Resale marketplace The RealReal has published its latest 2022 Luxury Resale Report, outlining data collected from its 28 million plus members.
According to the platform, consumer behaviour has seen a sharp shift in the past year when engaging with resale, with a number of demographics becoming increasingly more mindful about where they shop.
“In a world that’s currently filled with the unknown and the unexpected, consumers are finding escapism with the reliability and discoverability of the secondhand market,” said Rati Sahi Levesque, co-interim CEO, president and COO, in a release.
According to the report, Gen Z visits to the site have increased by 35 percent, the greatest increase among all groups. However, Millennials have come out as the top resale generation, representing both the largest volume of buyers and sellers on the platform.
Meanwhile, Gen X has proven to be the most circular, selling the most items of any consumer group and consigning 25 percent more year-on-year.
In general, The RealReal said that 27 percent more people are familiar with resale than last year, with its member base also growing by 23 percent in the first half of 2022, seeing 5.3 million new shoppers join the site since 2021.
Additionally, shoppers are buying 44 percent more, with collectibles being a particularly popular category, seeing a sales growth of 78 percent and demand for collectible vintage up 439 percent.
“Between primary market supply constraints, inflation woes, and the acceleration of the climate crisis, shoppers and consignors alike are seeing the economic, environmental, and emotional value of resale,” Levesque added.
She continued: “Through resale, consumers are becoming increasingly savvy, they're exploring new areas of investments, and they’re engaging with circularity more than ever before.”