Business
The 2024 Luxury Resale Report: The RealReal Reveals Top Brands and Trends Shaping the Market
Consumers Take the Lead, Redefining Trends and Investing in Lasting Value SAN FRANCISCO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- The RealReal – the world’s largest
About this update from The Realreal, Inc.
[{"type":"text","content":" Consumers Take the Lead, Redefining Trends and Investing in Lasting Value SAN FRANCISCO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- The RealReal – the world’s largest online marketplace for authenticated, resale luxury goods — today released its seventh annual 2024 Luxury Resale Report. This comprehensive report uses 13 years of data to examine the current state of luxury resale, delves into the shopping and consignment behaviors of The RealReal’s more than 37 million members, and spotlights key trends shaping demand and resale value for luxury’s most sought-after brands and items. Investment-worthy pieces such as high-value fine jewelry and timeless handbags dominated, alongside trends ignited by TikTok and the revival of nostalgic TV shows in the cultural spotlight. “Fashion is undergoing a seismic shift. Trends less frequently flow from the top (runways), and are now emerging from the ground up through things like TikTok, television shows, and everyday street style,” says The RealReal’s President & Chief Operating Officer, Rati Sahi Levesque. “This unprecedented collision of fashion and culture is empowering consumers to shape trends themselves, driving demand for unique, high-value items that reflect their personal style. They’re looking to invest in quality more, especially during a time of economic insecurity…It’s no longer about what’s new being what’s next—it’s about what’s going to last. More than ever, shoppers are curating their wardrobes with a focus on distinctiveness and enduring value.” Key themes explored in this year’s report include: Top 10 Most Searched Brands Have Something in Common - Universality Bags men want to carry (men’s bag searches +900% YoY), styles that appeal to Gen Z & Boomers alike, and more, are paying off big for the top 10.Prada is Gen Z’s most searched brand and snags the #3 spot on the list.Chanel & Gucci handbags are the #1 & #2 most searched items; brands snag spots 2 & 4 on the list. Buyers Went Big (and Maximalist) with Fine Jewelry Fine jewelry saw the biggest growth of any category; amidst economic uncertainty, consumers gravitated toward these pieces, with guaranteed ROIs and staying power.Sales +22% YoY for pieces $5,000+ by Van Cleef & Arpels, Tiffany & Co., & Cartier. And Sought Out (More) Attainable Handbags Handbags priced $1,000-3,000 saw the biggest spike in buyer growth, +13% YoY.Buy...