The re-sale market has boomed in the last few years especially with more conversation around sustainability and waste in the fashion industry. More and more people are looking to help minimize their footprint and the fashion industry’s footprint and one of the ways they are doing this is through consignment and re-sale.
Since the beginning of the pandemic luxury items have become quite coveted. Luxury items have an extended lifespan and do not depreciate much, the re-sale value for a luxury item is very profitable.
Consignment brick and mortars and online stores have been popping up left and right. You might be scrolling through Instagram and continually see recommendations for consignment accounts to follow or you might be walking through the hippest areas in your city when you stumble upon a luxury consignment storefront.
You may not know that the luxury items you have in your closet are worth a pretty penny. What exactly are people buying and selling these days? We are going to dive into the consignment stats that can help inspire your next impulse buy or closet clean-out and a look into which brands made consigners the most coin.
Who Is Selling and What
How about we start from youngest to oldest? Gen Z are all about turning a profit on their Gucci sneakers, belts and crossbody bags. Millennials are more into consigning contemporary fashion, such as their once beloved skinny jeans by Rag & Bone, J Brand and Frame. Gen X has a large collection of luxury bags worth consigning, including Chanel and Gucci shoulder bags and Louis Vuitton top-handle purses that will make you swoon. Baby Boomers tend to focus less on brand names and more on item quality. They typically are consigning unbranded cocktails rings and statement earrings. Finally, the Silent Generation includes a lot of male consigners who are looking to part from their expensive suits and accessories, such as ties from Hermès and suits from Versace.
Top Brands For Selling
In almost every demographic, the same six brands topped the resale lists. In luxury fashion, the front-runners included Louis Vuitton, Chanel, Gucci, and Prada. For contemporary fashion, Tory Burch and Rag & Bone took the lead. Gucci has become one of the biggest brands for consigning after celebrities like Harry Styles and Billie Eilish became faces for Gucci. Louis Vuitton is a top brand for obvious reasons, their classic symbol is recognized by anyone and everywhere and Gen Z has loved it for that exact reason. Prada is again another classic brand with a classic style, anyone from Frank Ocean to Anna Wintour can be seen rocking Prada. Chanel has always been consistently one of the biggest players in the resale game, with their items gaining value over time.
It might be time to clean out your closet or help your grandma clean out hers!
Published by HOLR Magazine.