trends themselves, driving demand for unique, high-value items that reflect their personal style. Especially during times of economic uncertainty, consumers are looking to invest more in quality…It’s no longer a matter of what’s new next, it’s what’s made to last. More than ever, shoppers are curating their wardrobes with an emphasis on uniqueness and lasting value.”
Key themes highlighted in this year’s report include:
The top 10 most searched brands have something in common – universality
Bags that men love to carry (searches for men’s bags were up 900% year-over-year) and styles that appeal to both Gen Z and Baby Boomers are key contributors to the top 10. Prada was Gen Z’s most searched-for brand, taking the number three spot on the list. Chanel and Gucci handbags were the first and second most searched-for items, with the brands taking the number two and number four spots on the list.
Buyers spent big (and big) on fine jewelry
Fine jewelry saw the greatest growth of any category. In a shaky economy, consumers gravitated toward these pieces that offered a guaranteed return on investment and staying power. Sales of jewelry over $5,000 from Van Cleef & Arpels, Tiffany & Co. and Cartier increased 22% year over year.
And I looked for a more affordable handbag.
Handbags priced between $1,000 and $3,000 saw the largest increase in purchases, up 13% year-over-year. Buyers are focused on good investments, with the average resale price for The Row Margaux up 44% year-over-year and the average sale price for Loewe Puzzle at an all-time high (up 40% since 2020).
Vintage goes mainstream
Once niche brands, known only to a select few, like Issey Miyake (searches +100% YoY) and Vivienne Westwood (sales +35% YoY) have now gone mainstream. A new generation of aspiring early adopters has also emerged, with Claude Montana, Courrèges, and Roméo Gigli all seeing a combined sales increase of 59% YoY. Nostalgic TV shows have driven strong demand among Gen Z, with Carrie Bradshaw and Carmela Soprano becoming muses.
The Street has become the C-Suite
Sales of classic streetwear brands and pieces (Supreme, Off-White, Nike Jordans) were down 25-35% year-over-year, while suits were up 25%. Vintage sales from brands known for business attire skyrocketed year-over-year, with Donna Karan up 216%, Gianfranco Ferré up 270%, and St. John up 163%.
Predictions for “Wives of the Yakuza” in 2025…
Combining bohemian and utilitarian styles, “New Americana” is likely to dominate the culture, with searches for vintage Diesel up 917% year-on-year, Levi’s up 69%, Chloe culottes up 113%, Doon dresses up 50% and fringe leather up 68%.
Meeting customer needs… debuting a new condition category
73% of TRR shoppers say “value” is their top reason for shopping on the site, and our newest, most accessible and popular condition category, “As Is,” keeps more luxury items out of landfills and gives shoppers something they can make completely their own.
To view The RealReal’s full 2024 Luxury Resale Report, visit TheRealReal.com.
Click here to download images from the report, provided by The RealReal.
About The RealReal Inc.
The RealReal is the world’s largest online marketplace for authenticated luxury resale with over 37 million members. With a rigorous authentication process overseen by experts, The RealReal provides a safe and reliable platform for consumers to buy and sell luxury goods. We have hundreds of in-house gemologists, watch appraisers, and brand appraisers who inspect thousands of items every day. As a sustainable company, we support the circular economy by breathing new life into products from thousands of brands across numerous categories, including women’s and men’s fashion, fine jewelry and watches, art and home. We make selling a breeze with free virtual appointments, in-home pickups, drop-offs, and direct shipping. We do all the work on your behalf: authenticating items, using AI and machine learning to determine the best price, photographing and listing items, and handling shipping and customer service.
Media Contacts:
Mallory Johnston
Public Relations Manager
mallory.johnston@therealreal.com
