The luxury second-hand retail platform, The RealReal, has recently released its 2023 report on the consumption habits of its 30 million members. This report provides insights into the latest buying trends observed on the platform over the past six months. With a potential recession, climate crisis, and global unrest influencing consumer decisions, the value of resale and personal values are driving purchasing choices. The report reveals that 66% of consumers primarily buy resale items to get a good deal. Additionally, members are seen engaging in different behaviors, such as trading in ultra-luxury bags for more affordable options or purchasing sustainable products.
While the prices of premium bags have significantly increased over the past three years, reaching an average of 70% of the retail price, there is a recent stabilization in their value. In the last six months, prices have actually decreased by 5%. The RealReal notes that consumers are moving away from classic pieces, such as those from Louis Vuitton, Gucci, Hermès, and Chanel, and are instead opting for more affordable styles from brands like Bottega Veneta and Miu Miu.
Another interesting trend is the growing appeal of bags in good condition that show signs of wear. These bags, which are around 33% cheaper than their counterparts in better condition, have attracted new buyers, leading to a nearly doubled demand. Some consumers have even actively sought out more worn-out bags, embracing the “worn-out” trend as a way to appreciate quality items regardless of minor imperfections.
Furthermore, vintage items continue to be highly sought after, as evidenced by the success of platforms like Heristoria. Consumption in the vintage market has witnessed a 50% increase since the beginning of 2022, with millennials and Generation Z being the driving force behind this trend. These generations are embracing a circular approach to fashion, with 52% of Gen Z consigning items throughout the year, particularly in the women’s category.
To delve deeper into the consumption patterns observed within The RealReal, you can access the full report available here: [insert link]. Additionally, for more information on jewelry and popular brands, you can explore the platform directly.
