The RealReal 2023 Luxury Consignment Reveals Consumer Shopping Habits During Economic Uncertainty
January 19 2023 - 09:00AM
The RealReal — the world’s largest online marketplace for
authenticated, resale luxury goods — today released its 2023 Luxury
Consignment Report. The report covers the state of resale over the
last six months, charting the shift in customer shopping behaviors
due to macroeconomic uncertainty and breaking down the shopping
behaviors across each generation.
“A potential
recession, the climate crisis, and global unrest are all reasons
that, going into 2023, consumers are making shopping decisions
based on value – with 66% saying they shop resale primarily to get
a good deal – as well as personal values. We’re seeing our members
do this in many different ways, from trading down ultra-luxe bags
for more accessible options and buying fair condition items to
express themselves through fashion and sustainable shopping
practices. The value of resale is different for every person – and
that’s the beauty of it,” said Rati Sahi Levesque, co-CEO and
President, The RealReal.
Derived from data from
its 30 million members and 28 million items sold, The RealReal’s
2023 Luxury Consignment Report reveals:
- Consumers are trading down
from ultra Luxe for trendier styles
- Prices for high-end luxury bags
began to stabilize, dropping by 5% by the end of 2022; sales for
styles from Prada, Miu Miu, and Dior began to increase.
- Well-loved handbags helps
makes luxury accessible
- Demand for handbags in fair
condition nearly doubled; 58% of buyers in fair condition are new
TRR shoppers
- Gen Z and millennials drive
demand for vintage:
- Sales of vintage archival pieces
+50% since January 2022; demand continuing to rise for Y2K
pieces
- Prada and Simone Rocha top
favorites in the back half of 2022:
- Demand for Prada’s Crystal
Re-Edition of its 2000 mini bag +1,344% YoY; demand for women’s
ready to wear by Simone Rocha +635% YoY.
- Gen Z demonstrates being
most circular
- They reconsigned 52% more in 2022,
especially in the women’s category.
To read The RealReal’s
full 2023 Luxury Consignment Report, visit www.therealreal.com.
About The
RealReal Inc.The RealReal is the world’s largest online
marketplace for authenticated, resale luxury goods, with more than
30 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.
TRR Press
Contact:pr@therealreal.com
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