COVID Culture — 2020 Resale Report

COVID Culture Establishes a New Normal

Shoppers are banking on investment pieces, some with returns to rival their 401Ks. The pandemic has brought a new reality, new trends and surprising new patterns in investment buying.

“Faced with economic uncertainty, shoppers are gravitating toward the safest bets in luxury: investment pieces. 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.”

Sasha Skoda
Head of Women’s, The RealReal

“Faced with economic uncertainty, shoppers are gravitating toward the safest bets in luxury: investment pieces. 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.”

Sasha

Banking on Investment Pieces

During COVID, sales of high-value luxury items dominated across all categories.

High-value handbags 2.4X greater sales growth than low-value
Brands with greatest sales growth:
Louis Vuitton +49%, Chanel +35%, Hermès +33%, Bottega Veneta +27%

High-value watches 6X greater sales growth than low-value
Average resale value of high-value watches 1.6X stronger than low-value watches. Rolex sales +32% during COVID, 9X more than all other watches

High-value jewelry 22X greater sales growth than low-value
Jewelry with the greatest sales growth:
Unbranded jewelry sales outranked all of the top fine jewelry brands, with unbranded bracelet and earring sales both +24%

High-value sneakers 1.4X greater demand than low-value
Sneakers with highest resale value:
Yeezy Boost 350 +157%, Off-White x Nike Vapor Street +111%

COVID Top Trends

Quarantine sparked a desire for warm and fuzzy feels, a craving for cozy spaces and a high dose of unexpected distraction, courtesy of TikTok.

What We Wore Then & Now: A Year Can Make a Real Difference

This year ushered in a new sartorial normal, with YoY sales growth charting how shoppers swapped pieces like suiting and evening bags for loungewear, hair accessories, and more stay-at-home-ready styles.

Interior Lives:
Quarantine Drives Home Makeovers

“As quarantine drove us indoors and our homes became makeshift offices, gyms and schools, shoppers made way for pieces that reinvigorated their unchanging scenery. When shelter-in-place extended and our homes also became restaurants, bars and movie theaters, home purchases reflected the evolution from refreshing to reimagining spaces.”

Patricia Stevens
Director of Home, The RealReal

The Great Indoors:
Home Investments on The Rise

The frame of virtual meetings and hangouts brought home objects into focus. Offline, board games and puzzles took the boredom out of quarantine life. And as COVID goes on, shoppers are investing in larger interior pieces.

Data reflects YoY demand increase

Most Desired Home Pieces

Tiffany & Co is #1 Home Brand
Best selling item: Atlas crystal serving bowl

Maison Balzac +455% sales QoQ
Best selling item: medium pink goblets

Taschen is #2 Home Brand
Best selling item: The Ultimate Sneaker Book

Consign of the Times:
People Sell Their Pre-Covid Must Haves Virtually

During COVID, quarantine got everyone editing their closets and refreshing their homes. Out with skinny jeans, in with loungewear. Consignment went virtual to keep up with closet clean outs: We held over 25,000 virtual consignment appointments.

Out with the Skinny, in with the Cozy

During COVID, quarantine got everyone editing their closets and refreshing their homes. Consignment went virtual to keep up with closet cleanouts: Out with the skinny jeans, in with loungewear.

Skinny jeans
#1 consigned item overall
Shop Jeans

Cocktail dresses
+93% increase in consignment
Shop Dresses

Men’s ties
+47% increase in consignment
Shop Ties

Pumps
#1 consigned women’s shoe
Shop Pumps

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