Despite Lil Pump’s best attempts to turn people away from the brand with his song, the famed Italian fashion house remains as popular as ever. In the recently released Luxury Resale Report from American luxury goods resale and trading platform TheRealReal, Gucci was named as the most bought and sold brand of this year.
As well as offering insights into the treasure trove of data that TheRealReal has gathered over the past 12 months, the Luxury Resale Report also offered a view into how the COVID-19 pandemic has affected the trading of luxury goods. Perhaps as a result of people with more disposable income due to lockdowns and cancelled holidays, 45% of TheRealReal sellers in Q1 were first time users of the platform.
Gucci took the top step for the most traded brand on the platform, with purchases up +62% while consignments climbed by +61% year on year. Interestingly, despite the number of millennial consignors growing by 40% over the last two years, it was Gen X users that were the number one buyers and sellers of Gucci items.
The report offered a few other interesting insights into the buying and selling habits of TheRealReal users. Telfar was awarded the emerging brand of the year, boasting +590% year on year demand. The watch segment also saw significant growth, with the average collector spend increasing by +$1,643 (AU$2,263). The most purchased watch brands were Cartier, Franck Muller, and Rolex, perhaps signalling a renaissance of the Franck Muller brand.
It was the Millennial and Gen X cohort that was most aggressively pursuing investment grade luxury goods, up +61% and +39% respectively.
“The rise in high-value purchases we saw after COVID began has accelerated this year, suggesting a lasting change in how luxury is viewed,” explained Mayank Hajela, TheRealReal’s Senior Director of Merchandising.
“Younger generations have embraced newer forms of investment such as crypto and NFTs, and they’re now looking to luxury goods, which can yield significant returns even after a piece has been worn.”
Keen to jump on the Gucci boom TheRealReal is witnessing? Check out the full report below.