Like many other resale platforms, Fashionphile periodically dissects the trends dominating the secondhand market — which is projected to double in size from 2022 and surpass the $350 billion mark by 2027 — and predicts which ones will remain solidly in place. This year, its Ultra Luxury Resale Report confirms a few behaviors we’ve read about (that shoppers are more conscious than ever about their impact on the environment, and that familiar brands are making strong comebacks), and highlights a few new ones that tell us a bit about the state of secondhand.
Even Taylor Swift Wears Reformation on Girls’ Night
Resale is no longer an alternative form of shopping, but rather a “way of life,” according to Fashionphile. To guide your next purchase (or sale), read up on the five key findings from its 2023 Ultra Luxury Resale Report, below.
‘LOUD LUXURY’ IS IN
According to the report, the “quiet luxury” phenomenon fueled largely by “Succession” and Sofia Richie‘s wedding looks seems to have had a reverse effect on Fashionphile shoppers — pretty much the opposite of what The Real Real found in its 2023 Luxury Consignment Report. While classic handbags from brands like Celine and Bottega Veneta did in fact surge by 34% in 2023, searches for bolder prints and maximalist patterns increased by 71% on Fashionphile, showing that shoppers are still more interested in statement pieces than neutral accessories. A prime example: the Louis Vuitton x Yayoi Kusama collaboration, which transforms the Neverfull and Alma bags with the artist’s signature multi-colored polka dots, which saw demand increase by 51% from January (when the collection was announced) to May of this year on the platform.
As for jewelry, flashy brooches and pins from brands like Chanel and Gucci saw a 30% increase in searches from last year, pointing toward a preference for exaggerated costume pieces over dainty, thinner jewels.
Y2K ISN’T GOING ANYWHERE
Yes, we’re seeing yet another iteration of the Y2K comeback, with maxi skirts being the latest resurrected garment. This phenomenon is boosted by collaborations from brands like Blumarine and Heaven by Marc Jacobs, which lean into the look of that era and cement these nostalgic trends into our wardrobes.
Meanwhile, denim bags saw a 77.5% increase in searches compared to last year on Fashionphile. (Louis Vuitton’s take was the most popular.) Signet rings, another staple from the time, have increased 111% in sales in the last year.
TIFFANY’S REBRAND IS STRONG
Since being acquired by LVMH in January 2021, Tiffany & Co. has been working on targeting Gen-Z and millennial customers with an epic (read: expensive) rebrand, which includes signing on buzzy house ambassadors (Beyoncé, Rosé, Jimin) and embracing elements of youth culture (such as partnering with Nike on a sneaker). It seems to be working: Searches for the over-185-year-old luxury house increased by 150% over the past six months on Fashionphile. The most-searched piece was its Oval Tag Choker, a necklace inspired by the brand’s 1969 key ring, which was reintroduced as part of the Return to Tiffany collection, a selection of products based off of the more nostalgic items from its history.
CHANEL IS ONE THING MOST GENERATIONS CAN AGREE ON
When Chanel increased the price of its bags by about 14% this past year, it created a sense of scarcity, driving demand even higher. As a result, Fashionphile’s sales for Chanel increased by 47% in March 2023, compared to the site’s prior six-month average.
“Sales returned to their usual average levels after, followed by a rise in quotes which rose 43% in March compared to the previous six months, and has remained 17% higher than the previous average in the months since March,” the report reads.
Gen Z, Millenials and Gen X all contributed to the spike in searches for the French luxury brand.
BAGS LOOK BETTER WORN
Gone are the days of mint condition being the most desired: Items in “Very Good,” “Good,” and “Fair” condition made up 40% of Fashionphile’s sales this year — a 56% increase from 2020. (The Real Real noticed a similar trend among its millennial shoppers in 2023.)
Photos of Mary-Kate Olsen, known for carrying her beaten Birkin bags, could be the impetus, proving that we needn’t be too precious with the things we purchase.
Source : FASHIONISTA