According to The RealReal Inc’s 2022 Luxury Resale Report, Gen Z is leading the “buy to sell” designer fashion trend.
Consumers age 25 and younger view resale as something of a sport, buying used luxury items with the goal of reselling them later for a higher price. This trend has become particularly popular as inflationary concerns have grown, the report said.
According to Sasha Skoda, senior director of women’s merchandising at RealReal, an online consignment platform, in the first half of this year, resales of items purchased on the site by Gen Z customers increased by 50%.
“What’s really interesting about this cohort is that they resell what they buy at a much faster rate than any other demo,” she said in an email.
The most popular labels sold to Gen Z include Prada and Reformation. One of the biggest buys was Balenciaga, as promotions with celebrities Kim Kardashian and Justin Bieber boosted the brand’s profile. When it comes to jewelry, Cartier ranks high.
Gen Z consumers gravitate toward lighter styles like mini skirts versus the more traditional pants preferred by Millennial shoppers.
© 2022 Bloomberg