Gen Z and Millennials drive demand for vintage: The RealReal
Gen Z and Millennials are driving demand for vintage, according to The RealReal’s 2023 Luxury Consignment Report.
The online luxury resale platform saw sales of vintage archival pieces surge 50% since January 2022, with demand continuing to rise for Y2K pieces. Still, it is Gen Z who are deemed to be most circular, according to the report. Gen Z reconsigned 52% more in 2022, especially in the women’s category.
The RealReal’s 2023 Luxury Consignment Report, which showcases year-over-year data from its 30 million members and 28 million items sold, also reveals that consumers are trading down from ultra luxe for trendier styles. In fact, prices for high-end luxury bags, dropped by 5% by the end of 2022, while sales for styles from Prada, Miu Miu, and Dior began to increase.
Prada and Simone Rocha were named the top favorites in the back half of 2022. Demand for Prada’s Crystal Re-Edition of its 2000 mini bag was up 1,344% year-over-year. Likewise, demand for women’s ready to wear by Simone Rocha was up 635% year-over-year.
“A potential recession, the climate crisis, and global unrest are all reasons that, going into 2023, consumers are making shopping decisions based on value – with 66% saying they shop resale primarily to get a good deal – as well as personal values,” said Rati Sahi Levesque, co-CEO and president, The RealReal.
“We’re seeing our members do this in many different ways, from trading down ultra-luxe bags for more accessible options and buying fair condition items to express themselves through fashion and sustainable shopping practices. The value of resale is different for every person – and that’s the beauty of it."
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