Resold Luxury Goods Lose Stigma and Gain Fans Across Generations – JCK
The resale market, especially for luxury goods including fine jewelry, has proven to be extremely popular in 2021, and this trend will continue with demographics from Gen Z to baby boomers gravitating towards retailers of online resale to create unique looks and focus on sustainable shopping habits.
In the 2022 Luxury Consignment Report published on Thursday, experts in the resale of luxury goods at The real real in San Francisco say “conscious consumers” from a wide range of age groups are looking to resell as a way to create a unique style while buying their values.
Jewelers specializing in vintage or heirloom jewelry, as well as designers who incorporate gemstones and recycled metals into their work, could consider this report as a way to guide what to buy and how to sell in 2022.
“At the center of this fine jewelry renaissance is self-expression. It’s now less about linear trends and more about personal style,” says Steffi Lee, editorial manager of fine jewelry and watches for The RealReal.
“We’re noticing our customers are accessorizing in more playful, indulgent and creative ways, specifically looking for pieces that they feel personally connected to and that express who they are,” says Lee. “As consumers are less inclined to subscribe to trends or buy exclusively from one brand, the more there is a need for variety and one-of-a-kind pieces.”
The 2022 Luxury Consignment Report found that classic fine jewelry brands, including Rolex, Chanel and Tiffany & Co., are appealing to younger consumers seeking a distinctive look with quality construction.
For example, The RealReal recorded strong resale value of branded vintage pieces such as Chanel necklaces, which rose 697%, and Tiffany & Co. clip earrings, the prices of which rose 381%. %.
“What I find really fascinating about our fine jewelry category is this multi-generational embrace of discovery,” says Lee. “We are seeing pieces being passed down from generation to generation and members becoming more engaged with vintage, rare and unique pieces that would otherwise be hard to find.”
Lee says branded and unbranded items have done extremely well in his market. For example, demand for non-branded jewelry, such as cocktail rings, on Gen Z alone grew by 53%. Data for the report comes from The RealReal’s more than 24 million members and over 22 million items sold.
“Our customers come to us for branded staple pieces from top brands, as well as non-branded pieces from vintage styles, collaborations, and limited-production ones,” says Lee. “As resale continues to grow and stigmas begin to shift, we are seeing members begin to make more thoughtful and valuable investments in themselves and their families.”
Interestingly, consumers aren’t just buying for themselves, they’re also offering these resale finds, Lee says. In other words, offering or carrying a resale is considered a smart buy.
“In 2020, we saw orders requesting gift boxes increase by 60% year over year,” says Lee. “There is a new acceptance of second-hand gifts and a very considered personal approach when it comes to buying items for a loved one and for themselves.”
The report also found baby boomers are pulling pieces out of their closets or jewelry boxes and posting them on websites like The RealReal. It’s a way to ensure their items find new life with someone who will appreciate them, Lee says.
“It’s been exciting to see such consistent growth across all fine jewelry categories, and we’re always excited to see what our shippers pass on to us next,” Lee said.
Above: Vintage Chanel, like this necklace, is selling for the best price on luxury consignment website The RealReal, and the San Francisco-based company thinks that trend will continue in 2022 (all photos courtesy from The RealReal).
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