Business
The RealReal 2021 Luxury Resale Report Reveals Record Growth and Rising Trends
Gen Z sees greatest growth; Shoppers invest in luxury to earn big returns SAN FRANCISCO, Aug. 26, 2021 (GLOBE NEWSWIRE) -- The RealReal (Nasdaq: REAL) —the
About this update from The Realreal, Inc.
[{"type":"text","content":"Gen Z sees greatest growth; Shoppers invest in luxury to earn big returns\nSAN FRANCISCO, Aug. 26, 2021 (GLOBE NEWSWIRE) -- The RealReal (Nasdaq: REAL) —the world’s largest online marketplace for authenticated, resale luxury goods—today released its 2021 Luxury Resale Report. The report charts the current state of luxury resale, including COVID’s lasting impact on how people are buying and selling, based on the behaviors of The RealReal’s 23+ million members and the data behind its 19+ million items sold. More people bought and sold into the circular economy over the past year than ever before — 29% of buyers made their first ever pre-owned luxury purchase in the past year and 45% of The RealReal’s new consignors in the first quarter of this year had never consigned before. Shoppers are becoming increasingly conscious consumers, with ~40% of The RealReal’s shoppers turning to luxury resale as a replacement for fast fashion and 43% of buyers citing sustainability as a key driver to embrace luxury resale. “Luxury resale is experiencing record growth, with 6 million new members joining The RealReal since the end of June last year,” said Rati Sahi Levesque, President of The RealReal. “We’re seeing evolving COVID restrictions and reopenings significantly impacting shopping behaviors. Savvy shoppers are latching onto luxury investments, with the most significant growth among millennials and Gen Z — whom our data suggests will be the most conscious shoppers yet. Shoppers are also drawing inspiration from the past, driving demand for heritage streetwear and vintage Japanese menswear.” Trends that have risen to the top in 2021: Gucci is the most bought and sold brand of the year Purchases increased +62% and consignments grew +61% year-over-year (YoY) Gen X, the original thrifting generation, are Gucci’s No. 1 buyers and consignors Telfar is the emerging brand of the year Demand skyrocketed +590% YoY, driven by a 9X YoY increase in bag demand Unbranded is the high-value “brand” of the year Unbranded jewelry ranked No. 2 (second only to Chanel) among most purchased high-value brands Gen Z’s love of resale levels up to luxury The greatest growth in both buyers and consignors was among Gen Z, up +33% and +86% YoY, respectively Vintage handbags are the new smart investment Average selling prices (ASP) grew significantly faster for vintage sty...