Luxury Fashion Resale is Booming- Here’s Why

Vestiaire Collective (an online  global resale site)  recently conducted a very interesting study with BCG (Boston Consulting Group) on the “5 Reasons Why You Should Be Buying and Selling Pre-Owned Fashion.” The results confirm what we’ve been seeing here at The Recessionista for awhile–vintage fashions from luxury designers are in demand.  The study found that the resale boom is projected to overtake the fast-fashion industry in value within a decade.   That’s good news for the earth as our landfills are over crowded with fast fashion items and clothing no one wants.

Unique designer handbags are featured at the Vestiaire Collective online store.

The bottom line is that luxury brands should celebrate the pre-owned boom because it’s good for the environment and good for business:

•  Resale is a recruiting mechanism for luxury brands
•  Second-hand sellers are predominantly first-hand buyers
•  Second-hand is a great way to boost sustainability.

Key findings of the research study include:

• Price is a key driver for consumers– 97% of respondents surveyed said they shop pre-owned as they are looking for value for money and good deals.

• The investment factor – 44% say they feel more confident to spend money on first-hand luxury pieces thanks to the resale market as they now understand the long-term resale value of these sought-after purchases.

• Owning a unique sense of style. Vestiaire Collective’s diverse inventory of unique, desirable pieces is a key draw for global fashion lovers around the world. 73% of respondents go to the platform looking for desirable pieces they can’t find elsewhere and their friends won’t have, while 62% are searching for sold out and limited edition pieces no longer available in the first-hand market.

• Spoiled for choice – 83% of participants said they like shopping second-hand because they can find a large selection of desirable pieces and brands.

• The rise of the eco-fashionista – 50% of respondents say that buying sustainable and guilt-free fashion was important to them and more than 70% of participants said they actively think of sustainability when shopping fashion. The good news is that resale is the most sustainable option available.  Why is this important?  According to environmental-action group WRAP, extending the lifespan of a piece of clothing by just nine months reduces its carbon and waste footprint by 20-30%.

What do you think readers? As we ramp up to the holiday buying season, analysts are predicting that consumers will buy more pre-owned items than ever before.   See my previous post on incentives being offered to Burberry owners to consign their Burberry goods for resale.

Vestiaire Collective’s British fashion deals section features savings up to 50% off pre-owned fashion.

If you haven’t checked out Vestiaire Collective online yet, you may want to take a look.  They have a great selection of “authenticated” handbags, apparel, footwear, watches, jewelry and accessories.  They are also running a sale on British designers offering savings of up to 50% off.  The  online consignment site promises thousands of new items daily, which is an incentive to check back often for the brands you love.