MARCH
The luxury resale market is growing four times faster than the primary luxury market, at 12% per year versus 3%. The market for secondhand luxury goods isn’t new, but it is now in the spotlight as it becomes one of the fastest-growing luxury trends. The stigma formerly associated with buying pre-owned items is quickly fading into non-existence. Many celebrities are openly endorsing pre-owned luxury goods. Even the Kardashians are making a move into the resale market with the launch of Kardashian Kloset.
A major advantage of the secondhand market is the chance for affluent shoppers to shop for previous season collections, vintage gems, limited-edition releases, sold-out fashion exclusives, and drops missed the first time. There are two key motivators behind luxury buyers’ shifting purchase behavior that explain the growth of the high-end pre-owned economy. First is conscious shopping, or seeking sustainability. Modern affluent consumers increasingly shop with a purpose and are driven by a commitment to sustainability. The second motivation is experiential luxury or ‘wanting newness’. Young affluent consumers tend to value access to luxury more than owning luxury goods forever. Perhaps we can thank social media for that one since some consumers don’t want to be seen in the same outfit twice. (SMH) I would like to believe that secondhand luxury shopping is perceived as a responsible way for new affluent generations to acquire luxury items without contributing to the negative impact on the environment by buying fast fashion (ie Shein/Temu). I know that in my store, I may "cry" a little when a handbag leaves the store, however, it warms my heart to send it home with someone who loves and appreciates it as much as I do.
Authenticity is at the heart of any successful, sustainable resale venture. Client bases are built on trust and transparency. At the Re-Find Designer, we utilize Entrupy to do all of our authentications, and everything we sell is guaranteed authentic. If you do end up buying a handbag from Facebook, or from someone you don’t fully trust, bring your bag in, and I will do the authentication myself for you at my cost of $26.
Fashion is a lifestyle that we all embrace in different ways. Now get out there and embrace it!!
Kristen
