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

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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Featured photo : © The RealReal

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