Business
The RealReal 2022 Luxury Resale Report Reveals Emotional and Environmental Adoption of Resale
Customers discover escapism through resale; deepens relationship with circular economy SAN FRANCISCO, Aug. 24, 2022 (GLOBE NEWSWIRE) -- The RealReal (Nasdaq:
About this update from The Realreal, Inc.
[{"type":"text","content":"Customers discover escapism through resale; deepens relationship with circular economy\nSAN FRANCISCO, Aug. 24, 2022 (GLOBE NEWSWIRE) -- The RealReal (Nasdaq: REAL) — the world’s largest online marketplace for authenticated, resale luxury goods — today released its 2022 Luxury Resale Report. The annual report is powered by data derived from The RealReal’s more than 28 million members and more than 26 million items sold to date. This year, The RealReal not only charts the shifts in customer behavior and spending habits, but reveals the emotional and environmental impact of resale, especially during the current economic uncertainty. “In a world that’s currently filled with the unknown and the unexpected, consumers are finding escapism with the reliability and discoverability of the secondhand market,” explains Rati Sahi Levesque, Co-Interim Chief Executive Officer, President, and Chief Operating Officer of The RealReal. “Between primary market supply constraints, inflation woes, and the acceleration of the climate crisis, shoppers and consignors alike are seeing the economic, environmental, and emotional value of resale. Through resale, consumers are becoming increasingly savvy, they're exploring new areas of investments, and they’re engaging with circularity more than ever before.” Consumer behavior has always been evolving but, in the past year specifically, the way customers shop and engage with resale has shifted significantly. They are increasingly mindful of how and where they spend their time, money and energy, they’re drawn to the thrill of the hunt, enjoying endless scrolling and filtering options, and they’re pushing stylistic boundaries and experimenting with self-expression. Top Themes Explored inThe RealReal’s 2022 Luxury Resale Report: Awareness of Resale Is Up: 27% more people are familiar with resale than last yearTRR member base grew by 23% in the first half of the year, adding 5.3 million new shoppers since 2021Customers are buying more; 44% more items were purchased at TRR over the past year Engagement with Resale Deepens: Gamification drives shoppers to use TRR’s smart features more; ‘obsessions’ being used 40% more YoYGen Z visits TRR 35% more than they did last year; the greatest growth of any demoReconsignment is up more than 3X since 2018; more than 2X as many items originally purchased on TRR were re-sold ...