Resale marketplace The RealReal unveiled its latest Luxury Consignment Report for 2023, in which it has outlined its analysis for the state of resale over the last six months.
Much of the report was dictated by the shifts in shopping behaviours due to macroeconomic uncertainty, demand for sustainability and generational differences.
Speaking on the results, Rati Sahi Levesque, co-CEO and president of The RealReal, said: “A potential recession, the climate crisis, and global unrest are all reasons that, going into 2023, consumers are making shopping decisions based on value – with 66 percent saying they shop resale primarily to get a good deal – as well as personal values.”
Levesque went on to state that the company had seen its members trade down ultra-luxe bags for more accessible, trendier options, in line with the stabilisation of high-end luxury prices.
Well-loved handbags were also reported to be making the sector accessible, with demand for styles in fair condition doubling, many of which were bought by new shoppers of the platform.
Additionally, the sales of vintage archival pieces rose by 50 percent since January 2022, a demand driven by Gen Z and millennials who were seeking out Y2K styles.
Meanwhile, Prada and Simone Rocha came out on top as the favourites in the back half of 2022, with figures particularly spiking for Prada’s Crystal Re-Edition of its 2000 mini bag and Simone Rocha’s women’s ready-to-wear.