SAN FRANCISCO, Aug. 26, 2021 (GLOBE NEWSWIRE) — The RealReal (Nasdaq: REAL) —the world’s largest online marketplace for authenticated, resale luxury goods—today released its 2021 Luxury Resale Report. The report charts the current state of luxury resale, including COVID’s lasting impact on how people are buying and selling, based on the behaviors of The RealReal’s 23+ million members and the data behind its 19+ million items sold.
More people bought and sold into the circular economy over the past year than ever before — 29% of buyers made their first ever pre-owned luxury purchase in the past year and 45% of The RealReal’s new consignors in the first quarter of this year had never consigned before. Shoppers are becoming increasingly conscious consumers, with ~40% of The RealReal’s shoppers turning to luxury resale as a replacement for fast fashion and 43% of buyers citing sustainability as a key driver to embrace luxury resale.
“Luxury resale is experiencing record growth, with 6 million new members joining The RealReal since the end of June last year,” said Rati Sahi Levesque, President of The RealReal. “We’re seeing evolving COVID restrictions and reopenings significantly impacting shopping behaviors. Savvy shoppers are latching onto luxury investments, with the most significant growth among millennials and Gen Z — whom our data suggests will be the most conscious shoppers yet. Shoppers are also drawing inspiration from the past, driving demand for heritage streetwear and vintage Japanese menswear.”
Trends that have risen to the top in 2021:
- Gucci is the most bought and sold brand of the year
- Purchases increased +62% and consignments grew +61% year-over-year (YoY)
- Gen X, the original thrifting generation, are Gucci’s No. 1 buyers and consignors
- Telfar is the emerging brand of the year
- Demand skyrocketed +590% YoY, driven by a 9X YoY increase in bag demand
- Unbranded is the high-value “brand” of the year
- Unbranded jewelry ranked No. 2 (second only to Chanel) among most purchased high-value brands
- Gen Z’s love of resale levels up to luxury
- The greatest growth in both buyers and consignors was among Gen Z, up +33% and +86% YoY, respectively
- Vintage handbags are the new smart investment
- Average selling prices (ASP) grew significantly faster for vintage styles than their modern counterparts
- Gucci Jackie led the pack, with vintage ASP up 2.2X more than modern
- Watch collectors are expanding their collections and trading up
- Watch enthusiasts bought 1.4X more watches than they sold, and invested $1,643 more per watches this year
- Streetwear moves beyond the hype
- Mainstays like Yeezy and Supreme fell out of favor as shoppers returned to streetwear’s preppy roots and blended the outdoors into their street style, driving major YoY growth for brands like Casablanca (+358%) and Salomon (+188%)
To see the full breakdown of current trends in luxury resale, view The RealReal’s 2021 Luxury Resale Report.
About The RealReal Inc.
The RealReal is the world’s largest online marketplace for authenticated, resale luxury goods, with more than 23 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 17 retail locations, including our 14 shoppable stores, customers can sell, meet with our experts and receive free valuations.