The luxury second-hand market responds to current economic, ecological and emotional needs

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The RealReal, the American luxury goods resale platform, has just published its 2022 report on the resale of luxury goods and reveals the emotional and environmental impact of resale, particularly in the current uncertain economic climate.

 

Given the current economic climate, The RealReal explains that the way customers shop and engage in resale has changed dramatically in recent years. They are increasingly careful about how they spend their time, money and energy, they are drawn to the excitement of finding the best deal, they enjoy endless scrolling and filtering options, they are pushing stylistic boundaries and experimenting with personal expression.

 

“In a world currently filled with the unknown and the unexpected, consumers find escape in the reliability and discoverability of the second-hand market,” said Rati Sahi Levesque, Acting Co-CEO, President and COO of The RealReal.

 

“Between primary market supply constraints, inflation issues and the accelerating climate crisis, buyers and consignors are seeing the economic, environmental and emotional value of resale. Through resale, consumers are becoming more savvy, exploring new areas of investment and engaging in circularity more than ever before,” she adds. she adds.

 

A promising future for the second-hand market

 

The second-hand market is now becoming a major issue in the luxury sector, particularly as it responds to current ecological challenges. Indeed, McKinsey revealed that in 2022 the global second-hand market represented 27 billion dollars and could reach 57 billion dollars by 2025.

 

As an example, The RealReal report found that 27% more people are familiar with resale than last year. The RealReal’s membership base grew by 23% in the first half of the year, adding up to 5.3 million new buyers by 2021. Customers are also buying more, with 44% more items purchased on the platform in the last year.

 

A younger and younger customer base

 

Millennials are the largest generation interested in the second-hand market, representing the largest volume of buyers and sellers on The RealReal platform. Generation X is the most engaged in circularity and sells the most items of any demographic, growing at 25% per year.

 

 

 

Read also > The RealReal publishes the first-ever scientific measurement of the impact of second hand

 

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The RealReal, the American luxury goods resale platform, has just published its 2022 report on the resale of luxury goods and reveals the emotional and environmental impact of resale, particularly in the current uncertain economic climate.

 

Given the current economic climate, The RealReal explains that the way customers shop and engage in resale has changed dramatically in recent years. They are increasingly careful about how they spend their time, money and energy, they are drawn to the excitement of finding the best deal, they enjoy endless scrolling and filtering options, they are pushing stylistic boundaries and experimenting with personal expression.

 

“In a world currently filled with the unknown and the unexpected, consumers find escape in the reliability and discoverability of the second-hand market,” said Rati Sahi Levesque, Acting Co-CEO, President and COO of The RealReal.

 

“Between primary market supply constraints, inflation issues and the accelerating climate crisis, buyers and consignors are seeing the economic, environmental and emotional value of resale. Through resale, consumers are becoming more savvy, exploring new areas of investment and engaging in circularity more than ever before,” she adds. she adds.

 

A promising future for the second-hand market

 

The second-hand market is now becoming a major issue in the luxury sector, particularly as it responds to current ecological challenges. Indeed, McKinsey revealed that in 2022 the global second-hand market represented 27 billion dollars and could reach 57 billion dollars by 2025.

 

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The RealReal, the American luxury goods resale platform, has just published its 2022 report on the resale of luxury goods and reveals the emotional and environmental impact of resale, particularly in the current uncertain economic climate.

 

Given the current economic climate, The RealReal explains that the way customers shop and engage in resale has changed dramatically in recent years. They are increasingly careful about how they spend their time, money and energy, they are drawn to the excitement of finding the best deal, they enjoy endless scrolling and filtering options, they are pushing stylistic boundaries and experimenting with personal expression.

 

“In a world currently filled with the unknown and the unexpected, consumers find escape in the reliability and discoverability of the second-hand market,” said Rati Sahi Levesque, Acting Co-CEO, President and COO of The RealReal.

 

“Between primary market supply constraints, inflation issues and the accelerating climate crisis, buyers and consignors are seeing the economic, environmental and emotional value of resale. Through resale, consumers are becoming more savvy, exploring new areas of investment and engaging in circularity more than ever before,” she adds. she adds.

 

A promising future for the second-hand market

 

The second-hand market is now becoming a major issue in the luxury sector, particularly as it responds to current ecological challenges. Indeed, McKinsey revealed that in 2022 the global second-hand market represented 27 billion dollars and could reach 57 billion dollars by 2025.

 

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Thanks to its extensive knowledge of these sectors, the Luxus + editorial team deciphers for its readers the main economic and technological stakes in fashion, watchmaking, jewelry, gastronomy, perfumes and cosmetics, hotels, and prestigious real estate.

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