Insights from The RealReal's 2024 Luxury Resale Report
Consumers Lead the Charge, Redefining Trends and Investing in Lasting Value
The RealReal, the largest online marketplace for authenticated resale luxury goods, has unveiled its seventh annual 2024 Luxury Resale Report. This extensive report draws on 13 years of data to analyze the current state of luxury resale, examining the shopping and consignment habits of over 37 million members while highlighting the key trends that influence demand and resale value for luxury brands and items.
High-value fine jewelry and classic handbags continue to dominate the market, alongside trends sparked by social media and the resurgence of nostalgic television shows.
“Fashion is undergoing a significant transformation. Trends are less frequently dictated by runways and are now emerging from grassroots influences such as social media, television, and everyday street style,” explains Rati Sahi Levesque, President & Chief Operating Officer of The RealReal. “This unique intersection of fashion and culture empowers consumers to define trends, increasing demand for distinctive, high-value items that reflect personal style. As economic uncertainties loom, consumers are shifting towards quality investments. It’s less about chasing fleeting trends and more about curating wardrobes that emphasize individuality and lasting value.”
Key Themes from the 2024 Report
This year’s report reveals several important themes:
Top 10 Most Searched Brands Share a Common Thread - Universality
For the first time, brands that resonate with both Gen Z and Boomers are making a notable impact, with searches for men's bags soaring over 900% Year over Year (YoY). Leading the pack, Prada has emerged as Gen Z’s most desired brand, securing the third position overall.
Buyers Embrace Big (and Maximalist) Fine Jewelry
Fine jewelry is experiencing remarkable growth, especially in the face of economic challenges, with sales of luxurious pieces priced over $5,000 climbing 22% YoY from renowned brands.
Consumers Seek More Attainable Handbags
Handbags priced between $1,000 and $3,000 have seen the most significant buyer growth, highlighted by a 44% increase in average resale value for certain high-demand brands.
Vintage Becomes Mainstream
Once considered niche, brands like Issey Miyake and Vivienne Westwood are now gaining traction among mainstream audiences, particularly younger consumers inspired by nostalgic television shows.
Street Style Transitions to C-Suite
While sales for streetwear brands have declined, vintage sales for brands known for business attire have surged, indicating a significant shift in style preferences.
Looking Ahead to 2025’s ‘Mob Wife’...
As trends blend bohemian and utilitarian styles, younger generations are predicted to embrace a 'New Americana' aesthetic that draws heavily on vintage inspirations.
New Developments in Customer Engagement
The RealReal has introduced a new condition category called 'As Is,' which promotes sustainability by encouraging buyers to consider pre-owned luxury items. This initiative aligns with the finding that 73% of shoppers prioritize value when making purchasing decisions.
About The RealReal Inc.
The RealReal is a leader in the online marketplace for authenticated resale luxury goods, providing a robust platform for millions of users. With a meticulous authentication process, The RealReal employs a team of experts to ensure the authenticity of luxury items while offering seamless selling options for consignors who prioritize sustainability.
Frequently Asked Questions
What does the 2024 Luxury Resale Report cover?
The report offers insights into luxury resale trends, consumer behaviors, and the evolving dynamics of the marketplace, based on 13 years of data.
What trends are shaping the luxury resale market?
Key trends include the rise of investment pieces like fine jewelry and handbags, a growing interest in vintage items, and a shift towards sustainability in purchasing habits.
Who is the target audience in the luxury market according to the report?
The report highlights how brands are appealing to a diverse range of age groups, particularly Gen Z and Boomers, and emphasizes the increasing interest in universal appeal among luxury items.
How did fine jewelry sales perform according to the report?
Fine jewelry experienced the highest growth of any category, especially for pieces priced over $5,000, reflecting a notable increase in sales amid economic uncertainty.
What is the significance of the 'As Is' category?
The 'As Is' category aims to provide consumers with a more accessible range of luxury items, allowing them to engage with pre-owned options while prioritizing sustainability.
