2024 Luxury Resale Insights from The RealReal
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2024 Luxury Resale Insights from The RealReal
Consumers Take the Lead, Redefining Trends and Investing in Lasting Value
The RealReal – the world’s largest online marketplace for authenticated, resale luxury goods — has released its seventh annual 2024 Luxury Resale Report. This comprehensive report utilizes 13 years of data to examine the current luxury resale state, exploring shopping and consignment behaviors of The RealReal’s more than 37 million members while spotlighting key trends that shape demand and resale value for luxury brands and items.
Investment-worthy pieces such as high-value fine jewelry and timeless handbags have dominated the market, alongside trends ignited by social media platforms and the revival of nostalgic television shows.
“Fashion is undergoing a seismic shift. Trends less frequently flow from the top (runways) and now emerge from ground-level influences like social media, television shows, and everyday street style,” says The RealReal’s President & Chief Operating Officer, Rati Sahi Levesque. “This unprecedented collision of fashion and culture empowers consumers to shape trends, enhancing demand for unique, high-value items that reflect personal style. Consumers are transitioning towards quality investments, particularly amid economic insecurities. It’s about longevity rather than following fleeting trends, as shoppers curate wardrobes with a focus on distinctiveness and enduring value.”
Key Themes from the 2024 Report
This year’s report highlights several key themes:
Top 10 Most Searched Brands Have Something in Common - Universality
Unlike before, the brands appealing to both Gen Z and Boomers are making significant impacts, with men's bag searches skyrocketing over 900% Year over Year (YoY). Pioneering the searches, Prada emerges as Gen Z’s most sought-after brand, ranking third.
Buyers Went Big (and Maximalist) with Fine Jewelry
Fine jewelry is witnessing unprecedented growth, particularly amidst economic challenges, with sales surging 22% YoY for luxurious pieces priced over $5,000 by renowned brands.
And Sought Out (More) Attainable Handbags
Handbags priced between $1,000-3,000 showed the most significant buyer growth, highlighted by a 44% increase in average resale value for certain high-demand brands.
Vintage Went Mainstream
Once considered niche, brands such as Issey Miyake and Vivienne Westwood are now attracting mainstream attention, particularly among younger audiences inspired by nostalgic television shows.
Street Went C-Suite
While sales for streetwear brands have declined, vintage sales for brands known for business attire have soared, marking a significant shift in style preferences.
We’re Predicting 2025’s ‘Mob Wife’...
With trends merging bohemian and utilitarian styles, younger generations are expected to embrace a 'New Americana' aesthetic that emphasizes vintage inspirations.
New Developments in Customer Engagement
The RealReal has debuted a new condition category, 'As Is,' which promotes sustainability by encouraging buyers to consider pre-owned luxury items. This initiative aligns with the reported finding that 73% of shoppers prioritize value when choosing to shop.
About The RealReal Inc.
The RealReal stands as an industry leader in the online marketplace for authenticated, resale luxury goods and supports a robust platform for millions. With a rigorous authentication process, The RealReal employs a team of experts to ensure the authenticity of luxury items while providing seamless selling options for consignors focused on sustainability.
Frequently Asked Questions
What does the 2024 Luxury Resale Report cover?
The report provides insights into luxury resale trends, consumer behaviors, and the evolving marketplace dynamics over 13 years of data.
What trends are shaping the luxury resale market?
Key trends include the dominance of investment pieces like fine jewelry and handbags, the rise of vintage items, and a shift toward sustainability in purchasing.
Who is targeted in the luxury market according to the report?
The report highlights how brands are appealing to diverse age groups, notably Gen Z and Boomers, as well as the increasing interest in universal appeal among luxury items.
How did fine jewelry sales perform according to the report?
Fine jewelry reported the highest growth of any category, particularly for pieces priced over $5,000, showing a notable sales increase amid economic uncertainty.
What is the significance of the 'As Is' category?
The 'As Is' category is intended to provide a more accessible range of luxury items, allowing consumers to engage with pre-owned market options while prioritizing sustainability.
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