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The 2024 Luxury Resale Report: The RealReal Reveals Top Brands and Trends Shaping the Market
Globe Newswire 21-Aug-2024 9:00 AM
Consumers Take the Lead, Redefining Trends and Investing in Lasting Value
SAN FRANCISCO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- The RealReal – the world's largest online marketplace for authenticated, resale luxury goods — today released its seventh annual 2024 Luxury Resale Report. This comprehensive report uses 13 years of data to examine the current state of luxury resale, delves into the shopping and consignment behaviors of The RealReal's more than 37 million members, and spotlights key trends shaping demand and resale value for luxury's most sought-after brands and items.
Investment-worthy pieces such as high-value fine jewelry and timeless handbags dominated, alongside trends ignited by TikTok and the revival of nostalgic TV shows in the cultural spotlight.
"Fashion is undergoing a seismic shift. Trends less frequently flow from the top (runways), and are now emerging from the ground up through things like TikTok, television shows, and everyday street style," says The RealReal's President & Chief Operating Officer, Rati Sahi Levesque. "This unprecedented collision of fashion and culture is empowering consumers to shape trends themselves, driving demand for unique, high-value items that reflect their personal style. They're looking to invest in quality more, especially during a time of economic insecurity…It's no longer about what's new being what's next—it's about what's going to last. More than ever, shoppers are curating their wardrobes with a focus on distinctiveness and enduring value."
Key themes explored in this year's report include:
Top 10 Most Searched Brands Have Something in Common - Universality
Bags men want to carry (men's bag searches +900% YoY), styles that appeal to Gen Z & Boomers alike, and more, are paying off big for the top 10.
Prada is Gen Z's most searched brand and snags the #3 spot on the list.
Chanel & Gucci handbags are the #1 & #2 most searched items; brands snag spots 2 & 4 on the list.
Buyers Went Big (and Maximalist) with Fine Jewelry
Fine jewelry saw the biggest growth of any category; amidst economic uncertainty, consumers gravitated toward these pieces, with guaranteed ROIs and staying power.
Sales +22% YoY for pieces $5,000+ by Van Cleef & Arpels, Tiffany & Co., & Cartier.
And Sought Out (More) Attainable Handbags
Handbags priced $1,000-3,000 saw the biggest spike in buyer growth, +13% YoY.
Buyers focused on good investments; average resale value for The Row Margaux +44% YoY, Loewe Puzzle average selling price is at an all-time high (+40% since 2020)
Vintage Went Mainstream
Formerly niche brands like Issey Miyake (searches +100% YoY) and Vivienne Westwood (sales +35% YoY), once reserved for the in-the-know crowd, have surged into the mainstream.
And a new guard, for those looking to be early adopters, emerged; collective sales of Claude Montana, Courrèges & Romeo Gigli +59% YoY.
Throwback TV drove strong demand for Gen Z, making muses out of Carrie Bradshaw and Carmela Soprano.
Street Went C-Suite
YoY Sales were down 25-35% for classic streetwear brands and pieces — Supreme, Off-White, Nike Jordans — yet jumped by 25% for suiting.
YoY Vintage sales from brands known for their business-esque attire soared: Donna Karan +216%, Gianfranco Ferré +270%, St. John +163%.
We're Predicting 2025's ‘Mob Wife'...
Combining boho and utilitarian styles — YoY searches for vintage Diesel +917%, Levi's +69%, Chloe culottes +113%, Dôen dresses +50%, fringe leather +68% — ‘New Americana' is likely to dominate culture.
Meeting Customers Where They Are… We Debuted a New Condition Category
73% of TRR shoppers say ‘value' is the #1 reason they shop the site.
‘As Is,' our newest, most accessible, and well-loved condition category, keeps more luxury items out of landfills and gives shoppers something to make totally their own.
To view The RealReal's full 2024 Luxury Resale Report, visit TheRealReal.com.
To download imagery from the report, courtesy of The RealReal, click here.
About The RealReal Inc. The RealReal is the world's largest online marketplace for authenticated, resale luxury goods, with more than 37 million members. With a rigorous authentication process overseen by experts, The RealReal provides a safe and reliable platform for consumers to buy and sell their luxury items. We have hundreds of in-house gemologists, horologists and brand authenticators who inspect thousands of items each day. As a sustainable company, we give new life to pieces by thousands of brands across numerous categories—including women's and men's fashion, fine jewelry and watches, art and home—in support of the circular economy. We make selling effortless with free virtual appointments, in-home pickup, drop-off and direct shipping. We do all of the work for consignors, including authenticating, using AI and machine learning to determine optimal pricing, photographing and listing their items, as well as handling shipping and customer service.
