The RealReal 2023 Luxury Resale Report Finds Consumers Shopping Smarter
August 22 2023 - 9:00AM
The RealReal – the world’s largest online marketplace for
authenticated, resale luxury goods — today released its sixth
annual 2023 Luxury Resale Report. The annual report charts the
state of luxury resale, breaks down the shopping and consignment
behaviors of The RealReal’s more than 33.6 million members, and
highlights fashion trends that have impacted the demand and resale
value of luxury’s most coveted brands and goods. This year, the
report found that consumers continue to double down on luxury
purchases, despite recession woes.
Over the past 18
months, The RealReal has seen a significant shift in the way
consumers engage with resale. Customers are increasingly savvier,
they’re discovering brands and styles they otherwise wouldn’t have
purchased, and they’re not afraid to push stylistic boundaries;
redefining luxury.
“As we reported
earlier in the year in our January 2023 luxury consignment report,
value is driving the adoption and evolution of resale. Value can
mean different things to different people, whether they find value
in what the item costs, what it reminds them of or what the item
evokes emotionally,” explains Rati Sahi Levesque, The RealReal’s
President and Chief Operating Officer. “Our customers are still
buying investment pieces despite recession fears, they’re fine
tuning their personal style by incorporating items from different
eras and aesthetics, they’re shopping for fair condition pieces to
acquire the most sought after styles, and they’re seeking comfort
in knowing that if they buy well, they will likely get a great
return on their investment. We’re witnessing a shift in mindset and
shopping habits, and we’re pleased to be at the forefront.”
“Historically, fashion
has been about a desire to look a certain way: polished, pristine,
and remaining on trend. But, with the recent rise in fair
condition, shoppers have embraced imperfection. They’re willing to
buy older, worn items that are made well and still remain
beautiful, and they wear them with pride,” says Samantha
McCandless, The RealReal’s Chief Merchandising Officer. “Within
certain fashion circles, the worn look has become a badge of honor.
We’ve seen so much growth and demand in fair condition that we’ve
decided to expand the condition into other categories like ready to
wear. We’re thrilled to be able to address this demand in our
marketplace.”
The RealReal’s 2023
Luxury Resale Report is powered by more than 12 years of data, and
specifically looks at industry and TRR marketplace trends. Key
themes explored in this year’s report include:
- Every Demo Increased
Investment Shopping Despite Macroeconomic Climate
Instability
- Average order values are up for
every generation, including baby boomers (+14% YoY) and Gen Z (+18%
YoY)
- Circular Behavior Continues
to Deepen
- Customers who shop on TRR are
recognising more than last year (+24% YoY)
- Chanel + Gucci Most Sought
After Brands
- Generational data reveals Gucci is
the #1 brand across all demos; Chanel Classic Flap is the most
searched style across several key markets in the U.S.
- Quiet Luxury Shakes Up
TRR’s Top 10 list
- Bottega Veneta and Celine, both
known for their quiet luxury aesthetic, broke into TRR’s top 10
most in demand brands list, securing the ninth and tenth spots
respectively
- Fair Condition Becomes
Badge of Honor
- Demand for bags in fair condition
is up 130% this year; the category itself is up 265%
- Everybody Wants to Look
Rich
- Data revealed there are three types
of ‘wealth’ personas: old money, unapologetic affluence, and quiet
luxury (stealth wealth); all of which are driven by Gen Z
To view The RealReal’s full 2023 Luxury Resale
Report, visit TheRealReal.com.
About The RealReal Inc.
The RealReal is the world’s largest online
marketplace for authenticated, resale luxury goods, with more than
33 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.
Press Contact: Laura Hogya Head of
Communications PR@therealreal.com
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