Shoppers Abandon Fast Fashion for Luxury Resale
August 14 2019 - 9:00AM
The RealReal (Nasdaq: REAL)--the world’s largest online marketplace
for authenticated, consigned luxury goods--today released its
annual Resale Report. Based on sales and demand data from millions
of shoppers and millions of items sold, the report offers a
definitive look at the shopping shifts and rising trends in luxury
resale.
Nearly all of The RealReal’s customers also regularly shop
department stores, but as they grow increasingly motivated by
sustainability, shoppers are turning to luxury resale as a
replacement for fast fashion. More than 80 percent of The
RealReal’s customers cite sustainability as an important reason for
shopping the site, and 32 percent of customers have left fast
fashion behind in favor of shopping luxury resale.
Gucci and Louis Vuitton remain the most in-demand brands within
luxury resale, and have expanded their lead more than 225% over No.
3 brand Chanel. Gucci’s dominance shows no signs of slowing --
demand for the brand is up 78% and it’s No. 1 with both women and
men.
“Gucci and Louis Vuitton have been at the forefront of embracing
culture changes and adapting to the shifting demographic of luxury
buyers,” said Rati Levesque, COO and head of merchandising for The
RealReal. “We’re seeing that pay off with increasingly strong
demand for both brands in luxury resale that has distanced them
significantly from the other top brands.”
Gucci also leads the charge at blurring the lines between luxury
and streetwear. Shoppers purchasing both streetwear and luxury
brands is up 56%, and streetwear buyers are most likely to buy
Gucci out of all luxury brands. Overall, streetwear is surging, up
281%, driven largely by millennials, Gen X and women.
For further insights into the state of luxury resale, view The
RealReal’s Luxury Resale Report and its RealStyle blog post.
About The RealReal Inc.The RealReal is the
world’s largest online marketplace for authenticated, consigned
luxury goods. With an expert behind every item, we provide a safe
and reliable platform for consumers to buy and sell their luxury
items. We have 100+ in-house gemologists, horologists and brand
authenticators who inspect thousands of items available online each
day. As a sustainable company, we give new life to pieces by brands
from Gucci to Cartier, and hundreds more, supporting the circular
economy. We make consigning effortless with free in-home pickup,
drop-off service and direct shipping for both individual consignors
and estates. At our stores in Los Angeles as well as SoHo and the
Upper East Side NYC, customers can shop and consign and meet with
our experts to learn more about luxury authenticity and
sustainability. At our 11 Luxury Consignment Offices, three of
which are located in our retail stores, our expert staff provides
free valuations for high-value pieces.
Press Contact:Erin Santypr@therealreal.com
RealReal (NASDAQ:REAL)
Historical Stock Chart
From Jun 2024 to Jul 2024
RealReal (NASDAQ:REAL)
Historical Stock Chart
From Jul 2023 to Jul 2024