So, what were you doing during lockdown? If the answer is cleaning out your closet, learning how to cook or shopping for bargains online, you're not alone. While traditional retail saw drop in sales, the resale industry was booming. Well, people finally had a chance to take stock of their wardrobe, rummage through it, donate items that weren't worth consigning, and make tough decisions on the future of their beloved Chanel bags, Burberry trenches and Tiffany & Co. jewels. Hey, if you've got a closet full of cash, but nowhere to go, then why not make some money off the valuable items collecting dust?
Before COVID-19, luxury resale was booming...and the market shot up to $24 billion. But the Pandemic didn't crush the resale market...au contraire mon frère it was catapulted into outer space and now it's projected to reach up to $51 billion in sales by 2023. Online resale has filled a huge void for those stuck at home. In fact, 50% more people used COVID as an opportunity to clean out their closets, and spent 30% more time shopping online than previous years. Plus, resale is poised to grow 5x’s over the next 5 years, while traditional retail and fast fashion are expected to shrink. Also, within the next 5 years, 52% of shoppers plan to spend more time at secondhand shops and sites than any other retail channel.
Why? Well, for starters, people are understandably scared to part with their hard-earned dollars. They're also starting to realize that it's a bit cheaper to buy their obsession secondhand rather than at retail price. And thirdly, Millennials and Gen Z are all about saving the planet, so they're appreciative of the sustainability factor of luxury consignment.
Coronavirus has forced resale companies to rethink the way they do business. After talking to hundreds of our designer resale store partners, we’ve found that not only are they surviving, many are thriving. So, what’s the key to thriving? They’re adapting to the “new normal” by using social media and cross-listings to reach customers online and boost sales. Whether it's by strictly following health and safety guidelines, holding virtual appointments for consignment and sales, shopping via social media, letting shoppers create wish-lists, moving entirely online or fulfilling supply using a wholesale company like LePrix Wholesale.
Oh, you haven't heard? We know sourcing for pre-owned luxury for vintage and consignment stores has been challenging. If you're a store looking to stock up for the holidays, from Louis Vuitton Keepalls to Chanel Boy Bags, and the Dior Saddle Bag to your favorite designer jewels by Van Cleef and Chopard, we've got the items on your customer's wish-lists!
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