Gucci becomes the most popular brand of second-hand consignment transactions
The RealReal, a well-known second-hand luxury consignment platform in the United States, released the second-hand luxury consignment industry report (State of Luxury Resale) in the mid-2018. Rati Levesque, Chief Commercial Officer of The RealReal, said in the report: "The luxury consignment market is growing exponentially and more mainstream than ever. Everyone is concerned about the development of online and physical consignment markets to gain insight into consumer behavior. Understand the needs of our customers."
As of June this year, The RealReal has consigned 8 million luxury items. According to this huge database, the company counts the development trend of luxury goods in the second-hand consignment market, best-selling brands and styles, and understands the market size for the industry and the public. The rapidly expanding industry provides a valuable perspective.
Used Gucci is the most sought-after
According to reports, luxury goods of specific brands and styles show significant long-term value. For example, Gucci's performance in 2018 was very eye-catching, jumping from the third place in the overall ranking last year to the first place, defeating Chanel, who ranked first last year, and Louis Vuitton, ranked second, with the top search volume. Cartier (ranked 10th), Dolce&Gabbana (ranked 12th), Tiffany (ranked 13th), Saint Laurent (ranked 15th) and Fendi (ranked 16th) also climbed on the popular search list. But this year, France's old-fashioned luxury goods giant Goyard seems to have lost its appeal to consumers, from the 8th last year to the 17th. Isabel Marant, a luxury womenswear brand from France, also underperformed, falling from 11th last year to 18th.
In terms of sales volume, Gucci won again in the competition of many brands. In the first half of 2018, Gucci achieved an overall 62% year-on-year growth in the first half of 2018, as its creative director Alessandro Michele promoted the concept of extremely versatile design. Hermès and Chanel, which followed closely, also grew 40% and 34% respectively. Even in second-hand consignment transactions, the intensity of competition among luxury brands is still increasing. This year, consumers have turned to Balenciaga to buy the latest design of the pioneer designer Demna Gvasalia, resulting in poor overall sales of Vetements, another brand of design director by Demna. Johanna Ortiz also offered a similar style of fashion at a lower price for its competitors, and the consignment price was lowered by 27%.
As for the most popular luxury style this year, the “logo bag” series has once again become a popular choice for the public. Dior's classic saddle bag sales increased by 89% year-on-year, Gucci's iconic green red and green ribbon bag increased by 51%, and Louis Vuitton classic letter presbyopic bag increased by 26%. Levesque pointed out: "Most of the handbags with Dior, Gucci and Fendi logos are constantly on the market. On the contrary, sales of off-the-sea handbags without the logo pattern are going downhill."
Millennials become the main force
In addition to the enthusiasm and popularity of the major luxury brand styles, there are some consumer phenomena and trends in the luxury industry that are worthy of attention. The report shows that the more popular luxury brands in the millennial generation account for a large proportion of the total second-hand consignment, the younger generation of customers is the main growth point of the industry. For example, Gucci, which is far ahead in all age groups, has a sales growth rate of 48% in the millennial generation compared to other age groups. In addition, Hermès' 71% sales growth indicates that it is very attractive to consumers in the 18-34 age group. For the major luxury brands, the second-hand luxury consignment market is not only a way for young people to try luxury consumption, but also helps to enhance the group's future willingness to consume luxury goods. In the long run, it also has positive significance for the consumption of luxury goods in the primary market. .
The reason why young consumers have become the main force in the second-hand luxury consignment industry depends on the digital positioning of the consignment platform and attracts thousands of newcomers who are accustomed to online shopping. It is reported that nearly one-third of the online traffic of The RealReal comes from people aged 24-34, while those from 18-23 years old and 35-44 years old each account for 18%. On the other hand, millennials consumers enjoy the personality, mashup and cost-effective experience of second-hand shopping. Julie Wainwright, founder of The RealReal, said in an interview with Forbes magazine that American consumers are now overwhelmed by too many similar fashions, while millennials are particularly eager for a personalized look. She said: "Never underestimate the millennial generation's demand for avant-garde luxury goods, which is the key to The RealReal's past and future success."
"Dad Wind" single item is favored
As more and more men begin to pay attention to and accept second-hand luxury goods consumption, the consumption of male watches, fashion brands and other categories has also increased significantly. According to statistics, among the millennial male consumers, Rolex, Gucci and Louis Vuitton became the top three luxury brands that are most popular among men. In addition, due to the low-key design of the last wave of fashion designers to promote thick sneakers and earthen denim, male consumers in the first half of 2018 turned to the street fashion brand of “Daddy Style”. The search for fresh and middle-aged men's Hawaiian shirts has increased by 84% compared to last year, while the search volume for men's pockets has increased by 614% year-on-year. In addition, the enthusiasm of luxury shoes is also high, and the Yeezy X Adidas series designed by Kanye West is the most popular, almost all of the United States.
According to Thredup, a second-hand consignment platform for popular fashion brands, total sales in the second-hand consignment market will reach $41 billion by 2022, and second-hand stores will be one of the fastest growing industries this year. In an interview with Forbes magazine, Levesque pointed out that the second-hand consignment platform is becoming an important Shein Coupons second-hand transaction vane and can even promote first-hand transactions. He said: "According to the survey, many luxury buyers will check the second-hand trading platform before buying new products. Even if they have never sold second-hand goods, if they want to buy new products at higher prices, know in advance how to use them. Buying judgments can also help. If the second-hand price of a product can be returned to about 80%, consumers are more likely to buy first-hand items."
In recent years, as the second-hand luxury consignment market has gradually become an important part of the luxury goods trading market, more and more investors are aware that the second-hand luxury consignment industry has great potential for development. In 2017, The RealReal founder Julie Wainwright said in an interview with CNBC that the company had sales of only $10 million when it first went online in 2011, and six years later, sales have exceeded $500 million. At the end of July this year, The RealReal completed a $115 million Series G round of financing, with a total financing of $288 million, making it the second-largest consignment site with the most investment. The second-hand luxury consignment platform redefines the luxury buying model. In the future, as people's attitude towards second-hand luxury goods becomes more and more open, the luxury goods industry may usher in new "rules of the game."
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