The RealReal Releases Luxury Shopper Insights Study
September 14 2021 - 9:00AM
The RealReal (Nasdaq: REAL)—the world’s largest online marketplace
for authenticated, resale luxury goods—today released findings from
its latest Luxury Shopper Insights Study. Based on national
research led by Lisa W. Miller & Associates Research, the 2021
study uncovers and identifies key behavioral shifts among luxury
shoppers and their impact on retail and resale.
“As the luxury resale market continues to
evolve, its growth is significantly outpacing the primary market,”
said The RealReal Chief Marketing Officer Orr Shakked. “There is a
distinct divide in resale, with just five marketplaces, including
The RealReal, having meaningful aided awareness. In fact, The
RealReal has seen a 14 point awareness increase since 2019, a more
than 50 percent greater increase than any of the other 24 resale
brands researched.”
Luxury buying patterns have changed
dramatically
- Outlets and department stores saw
the greatest declines in luxury purchases, down -10 pts and -7 pts
since 2019
- Luxury resale
has attracted more new buyers since 2019 than all previous years
combined
Male shoppers represent the greatest
luxury growth opportunity
- Men are ~3X more likely to
exclusively buy luxury
- Men are 1.5X
more likely to constantly clean out their closets
Awareness drives major divide among
resale marketplaces
- Among 24 resale players researched,
only these five have aided awareness above 30%: eBay, Poshmark,
thredUP, The RealReal and Sotheby’s
Nearly half of luxury shoppers plan to
buy luxury resale
- 48% of luxury shoppers are very or
extremely likely to purchase luxury resale over the next two years
(+6 pts since 2019)
- Resale purchase intent is up across
every luxury category, most notably jewelry and watches (+13 pts
and +12 pts since 2019)
In evolving market, customer experience
is critical to adoption
- While The RealReal’s NPS improved,
many other players declined, indicating the need for improvement to
continue market expansion
“Resale has seen record growth over the past two
years, but only 24 percent of luxury shoppers currently purchase
pre-owned pieces. Bringing more new shoppers and consignors into
the circular economy is essential to creating a more sustainable
future for fashion,” stated Julie Wainwright, founder and CEO of
The RealReal. “We’ve seen a 13 percent increase over the past two
years in The RealReal shoppers citing sustainability as a deciding
factor to purchase from us. It’s critical we continue raising
awareness of the negative environmental impact of fashion and
resale as a solution every one of us can adopt to help reduce the
garbage truck’s worth of textiles that are landfilled or burned
every second.”
To view The RealReal’s 2021 Luxury Shopper
Insights Study, please visit
www.therealreal.com/trr/2021-Luxury-Shopper-Insights-Study.
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.
Press Contact:Erin Santypr@therealreal.com
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