The RealReal 2022 Luxury Resale Report Reveals Emotional and Environmental Adoption of Resale
Customers discover escapism through resale; deepens relationship with circular economy
SAN FRANCISCO, Aug. 24, 2022 (GLOBE NEWSWIRE) -- The RealReal (Nasdaq: REAL) — the world’s largest online marketplace for authenticated, resale luxury goods — today released its 2022 Luxury Resale Report. The annual report is powered by data derived from The RealReal’s more than 28 million members and more than 26 million items sold to date. This year, The RealReal not only charts the shifts in customer behavior and spending habits, but reveals the emotional and environmental impact of resale, especially during the current economic uncertainty.
“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,” explains Rati Sahi Levesque, Co-Interim Chief Executive Officer, President, and Chief Operating Officer of The RealReal. “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. Through resale, consumers are becoming increasingly savvy, they're exploring new areas of investments, and they’re engaging with circularity more than ever before.”
Consumer behavior has always been evolving but, in the past year specifically, the way customers shop and engage with resale has shifted significantly. They are increasingly mindful of how and where they spend their time, money and energy, they’re drawn to the thrill of the hunt, enjoying endless scrolling and filtering options, and they’re pushing stylistic boundaries and experimenting with self-expression.
Top Themes Explored inThe RealReal’s 2022 Luxury Resale Report:
Awareness of Resale Is Up:
- 27% more people are familiar with resale than last year
- TRR member base grew by 23% in the first half of the year, adding 5.3 million new shoppers since 2021
- Customers are buying more; 44% more items were purchased at TRR over the past year
Engagement with Resale Deepens:
- Gamification drives shoppers to use TRR’s smart features more; ‘obsessions’ being used 40% more YoY
- Gen Z visits TRR 35% more than they did last year; the greatest growth of any demo
- Reconsignment is up more than 3X since 2018; more than 2X as many items originally purchased on TRR were re-sold on TRR since the start of the pandemic
Every Demo Continues to Buy and Sell:
- Millennials are the largest resale generation, representing the largest volume of buyers and sellers on TRR
- Gen X is most committed to circularity, selling the most items of any demo; consigning 25% more YoY
- While Gen Z is spending 186% more on pendants, millennials are spending 107% more on unbranded engagement rings
Shoppers are Exploring Additional Areas of Investments:
- Sales growth for collectibles is up 78% in the first half of 2022
- Demand for collectible, vintage clothing up 439%, outpacing every other vintage category
- Men’s demand for unbranded necklaces is up 33%; outpacing women’s at +29%
Reemerging Styles Rise to the Top
- Balenciaga experienced the greatest demand growth (up 41% YoY) of any top ten brand; Gen Z being the primary drivers
- Dior landed in the top 10 for the first time since 2019; Gen X and Boomers are responsible for driving demand up 31% YoY
- Vintage Icon Gucci Blondie deemed “It Bag” of 2022; demand up 126% YoY
To view the full breakdown of The RealReal’s 2022 Luxury Resale Report, visit TheRealReal.com.
About The RealReal Inc.
The RealReal is the world’s largest online marketplace for authenticated, resale luxury goods, with more than 28 million members. With a rigorous authentication process overseen by experts, The RealReal provides a safe and reliable platform for consumers to buy and sell their luxury items. We have hundreds of in-house gemologists, horologists and brand authenticators who inspect thousands of items each day. As a sustainable company, we give new life to pieces by thousands of brands across numerous categories—including women’s and men’s fashion, fine jewelry and watches, art and home—in support of the circular economy. We make selling effortless with free virtual appointments, in-home pickup, drop-off and direct shipping. We do all of the work for consignors, including authenticating, using AI and machine learning to determine optimal pricing, photographing and listing their items, as well as handling shipping and customer service. At our 19 retail locations, including our 16 shoppable stores, customers can sell, meet with our experts and receive free valuations.