World News: 14:00 GMT Wednesday 14th August 2019. [The RealReal via Globe Newswire via SPi World News]
SAN FRANCISCO, Aug. 14, 2019 (GLOBE NEWSWIRE) -- (Nasdaq: REAL)--the world’s largest online marketplace for authenticated, consigned luxury goods--today released its annual . Based on sales and demand data from millions of shoppers and millions of items sold, the report offers a definitive look at the shopping shifts and rising trends in luxury resale.
Nearly all of The RealReal’s customers also regularly shop department stores, but as they grow increasingly motivated by sustainability, shoppers are turning to luxury resale as a replacement for fast fashion. More than 80 percent of The RealReal’s customers cite sustainability as an important reason for shopping the site, and 32 percent of customers have left fast fashion behind in favor of shopping luxury resale.
Gucci and Louis Vuitton remain the most in-demand brands within luxury resale, and have expanded their lead more than 225% over No. 3 brand Chanel. Gucci’s dominance shows no signs of slowing -- demand for the brand is up 78% and it’s No. 1 with both women and men.
“Gucci and Louis Vuitton have been at the forefront of embracing culture changes and adapting to the shifting demographic of luxury buyers,” said Rati Levesque, COO and head of merchandising for The RealReal. “We’re seeing that pay off with increasingly strong demand for both brands in luxury resale that has distanced them significantly from the other top brands.”
Gucci also leads the charge at blurring the lines between luxury and streetwear. Shoppers purchasing both streetwear and luxury brands is up 56%, and streetwear buyers are most likely to buy Gucci out of all luxury brands. Overall, streetwear is surging, up 281%, driven largely by millennials, Gen X and women.
For further insights into the state of luxury resale, view The RealReal’s and its RealStyle .
Globe Newswire: 14:00 GMT Wednesday 14th August 2019
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