The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Gen-Z is leading the trend of “shopping to sell” designer fashions, according to The RealReal Inc.’s 2022 Luxury Resale Report.
Consumers 25-years-old-and-younger see resale shopping as something of a sport, buying used luxury goods with the goal of selling them later at higher prices. The trend has become particularly popular as inflationary woes mount, the report said.
The RealReal, an online consignment platform, saw a 50 percent jump in the first half of this year in the reselling of items bought on the site by Gen-Z customers, according to Sasha Skoda, senior director of women’s merchandising at the company.
“What’s really interesting about this cohort is that they’re reselling what they buy much faster than any other demo,” she said in an email.
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Top labels sold by Gen-Z include Prada and Reformation. One bought in greater numbers was Balenciaga, as promotions with celebrities Kim Kardashian and Justin Bieber raised the profile of the brand. For jewellery, Cartier ranks high.
Gen-Z consumers are gravitating to breezier styles like mini-skirts versus more traditional pants preferred by Millennial shoppers.
By Martine Paris
Learn more:
The Future of Fashion Resale Report | BoF Insights
BoF’s definitive guide to fashion resale, covering the evolution of the market, its growth and upside, consumer behaviours and recommendations for crafting a data-driven resale strategy.
The luxury goods maker is seeking pricing harmonisation across the globe, and adjusts prices in different markets to ensure that the company is”fair to all [its] clients everywhere,” CEO Leena Nair said.
Hermes saw Chinese buyers snap up its luxury products as the Kelly bag maker showed its resilience amid a broader slowdown in demand for the sector.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.