According to The RealReal’s 2024 Resale Report, today’s trends are emerging in new ways, with shoppers increasingly placing more importance on what they see on TikTok, TV and street style than on the runway when making purchases, reaffirming the important role that culture plays in fashion at a time when consumers are focusing on “what will last” rather than “what’s next” during times of economic stress.
“This unprecedented collision of fashion and culture has empowered consumers to shape trends, driving demand for unique, high-value items that reflect their personal style,” said Rati Sahih Levesque, president and chief operating officer of The RealReal. “Particularly during times of economic uncertainty, consumers are looking to increase their investment in quality. For the second year in a row, both average order value and average sale price have increased across all generations, up to 14%. Now more than ever, shoppers are curating their wardrobes with an emphasis on uniqueness and lasting value.”
The thrift retailer analysed all generations and genders to find out what consumers are currently looking for, with the most searched brands this year being Louis Vuitton, Chanel, Prada, Gucci, Loewe, Miu Miu, Celine, Bottega Veneta, Dior and The Row. In terms of retailer sales, this has translated into increased spending on brands deemed to have higher value, with Cartier, Tiffany and Van Cleef & Arpels topping the jewellery category.
While the most searched-for brand by Gen Z was Prada, Chanel and Gucci handbags, especially popular among Baby Boomer and Gen Z shoppers, were the most searched-for items on the site.
According to the report, news of creative changes at brands was a driver of demand this year. For example, demand for Dries Van Noten increased 200 percent after the designer announced his retirement, and Valentino’s ready-to-wear increased 20 percent after Pierpaolo Piccolo announced his departure. Similar results were seen when Virginie Viard left Chanel and Sean McGeer took over at Alexander McQueen.
One of the standout trends in resale this year was “vintage business wear,” with brands such as Calvin Klein (up 306%), Donna Karan (up 216%), Gianfranco Ferré (up 270%), St. John (up 163%) and Thom Browne (up 122%) seeing strong sales, according to the report. At the same time, however, demand for streetwear brands such as Supreme, Off-White and Nike Jordan declined.
There were subtle differences between generations, highlighting which locations are seeing the highest spenders: Baby Boomers dominate in New York, Los Angeles and San Francisco, while Gen Xers based in Palm Beach, Florida, spend the most per order overall. Millennials in New York were found to have the highest total sales compared to any other demographic or state, while Gen Zers in Atlanta spend the most per order compared to any other cohort, The RealReal data found.
Fine jewelry saw faster growth than any other category this year, according to the report, which the authors say they believe is due to consumers seeking a guaranteed return on investment and sustainability from high-value jewelry during times of economic uncertainty.
Still, when it comes to jewelry in general, the company’s report found growing interest in maximalism. Searches for emerald gemstones and onyx jewelry both increased 20 percent, while resale prices for turquoise jewelry were up 79 percent above MSRP. At the same time, searches for gold bangles increased 353 percent and searches for cuff bracelets increased 32 percent, except for Tiffany’s bone cuffs, which increased 118 percent. Sales of Cartier collar necklaces increased 146 percent across retailers, and sales of Tiffany’s signet rings increased 70 percent.
When it comes to purchasing handbags, shoppers are noticing rising prices for luxury items, the report’s authors said. As a result, consumers are spending 20 percent more on bags on The RealReal than they did five years ago, but are increasingly favoring styles from brands like Miu Miu and Loewe, in addition to emerging brands. Consumers shopping in the $1,000 to $3,000 price range are up 13 percent year over year.
Notably, The RealReal has busted more than 7,000 counterfeits in its handbag authentication efforts in 2023, which the company says are “strikingly similar to the real thing.” As in past years, the top brands discovered as counterfeits were Hermes, Chanel, Louis Vuitton, and Gucci, with an increase in Celine and The Row counterfeits this year.
