“I’m digging, I’m digging, I’m searching right through that luggage. One man’s trash, that’s another man’s come up” – Macklemore “Thrift Shop”
When you think about designer resale, what comes to mind? If you’ve got visions of swiping left through grandma’s closet while searching for a vintage mink jacket or a 70’s Pucci dress, you’re getting warmer.
While designer resale lets you snag a Chloe Paddington for 75% less than you would’ve paid in 2006, it’s more than finding a high-quality product for much less or finding that one of a kind special Chanel bag with the 24K gold hardware…it’s about sustainability and the rise of the conscious consumer.
“In fashion, the shift to new ownership models is driven by growing customer desire for variety, sustainability, and affordability. In 2019, we predict more consumers will see growing proportion of their wardrobes made up of pre-owned or rented products.” – McKinsey X Business of Fashion, “The State of Fashion 2019”
Sustainability is not just a buzzword—it’s here to stay. Research shows that every time you buy pre-owned luxury, you decrease your carbon footprint and increase the lifespan of the item.
As consumers stop buying to throw-away fast fashion and become better informed about the fashion industry’s impact on the environment—after all it’s the second largest polluter in the world—brands will have no choice but to think about how their products are made, ensure they’re made well enough to retain resell value, and embrace end-of-life solutions.
Resale has an important environmental impact, it’s extending the life of something that’s already been produced, rather than creating a trendy new item that’ll be trashed after an Instagram post. For example, buying a pre-owned designer bag rather than a new bag saves over 18lbs of carbon dioxide emission and 6 gallons of water. And buying a pair of pre-owned designer shoes instead of a new pair saves 7lbs of carbon dioxide emission and over 2 gallons of water.
Sustainability has already been a key focus for resale stores. In fact, 15% of textile waste is recycled by resale stores and that’s 2.5 billion tons.
Pre-Loved Luxury Rules
These days you can’t turn on the TV or log into Instagram without being bombarded by ads or pop-ups suggesting you buy and sell pre-owned goods. The resale market has grown exponentially since the recession due to consumers becoming more fiscally conservative and environmentally friendly—and luxury has become the fastest growing customer segment. High-end resale gives luxury goods a second lease on life at a lower retail price, therefore offering a stepping stone for those aspirational consumers who are not yet ready to drop $5,000 on a brand-new Chanel flap bag.
The online resale industry has grown 36% year-over-year and that’s 17 times faster than the broader apparel market. The global resale industry is BOOMING. By 2022, it is projected to reach $41 billion in revenue. And luxury resale is now more mainstream than ever before…and easily one of the best ways to get into sustainable fashion.
Resale already plays a key role in driving collaboration and innovation that’ll make fashion more sustainable in the future. Moving forward, more retail companies will create clothing out of safe and renewable materials, design items in a way that’ll allow them to be resold, renewed or made into new clothes, and ensure clothing is so well made, its life can be extendable (and it’ll withstand the test of time) via resale, rental, and more.
Save the World with LePrix
You already know we’ve got the best luxury resale around but did you know we’re constantly doing our part to save the planet? With over 250,000 pre-owned bags consigned on LePrix, we’ve already helped alleviate our carbon footprint by 4.2 million pounds of carbon dioxide emission and we’ve saved 1.5 million gallons of water! And we’re just getting started.
Join us on this mission. Shop LePrix and let’s reduce our carbon footprint but make it fashion.