The RealReal Report 2023: Unveiling the Dynamics of Fashion Resale
By Mackenzie Richard
The RealReal, the ultimate destination for luxury consignment, has dropped its 2023 report, and the findings are nothing short of intriguing. From brand searches that defy changes in creative leadership to generational behavior that refutes stereotypes, the report is a treasure trove of insights.
Here are The Impression’s key takeaways from the 2023 Report–
Most Searched Brands: Leadership Amidst Change
Gucci holds its ground for the second year running as the most-searched-for brand, even with a recent shakeup in its creative directorship. Not too far behind is Louis Vuitton, taking the bronze for resale value, and Chanel, coming in with the second-highest resale value.
But it’s not just about staying power; it’s about momentum. Prada experienced the highest growth in average sale price, while Dior impressed with the strongest growth in the shoe resale market.
New Kids on The Block
First-time entrants Celine and Bottega Veneta rounded out the top 10, nudging aside stalwarts like Balenciaga and Burberry. It’s evident that consumer preferences are constantly evolving, albeit with a respectful nod to timeless luxury.
Bagging the Best Resale Value
If you’re looking for investment pieces, Hermès Birkin tops the list with a staggering 127% resale value. A mix of old and new styles follows suit, confirming that in the world of luxury resale, it’s less about trend-chasing and more about enduring craftsmanship and aesthetic longevity.
Gen Z’s Stamp of Approval
Generation Z is not just participating; they are actively shaping the market. With vintage bag demand up 300% since 2020, this younger generation spent 40% more on bags this year, particularly the Chanel Classic Flap and the Fendi Baguette, which exude Y2K energy.
The Timeless Appeal of Vintage and Fair Condition
Brands like Chanel, Louis Vuitton, and Gucci are not only most-searched but also age well, thanks to their impeccable craftsmanship and classic designs. These brands are leading in the ‘Fair Condition’ category, showcasing the longevity and desirability of well-made luxury pieces.
How Jewelers Staged a Comeback
Legacy jewelry brands like BVLGARI, David Yurman, and Tiffany & Co have successfully captured new audiences through iconic designs and smart collaborations with celebrities like Shawn Mendes, Beyoncé, and Pharrell.
Breaking Generational Stereotypes
One of the most revealing insights from the report is the varying behaviors across generations. While Gen X is leading the charge on sustainable engagement rings, it’s the Silent Generation that’s splurging the most on watches. Surprisingly, Millennials are most likely to opt for fair-condition items, and Baby Boomers are contributing more to the circular economy by reconsigning bags.
If there’s one thing that unites everyone across generational divides, it’s a love for Gucci.
Whether it’s the brand’s storied history, innovative designs, or just pure luxury allure, Gucci remains the most searched brand across all generations.
The luxury resale market is not just a niche but a nuanced ecosystem. It’s where craftsmanship meets consumer behavior, timeless classics coexist with rising trends, and where every generation finds something to love. The RealReal’s 2023 report not only deciphers what’s in and what’s out but also gives us a fascinating glimpse into the ever-evolving dialogue between brand legacy and consumer preference.