Business
The RealReal 2023 Luxury Resale Report Finds Consumers Shopping Smarter
Customers Make Investment Purchases Despite Economy; Stealth Wealth Trend Shakes Up Top Ten List SAN FRANCISCO, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The RealReal
About this update from The Realreal, Inc.
[{"type":"text","content":"Customers Make Investment Purchases Despite Economy; Stealth Wealth Trend Shakes Up Top Ten List\nSAN FRANCISCO, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The RealReal – the world’s largest online marketplace for authenticated, resale luxury goods — today released its sixth annual 2023 Luxury Resale Report. The annual report charts the state of luxury resale, breaks down the shopping and consignment behaviors of The RealReal’s more than 33.6 million members, and highlights fashion trends that have impacted the demand and resale value of luxury’s most coveted brands and goods. This year, the report found that consumers continue to double down on luxury purchases, despite recession woes. Over the past 18 months, The RealReal has seen a significant shift in the way consumers engage with resale. Customers are increasingly savvier, they’re discovering brands and styles they otherwise wouldn’t have purchased, and they’re not afraid to push stylistic boundaries; redefining luxury. “As we reported earlier in the year in our January 2023 luxury consignment report, value is driving the adoption and evolution of resale. Value can mean different things to different people, whether they find value in what the item costs, what it reminds them of or what the item evokes emotionally,” explains Rati Sahi Levesque, The RealReal’s President and Chief Operating Officer. “Our customers are still buying investment pieces despite recession fears, they’re fine tuning their personal style by incorporating items from different eras and aesthetics, they’re shopping for fair condition pieces to acquire the most sought after styles, and they’re seeking comfort in knowing that if they buy well, they will likely get a great return on their investment. We’re witnessing a shift in mindset and shopping habits, and we’re pleased to be at the forefront.” “Historically, fashion has been about a desire to look a certain way: polished, pristine, and remaining on trend. But, with the recent rise in fair condition, shoppers have embraced imperfection. They’re willing to buy older, worn items that are made well and still remain beautiful, and they wear them with pride,” says Samantha McCandless, The RealReal’s Chief Merchandising Officer. “Within certain fashion circles, the worn look has become a badge of honor. We’ve seen so much growth and demand in fair condition that we’ve...