Resale prices fell 20% for Louis Vuitton, 17% for Gucci, 10% for Hermès and 9% for Chanel over the past 90 days.
Consumers, spooked by accelerating job cuts, looming recession fears and continuing high prices for goods and services in 2023, are trading down when they’re shopping, and that includes in secondhand stores. Demand for secondhand goods remains red hot, with the resale market expected to reach $82 billion in sales by 2026, nearly doubling from $43 billion in 2022, according to industry data.
“A potential recession, the climate crisis, and global unrest are all reasons that, going into 2023, consumers are making shopping decisions based on value,” Rati Sahi Levesque, co-CEO and president of The RealReal, said in the report. As they embrace lower prices, resale shoppers have become less picky about the condition of the items they buy.
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