Business
The RealReal Issues First-Ever Luxury Consignment Report
Younger consignors dominate luxury resale; Investment pieces earn consignors more than ever SAN FRANCISCO, Jan. 13, 2021 (GLOBE NEWSWIRE) -- The RealReal
About this update from The Realreal, Inc.
[{"type":"text","content":"Younger consignors dominate luxury resale; Investment pieces earn consignors more than ever\nSAN FRANCISCO, Jan. 13, 2021 (GLOBE NEWSWIRE) -- The RealReal (Nasdaq: REAL)--the world’s largest online marketplace for authenticated, consigned luxury goods--today released its 2021 Luxury Consignment Report. The report charts the top 2020 trends and shifts impacting luxury resale value, which The RealReal determines based on advanced technology, its real-time pricing algorithm that factors up to 50 attributes per item across ~16 million items sold, and human expertise. Despite the unpredictable fluctuations of 2020, more people adopted consignment than ever before — especially Gen Z and Millennials, who represented 35% of new consignors. Consignors helped make fashion more sustainable by keeping pieces in circulation, with the average consignor saving the equivalent of 4,333 glasses of water. “The pandemic has had a lasting impact on the resale market and, through the challenges of the past year, we’re seeing a mindset shift among our ~20 million members towards investing in, and living by, what we truly value,” said Rati Levesque, COO of The RealReal. “Investment pieces, the new capsule wardrobe essentials, and late ‘90s to early ‘00s vintage are the top trends yielding rising returns to sellers. As we enter a new year, the record numbers of consignors joining the circular economy are a bright spot paving the way to a more sustainable fashion future.” Consignment trends that rose to the top in 2020: Goyard topped the list of the top 10 luxury brands Patek Philippe rose most in the ranking of brands with the greatest resale value – up three spots from last year Demand for high-value bags skyrocketed Average selling price rose up to 80% for in-demand styles Gucci was #1 in vintage Resale value grew another 12% Rolex strengthened lead as #1 watch brand 5 of top 10 men’s watches with greatest resale value growth were Rolex Capsule wardrobe essential were redefined Gender-fluid staples including puffer coats and waist bags dominated To see the top luxury consignment trends of 2020 and learn more about how consignors can earn the most in 2021, view The RealReal’s 2021 Luxury Consignment Report. About The RealReal Inc.The RealReal is the world’s largest online marketplace for authenticated, consigned luxury goods. With a rigorous authentica...