Sales Strategy

$350K Yellow Diamond Tops Resale Stats, Plus 12 Things You Need To Know About Who’s Buying And What’s SellingBy Hedda Schupak, Editor, The Centurion |  January 19, 2022 (0 comments)

New York, NY—We know luxury resale is rocketing, driven by both a desire for sustainability and the chance to own something unique. While Millennials and Gen-Z are leading the charge, every age group, including Boomers and even Silent Generation elders, are active in the market. More importantly, there seems to be no ceiling to the prices shoppers will pay for secondhand luxury. Image: a yellow diamond ring that sold for $350,000 is the most expensive item ever sold on TheRealReal consignment site. All images, TheRealReal.

We know that luxury jewelry and watches—especially Rolex—are the top-selling categories and Gucci is a top-selling luxury brand, but new consignment data from top luxury resale site TheRealReal now offers deeper insight into who’s selling and who’s buying in the circular economy.

The 2022 Luxury Consignment Report from TheRealReal digs deep into the site’s data with a focus on trends across generations. Here are some highlights:

1. Luxury is moving from one generation to the next. Every demographic increasingly adopted consigning this year. And while they agree on what to sell and shop first, they diverge from there. One of the biggest trends is original owners capitalizing on the rising resale value of vintage pieces as they sell them to younger generations who are just discovering them.
2. Boomers are constantly consigning, and what they’re selling the most is unbranded fine jewelry. Among all age cohorts, they’re the ones cleaning out their closets the most (possibly downsizing).
3. Gen X’ers are the most motivated by sustainability, while Millennials are the ones most likely to be making a side hustle out of buying and selling. And Gen-Z is the fastest-growing customer demographic, with a 56% year-on-year increase in activity on TheRealReal.
4. 40% of TRR shoppers, covering every demographic, is replacing fast fashion with resale. 43% of TRR shoppers are motivated by sustainability, 40% to extend the cycle of luxury items. Although Gen-Z is most likely to choose site credit to shop after consigning, every demographic is increasingly choosing site credit.
5. The top six brands favored by all demographics are Louis Vuitton, Gucci, Prada, Chanel, Rag & Bone, and Tory Burch.
6. The resurgence of Y2K fashion (late ‘90s/early aughts) is driving sales of the era’s logo staples like Return To Tiffany necklaces (+17%) and Fendi baguette (+14%) and Louis Vuitton Multicolore bags (+13%). Gen-Xers are selling their bags to Millennials, who return the favor by selling their Tiffany pieces to Gen-X.
7. “Over the past year, we’ve seen demand shift from statement jewelry and watches to unique, vintage pieces that are rich in character. These pieces are a quieter and more versatile way to stand out from the crowd,” said Steffi Lee, editorial manager, fine jewelry and watches, for TheRealReal.
8. Speaking of Tiffany, TRR says yes, it still is your mother’s Tiffany. Despite the brand’s efforts to attract younger consumers with its controversial “Not Your Mother’s Tiffany” ad campaign, Tiffany resale prices rose 23% on TRR in 2021 and Gen-X is still the site’s biggest buyer of the brand. But what it’s looking for fits right in with a cohort in its top-earning years: Schlumberger pieces rose 36% in value in 2021, HardWear rose 28%, and Elsa Peretti rose 26%. Vintage Tiffany gold clip-on earrings are selling for up to 381% of retail, more than vintage Rolexes, up to 298% of retail. And the most expensive Tiffany piece ever sold on TRR was a 21.98-carat platinum and diamond Victoria necklace, for $83,000.
9. But that’s not the most expensive sale on the site. That honor goes to an unbranded yellow diamond engagement ring that sold for $350,000.
10. Hard-to-find items jump in resale value, including tourmaline jewelry, up 15% year-on-year in actual sale price, and the Rolex Oyster Perpetual watch, up 26% year-on-year. 
11. Shoppers are flocking to luxury resale for the rarest pieces: vintage, collaboration, and those with limited production. Those unique items are seeing some of the greatest surges in value this year.
12. Of the top 10 best items to sell now, two were watches: a Rolex Submariner Date, selling for up to 262% of retail, and a Patek Philippe Nautilus, close behind at up to 258% of retail.