Shoppers Abandon Fast Fashion for Luxury Resale
SAN FRANCISCO, Aug. 14, 2019 (GLOBE NEWSWIRE) -- The RealReal
(Nasdaq: REAL)--the world’s largest online marketplace for
authenticated, consigned luxury goods--today released its
annual Resale Report.
Based on sales and demand data from millions of shoppers and
millions of items sold, the report offers a definitive look
at the shopping shifts and rising trends in luxury
Nearly all of The RealReal’s customers also regularly shop department stores, but as they grow increasingly motivated by sustainability, shoppers are turning to luxury resale as a replacement for fast fashion. More than 80 percent of The RealReal’s customers cite sustainability as an important reason for shopping the site, and 32 percent of customers have left fast fashion behind in favor of shopping luxury resale.
Gucci and Louis Vuitton remain the most in-demand brands within luxury resale, and have expanded their lead more than 225% over No. 3 brand Chanel. Gucci’s dominance shows no signs of slowing -- demand for the brand is up 78% and it’s No. 1 with both women and men.
“Gucci and Louis Vuitton have been at the forefront of embracing culture changes and adapting to the shifting demographic of luxury buyers,” said Rati Levesque, COO and head of merchandising for The RealReal. “We’re seeing that pay off with increasingly strong demand for both brands in luxury resale that has distanced them significantly from the other top brands.”
Gucci also leads the charge at blurring the lines between luxury and streetwear. Shoppers purchasing both streetwear and luxury brands is up 56%, and streetwear buyers are most likely to buy Gucci out of all luxury brands. Overall, streetwear is surging, up 281%, driven largely by millennials, Gen X and women.
About The RealReal Inc.
The RealReal is the world’s largest online marketplace for authenticated, consigned luxury goods. With an expert behind every item, we provide a safe and reliable platform for consumers to buy and sell their luxury items. We have 100+ in-house gemologists, horologists and brand authenticators who inspect thousands of items available online each day. As a sustainable company, we give new life to pieces by brands from Gucci to Cartier, and hundreds more, supporting the circular economy. We make consigning effortless with free in-home pickup, drop-off service and direct shipping for both individual consignors and estates. At our stores in Los Angeles as well as SoHo and the Upper East Side NYC, customers can shop and consign and meet with our experts to learn more about luxury authenticity and sustainability. At our 11 Luxury Consignment Offices, three of which are located in our retail stores, our expert staff provides free valuations for high-value pieces.
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