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The Real Real has released a “Luxury Shopper Insight” study on luxury consumer habits and finds that shopping patterns have changed drastically over the past two years.
The RealReal is the world’s largest online marketplace for authenticated and resold luxury goods, with over 23 million members. Based on national research conducted by Lisa W. Miller & Associates Research, a study identifies key changes in luxury buyer behavior and their impact on retail and resale.
“While the luxury resale market continues to evolve, its growth is significantly higher than the primary market,” said Orr Shakked, director of marketing for The RealReal. “There is a distinct division in resale, with only five marketplaces, including The RealReal, having significant aided awareness. In fact, The RealReal has seen a 14-point increase in awareness since 2019, more than 50 percent higher than all other 24 resale brands surveyed.”
Outlets and department stores saw the largest declines in luxury purchases, down -10 pts and -7 pts since 2019. At the same time, luxury resale has attracted more new buyers since 2019 than all previous years combined, and 48% luxury buyers plan to buy luxury resale products, up 6 pts since 2019.
Resale purchase intent is up across all luxury categories and especially jewelry and watches (+13 pts and +12 pts since 2019). Of the 24 resale players surveyed, only these five players have awareness above 30%: eBay, Poshmark, thredUP, The RealReal and Sotheby’s.
“Resale has seen record growth over the past two years, but only 24% of luxury buyers are currently purchasing pre-owned pieces. Bringing more new buyers and consignors into the circular economy is critical to creating a more sustainable future for fashion,” said Julie Wainwright, founder and CEO of The RealReal. “Over the past two years, we’ve seen a 13 percent increase in the number of The RealReal buyers who cite sustainability as a deciding factor in their purchases. It’s critical that we continue to raise awareness about the negative impact fashion has on the environment and see resale as a solution each of us can embrace to help reduce the amount of textiles that are landfilled or burned every second.”
On the other hand, male shoppers represent luxury’s biggest growth opportunity. In fact, men are nearly 3 times more likely to purchase luxury goods exclusively.
Read Also > THE REAL REAL’S NEW ECO-FRIENDLY STORE IN ATLANTA
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The Real Real has released a “Luxury Shopper Insight” study on luxury consumer habits and finds that shopping patterns have changed drastically over the past two years.
The RealReal is the world’s largest online marketplace for authenticated and resold luxury goods, with over 23 million members. Based on national research conducted by Lisa W. Miller & Associates Research, a study identifies key changes in luxury buyer behavior and their impact on retail and resale.
“While the luxury resale market continues to evolve, its growth is significantly higher than the primary market,” said Orr Shakked, director of marketing for The RealReal.
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The Real Real has released a “Luxury Shopper Insight” study on luxury consumer habits and finds that shopping patterns have changed drastically over the past two years.
The RealReal is the world’s largest online marketplace for authenticated and resold luxury goods, with over 23 million members. Based on national research conducted by Lisa W. Miller & Associates Research, a study identifies key changes in luxury buyer behavior and their impact on retail and resale.
“While the luxury resale market continues to evolve, its growth is significantly higher than the primary market,” said Orr Shakked, director of marketing for The RealReal.
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