The RealReal 2022 Luxury Resale Report Reveals Emotional and Environmental Adoption of Resale
August 24 2022 - 9:00AM
The RealReal (Nasdaq: REAL) — the world’s largest online
marketplace for authenticated, resale luxury goods — today released
its 2022 Luxury Resale Report. The annual report is powered by data
derived from The RealReal’s more than 28 million members and more
than 26 million items sold to date. This year, The RealReal not
only charts the shifts in customer behavior and spending habits,
but reveals the emotional and environmental impact of resale,
especially during the current economic uncertainty.
“In a world that’s
currently filled with the unknown and the unexpected, consumers are
finding escapism with the reliability and discoverability of the
secondhand market,” explains Rati Sahi Levesque, Co-Interim Chief
Executive Officer, President, and Chief Operating Officer of The
RealReal. “Between primary market supply constraints, inflation
woes, and the acceleration of the climate crisis, shoppers and
consignors alike are seeing the economic, environmental, and
emotional value of resale. Through resale, consumers are becoming
increasingly savvy, they're exploring new areas of investments, and
they’re engaging with circularity more than ever before.”
Consumer behavior has
always been evolving but, in the past year specifically, the way
customers shop and engage with resale has shifted significantly.
They are increasingly mindful of how and where they spend their
time, money and energy, they’re drawn to the thrill of the hunt,
enjoying endless scrolling and filtering options, and they’re
pushing stylistic boundaries and experimenting with
self-expression.
Top Themes Explored
inThe RealReal’s 2022 Luxury Resale Report:
Awareness of
Resale Is Up:
- 27% more people are familiar with
resale than last year
- TRR member base grew by 23% in the
first half of the year, adding 5.3 million new shoppers since
2021
- Customers are buying more; 44% more
items were purchased at TRR over the past year
Engagement
with Resale Deepens:
- Gamification drives shoppers to use
TRR’s smart features more; ‘obsessions’ being used 40% more
YoY
- Gen Z visits TRR 35% more than they
did last year; the greatest growth of any demo
- Reconsignment is up more than 3X
since 2018; more than 2X as many items originally purchased on TRR
were re-sold on TRR since the start of the pandemic
Every Demo
Continues to Buy and Sell:
- Millennials are the largest resale
generation, representing the largest volume of buyers and sellers
on TRR
- Gen X is most committed to
circularity, selling the most items of any demo; consigning 25%
more YoY
- While Gen Z is spending 186% more
on pendants, millennials are spending 107% more on unbranded
engagement rings
Shoppers are
Exploring Additional Areas of Investments:
- Sales growth for collectibles is up
78% in the first half of 2022
- Demand for collectible, vintage
clothing up 439%, outpacing every other vintage category
- Men’s demand for unbranded
necklaces is up 33%; outpacing women’s at +29%
Reemerging
Styles Rise to the Top
- Balenciaga experienced the greatest
demand growth (up 41% YoY) of any top ten brand; Gen Z being the
primary drivers
- Dior landed in the top 10 for the
first time since 2019; Gen X and Boomers are responsible for
driving demand up 31% YoY
- Vintage Icon Gucci Blondie deemed
“It Bag” of 2022; demand up 126% YoY
To view the full
breakdown of The RealReal’s 2022 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
28 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 19 retail
locations, including our 16 shoppable stores, customers can sell,
meet with our experts and receive free valuations.
Press Contact:Laura Hogyapr@therealreal.com
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