RealReal’s 2023 Luxury Consignment Report Predicts Y2K Fashion Decline

The RealReal has released its findings on the 2023 Luxury Consignment Report, with top information for the fashionista in your life.

For 66% of resale consumers shopping to get a good deal, handbags remain one of the top accessories. However, The RealReal reports that tastes are changing; skyrocketing prices for luxury brands such as Louis Vuitton, Gucci, Hermès and Chanel are finally stabilizing and no longer selling for a whopping 70% more than their suggested retail price. Consumers are also turning to “trendy” brands — in this case, the likes of Miu Miu and Bottega Veneta — instead of investing in more expensive heirloom pieces. The most interesting conclusion is the increase in demand for items in good condition. In fact, demand for items showing signs of heavy wear, such as worn corners, significant scratches or internal wear, has almost doubled. These conditions function as a kind of entry point into the luxury market, plus, we all know the appeal of a shabby bag thanks to Mary-Kate Olsen’s famous Birkini…

The RealReal predicts growth in pearl jewelry, ultra-feminine dresses, tailored suits, loafers and brooches, based on search data comparing Q4 2021 and Q4 2022. Consumers are searching for Sandy Liang and Molly Goddard dresses with a fervor matched only by searchers for the perfect Yohji Yamamoto suit. Mules and loafers may be the trends to watch out for, especially given the 274% increase in interest in Valentino mules and the incredible 1360% increase in Loewe loafers.

Additionally, The RealReal reports that hunger for early pieces is slowing in favor of timeless classics, like the clean, slightly more formal silhouettes of Prada or Jil Sander, up 376% and 263%, respectively. “Last year Y2K dominated everything, but we’re starting to see it flow in the other direction,” said Dominik Halas, who works as the chief authenticator at Vintage. “Demand for vintage brands known for couture-level tailoring is on the rise—and on the rise.”

As many TikTok creators have noted, Gen Z is known as the most sustainability-minded generation, while Millennials shop the most resale. After all, Gen X comes out on top as the highest-spending generation per person, while Boomers who paid $50 for college and bought homes at age 25 send the highest-value items. As for the Silent Generation? You can find them shopping for their homes instead of clothes and accessories.

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