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Luxury Resale Stats For 2021: The Market, Especially Jewelry And Watches, Gets Bigger Than Ever | December 08, 2021 (0 comments)
New York, NY—The 2021 Luxury Resale Report featuring exclusive data from online consignment site The RealReal shows the current state of luxury resale and how COVID’s impact on what people are buying and selling is evolving. Interest in pre-owned luxury timepieces is rocketing: TRR says consumers are paying on average over $1,600 more per watch than last year, and another resale site, Fashionphile, reports that searches for luxury watches rocketed 73% since last year. Meanwhile, fine jewelry remains TRR’s second-biggest resale category. Top image: TheRealReal
“The luxury resale movement is experiencing record growth, with six million new members joining TRR in the past year. Evolving COVID restrictions and reopenings are significantly impacting shopping behaviors. Savvy shoppers are latching onto luxury investments, with the most dramatic growth among Gen Z and millennials. Shoppers are drawing inspiration from the past in pursuit of personal expression, driving demand for streetwear’s return to its preppy roots and vintage Japanese menswear. And of all age groups, our data suggests Gen Z will be the most conscious shoppers yet,” says Rati Sahi Levesque, president of The RealReal, in the report. Sustainability is driving the circular economy and many consumers to embrace more conscious consumption through luxury resale.
Here are some key statistics from TheRealReal’s 2021 Luxury Resale Report. All data is based on the shopping and selling behavior of The RealReal’s 23+ million members:
- TRR is experiencing an 86% increase in consignors year-on-year from 2020, and a 33% increase in buyers.
- New to resale: 45% of TRR consignors in Q1 2021 had never consigned before and 29% of buyers made their first pre-owned luxury purchase in the past year.
- 1.4 times more first-time luxury consignors in the past two years were 18-34 years old.
- Sustainability matters: 43% of buyers say sustainability is a deciding factor for shopping resale and approximately 40% say they shop TRR as a replacement for fast fashion.
- The top-traded brand of the year was Gucci, with a 62% rise in purchases and a 61% rise in consignments.
- The top emerging brand is Telfar, the vegan line created by Black designer Telfar Clemens. Affectionately called the “Bushwick Birkin” in fashion circles, Telfar bags sell for a democratic $150 to $260 new, but good luck getting one firsthand. Perennially sold out, new drops are gone in minutes and their resale value is 3.1x their original price.
Image: TheRealReal
But the second-biggest category on the site is unbranded fine jewelry. Although Gucci has seen the biggest increase in trading action this year on TRR, Chanel remains in the site’s top spot for overall sales. But in the number-two spot is unbranded fine jewelry, in descending order: cocktail rings, link bracelets, pendant necklaces, and drop earrings. Gen-Z in particular are into vintage cocktail rings: sales of those rose 38% among these shoppers. They’re also the ones buying the most high-value items: TRR noted a 61% increase in Gen-Z buyers year-on-year.
Image: TheRealReal
Watches are getting hotter every year. TRR reports buyers spent $1,643 more per fine watch this year than last, and the site has observed a great deal of upgrading: the value of watches bought is 2.3 times greater than the value of watches sold, and the number of watches bought is 1.4 times greater than the number of watches sold. Buyers overall are seeking Cartier, Franck Muller, and Rolex; sellers are unloading Michele, Tiffany, and Gucci timepieces.