Editor’s Note
The RealReal’s latest annual report highlights the enduring appeal of iconic luxury brands in the resale market, with Louis Vuitton and Chanel leading the list. The findings underscore a continued consumer focus on heritage and recognizable names in the high-end secondhand sector.
The RealReal has unveiled its 7th annual report on the high-end second-hand market. As reported by the US-based luxury resale platform, this study is based on 13 years of data and the purchasing behavior of its 37 million members.
This year, the most sought-after brands are Louis Vuitton, Chanel, Prada, Gucci, Loewe, Miu Miu, Celine, Bottega Veneta, Dior, and The Row. The Spanish brand Loewe and the Italian brands Miu Miu, Prada, Bottega Veneta, and Gucci are also among the Top 10 most searched brands on Lyst in the second quarter of 2024.
explained Noelle Sciacca, Associate Director of Women’s Fashion and Strategic Partnerships.
Reason seems to prevail this year. The RealReal indicated that the trend is towards more accessible handbags, with flagship houses like Miu Miu and Loewe, and more emerging brands. In 2024, the growth of buyers in the $1,000 to $3,000 price range increased by +13% compared to the previous year. It should be noted that these consumers prioritize good investments over fleeting trends.
said Rati Sahi Levesque, President and Chief Operating Officer of The RealReal.
While iconic models like The Row’s Margaux, Hermès’s Kelly, or Loewe’s Puzzle are among the popular bags with a good return on investment, the Savette Pochette, Polène’s Numéro Dix, and Toteme’s T-Lock are listed as trendy bags whose prices are rising.
It is noteworthy that searches for men’s bags have increased by +900% this year. A clear opportunity for high-end houses to meet an exponentially growing demand.
The RealReal also mentioned that counterfeits of Celine and The Row had increased significantly after the major quiet luxury trend in 2023.
Fine jewelry experienced the strongest growth of all categories this year. Demand and the average order value increased by +7% this year. Attracted by a good return on investment and timeless pieces with lasting value, consumers are turning to jewelry from major brands.
As evidence, items priced at $5,000 and above saw their sales increase by +22%, while the proportion of buyers in this segment grew by +17%. Tiffany & Co (+55% sales), Van Cleef & Arpels (+49%), and Cartier (+11%) continue to dominate the market.
said Rati Sahi Levesque.
Social media, particularly TikTok and Instagram, have helped democratize brands with a vintage appeal that were once reserved for insiders. Searches for Issey Miyake clothing increased by +100%, while Vivienne Westwood sales saw a +35% rise.
Encouraged by the major 90s/2000s clothing trend, the younger generation is reclaiming the fashion of retro TV shows and series aired two decades ago, as evidenced by the Friends effect a few years ago and the Sex & The City boom since its re-airing on Netflix last April. Certain pieces by John Galliano and Tom Ford for Gucci have thus become ultra-popular.
The same goes for the series The Sopranos aired on MAX and Hulu, which helped propel the Mob Wife trend, echoing the glamorous and charismatic looks of mafia women in cinema. Let’s mention the cowboy core and tailoring trends, products of
which are also establishing themselves as top aspirations for young people, gradually displacing streetwear (-25 to -35% sales for classic streetwear brands and pieces from Supreme, Off-White, or Nike Jordans).
This year, buyers have prioritized sustainability more than ever. 49% of members stated that extending the lifecycle of luxury products is one of the main reasons for their purchase on The RealReal, an increase of +9% compared to 2023. 31% of buyers also indicated that they prefer to buy fewer premium pieces and favor more special items. Finally, value for money remains a priority for 78% of the resale platform’s customers.
The full report is available here.
