SAN FRANCISCO, Aug. 26, 2021 (GLOBE NEWSWIRE) -- The RealReal (Nasdaq: REAL) —the world’s largest online marketplace for authenticated, resale luxury goods—today released its 2021 Luxury Resale Report. The report charts the current state of luxury resale, including COVID’s lasting impact on how people are buying and selling, based on the behaviors of The RealReal’s 23+ million members and the data behind its 19+ million items sold.
More people bought and sold into the circular economy over the past year than ever before — 29% of buyers made their first ever pre-owned luxury purchase in the past year and 45% of The RealReal’s new consignors in the first quarter of this year had never consigned before. Shoppers are becoming increasingly conscious consumers, with ~40% of The RealReal’s shoppers turning to luxury resale as a replacement for fast fashion and 43% of buyers citing sustainability as a key driver to embrace luxury resale.
“Luxury resale is experiencing record growth, with 6 million new members joining The RealReal since the end of June last year,” said Rati Sahi Levesque, President of The RealReal. “We’re seeing evolving COVID restrictions and reopenings significantly impacting shopping behaviors. Savvy shoppers are latching onto luxury investments, with the most significant growth among millennials and Gen Z — whom our data suggests will be the most conscious shoppers yet. Shoppers are also drawing inspiration from the past, driving demand for heritage streetwear and vintage Japanese menswear.”
Trends that have risen to the top in 2021:
To see the full breakdown of current trends in luxury resale, view The RealReal’s 2021 Luxury Resale Report.
About The RealReal Inc.The RealReal is the world’s largest online marketplace for authenticated, resale luxury goods, with more than 23 million members. With a rigorous authentication process overseen by experts, The RealReal provides a safe and reliable platform for consumers to buy and sell their luxury items. We have hundreds of in-house gemologists, horologists and brand authenticators who inspect thousands of items each day. As a sustainable company, we give new life to pieces by thousands of brands across numerous categories—including women's and men's fashion, fine jewelry and watches, art and home—in support of the circular economy. We make selling effortless with free virtual appointments, in-home pickup, drop-off and direct shipping. We do all of the work for consignors, including authenticating, using AI and machine learning to determine optimal pricing, photographing and listing their items, as well as handling shipping and customer service. At our 17 retail locations, including our 14 shoppable stores, customers can sell, meet with our experts and receive free valuations.
Press Contact:Erin Santypr@therealreal.com
Source: The RealReal