The RealReal, the world’s largest online marketplace for pre-owned luxury goods, said Gucci is the most bought and sold brand, according to its latest 2021 Luxury Resale Report.
The report charts the current state of luxury resale, including the pandemic’s lasting impact on how people are buying and selling, based on the behaviors of The RealReal’s 23+ million members and the data behind its 19+ million items sold.
Gucci is the most bought and sold brand of the year
The company said purchases increased 62 percent and consignments grew 61 perent year on year. Gen X, the original thrifting generation, are Gucci’s No. 1 buyers and consignors. Louis Vuitton, Chanel, Prada and Dior rounded out the top five.
Telfar is the emerging brand of the year, with demand for its bags up 590 percent. Streetwear, surprisingly, lost its lustre, with mainstays like Yeezy and Supreme falling out of favour as shoppers returned to streetwear’s preppy roots and blended the outdoors into their street style, driving major growth for brands like Casablanca, up 358 percent and Salomon, which saw an increase of 188 percent.
Embracing the circular economy
In a press release The RealReal said more people bought and sold into the circular economy over the past year than ever before with 29 percent of buyers making their first pre-owned luxury purchase in the past year. 45 percent of The RealReal’s new consignors in the first quarter of this year had never consigned before.
Shoppers are becoming increasingly conscious consumers, with 40 percent of The RealReal’s shoppers turning to luxury resale as a replacement for fast fashion and 43 percent of buyers citing sustainability as a key driver to embrace luxury resale.
“Luxury resale is experiencing record growth, with 6 million new members joining The RealReal since the end of June last year,” said Rati Sahi Levesque, President of The RealReal. “We’re seeing evolving Covid restrictions and reopenings significantly impacting shopping behaviors. Savvy shoppers are latching onto luxury investments, with the most significant growth among millennials and Gen Z — whom our data suggests will be the most conscious shoppers yet. Shoppers are also drawing inspiration from the past, driving demand for heritage streetwear and vintage Japanese menswear.”