The Top Takeaways From Our 2020 Luxury Resale Report
Every year we mine our exclusive data for insights into what’s trending in the world of luxury resale. And 2020 is a year like no other in recent memory. Many of this year’s shakeups are unique to the COVID era, from trending out-of-season items to an interior focus. And some trends that have been building for years are being taken to new heights — think streetwear and its continued takeover of the luxury sphere. Read on to discover which brand nabbed the #1 spot for the first time ever, the fashion disruptors that are most in-demand, the surprising pieces shoppers are buying during COVID and more. Plus, read the whole report here.
1. Louis Vuitton Nabs The #1 Spot For The First Time Ever
Thanks to Gen Z and millennials, the French fashion house was in higher demand than Gucci, Chanel, and, well, everyone else. “Gen Z, millennials and men are the new faces of luxury shopping, and the brands in tune with what they want are rising to the top,” says Rati Levesque, COO at TRR. “Louis Vuitton edged its way above Gucci by capturing the greatest share of demand among younger demographics, while high demand among men helped keep Gucci well above Chanel.” In fact, Gucci maintained its #1 spot in men’s for the third year in a row. Other big moves in the top 10 saw Burberry making it back onto the list, Saint Laurent leaping from #13 to #8 and Dior showing the most significant yearly growth. Get the full details to see which coveted pieces are driving demand.
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2. Shoppers Are Banking On Investment Pieces
As the COVID era continues, people are making lasting changes to what they buy and sell, and betting on investment pieces. “Faced with economic uncertainty, shoppers are gravitating toward the safest bets in luxury: investment pieces,” says Sasha Skoda, Head of Women’s at TRR. “They’re spending on high-value, timeless styles with enduring resale value — knowing they can consign them in the future to recoup most of that investment or wear classic pieces for decades to come.”
3. Fashion’s Disruptors Are In Demand
From Marine Serre’s upcycled collections to Telfar’s “It’s not for you — it’s for everyone” ethos to Richard Quinn’s transportive designs, the most searched young designers this year embody values like sustainability and inclusivity, or see fashion as escapism.
4. Luxury Brands Are Infiltrating Streetwear’s Top 10
Luxury’s rulebook went out the atelier window when streetwear started to drive fashion trends. 13X more shoppers bought streetwear over the past five years, and sales of streetwear pieces by traditional luxury brands grew a whopping 991%. Streetwear is now a full-fledged culture that goes beyond sneaker and hoodie staples, crossing over into art, kids and womenswear.
5. Quarantine Has Its Own It Items
After the CDC’s face mask recommendations demand for silk scarves spiked as they did double duty: sleek video call accessory plus face covering. After The Last Dance premiered, Jordan demand jumped. And in May, TikTok took over and demand rose for pieces trending on the app. Spring turned out to be the season of cozy with out-of-season pieces like sweaters dominating demand. And those were just a few.
6. Interior Investments Are On The Rise
As life moved online, the frame of virtual meetings brought home objects into focus. Offline, board games and puzzles took the boredom out of quarantine life. And as COVID carried on, shoppers turned to home decor to breathe new life into their spaces.
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