Demand for Gucci extends to luxury re-sale market
Some things are better the second time around. Especially if that something is Gucci and for sale at discount prices.
This week The RealReal, the leading luxury consignment company, released its mid-year luxury resale report with exclusive data charting marketplace trends, bestselling brands and emerging designers in luxury resale.
With access to data across a wide selection of luxury brands - a database which spans over 8 million Consignment units sold - gives the company an unprecedented insight into consumer behavior and trends in luxury fashion.
According to the report the resale market “provides an accurate reflection of what's impacting the luxury retail market as a whole.”
"Luxury resale has grown exponentially, and is more mainstream than ever. Both the industry and the public look to the resale market to identify macro and micro trends and to determine what consumers want right now," said The RealReal Chief Merchant Rati Levesque. "With over 8 million items sold, our data speaks directly to these trends and we're excited to reveal key insights in this report."
Gucci takes the top spot
The report shows Gucci dominating sales growth (62 percent) and search volume, bumping Chanel and Louis Vuitton from the top spots this year for the first time. The Italian brand is popular across all age groups, especially millennials, where their search for the brand increased 48 percent.
Other insights sees Hermès as the fastest-growing brand among millennials, growing 71 percent. Logo bags are increasing in resale value – the Dior Saddle Bag grew by 88 percent while the Gucci Web grew by 51 percent.
Rolex is the top brand purchased by millennial men. Search for men's fanny packs increased by 614% while search mens Hawaiian shirts increased by 84 percent.
A noticeable shift is the drop in resale value for Vetements and Tory Burch, as shoppers turn to Balenciaga and older contemporary brands struggle. Whereas logo bags, especially those from heritage brands are selling fast, past-season styles without logos, such as the Fendi 2Jours, Balenciaga Motoccross and JW Anderson Pierc have all dropped in resale value.
Photo credit: Gucci AW18 bag campaign, source Gucci website