Gen Z and Millennials drive demand for vintage: The RealReal

By

Jennifer Braun

Published
Jan 20, 2023

Gen Z and Millennials are driving demand for vintage, according to The RealReal’s 2023 Luxury Consignment Report.

The online luxury resale platform saw sales of vintage archival pieces surge 50% since January 2022, with demand continuing to rise for Y2K pieces. Still, it is Gen Z who are deemed to be most circular, according to the report. Gen Z reconsigned 52% more in 2022, especially in the women’s category.

The RealReal’s 2023 Luxury Consignment Report, which showcases year-over-year data from its 30 million members and 28 million items sold, also reveals that consumers are trading down from ultra luxe for trendier styles. In fact, prices for high-end luxury bags, dropped by 5% by the end of 2022, while sales for styles from Prada, Miu Miu, and Dior began to increase.

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Prada and Simone Rocha were named the top favorites in the back half of 2022. Demand for Prada’s Crystal Re-Edition of its 2000 mini bag was up 1,344% year-over-year. Likewise, demand for women’s ready to wear by Simone Rocha was up 635% year-over-year.

“A potential recession, the climate crisis, and global unrest are all reasons that, going into 2023, consumers are making shopping decisions based on value – with 66% saying they shop resale primarily to get a good deal – as well as personal values,” said Rati Sahi Levesque, co-CEO and president, The RealReal.

“We’re seeing our members do this in many different ways, from trading down ultra-luxe bags for more accessible options and buying fair condition items to express themselves through fashion and sustainable shopping practices. The value of resale is different for every person – and that’s the beauty of it."