There was a time when luxury fashion pieces were completely out of the price range of average everyday people. These expensive items were worn a few times by wealthy people and tucked away in the closet for years, but that is not the case anymore.
Thanks to a variety of reasons, these items are no longer sitting in closets but are being sported by people who purchased them on the second-hand market. Second-hand luxury fashion is booming, and pieces are being newly loved and sought after. Let’s take a deeper look at the rising trend of second-hand luxury and the factors that are driving it.
1. The Cost Savings Are Undeniable
When luxury fashion houses drop their latest lines, the pieces are often limited and come with eye-popping price tags. There are people who pay the retail price for these items, and they get to wear them to events, to the envy of their friends. But since these aren’t everyday pieces, it becomes a bit of a sunk-cost situation.
Buying these pieces when they hit the second-hand market is a terrific option. The garment, though lightly used, comes at a much lower price tag than it originally did. People can still impress their friends and neighbors by wearing their new item, but they don’t have to drain their bank account to do so.
2. It Is Appealing to Eco-Friendly Shoppers
Shoppers today are more focused on the environment than ever before and that means that there are plenty of people who want to know about the environmental impact of any product they buy. And people who are especially eco-conscious love the idea of buying second-hand clothing.
Thrifting is incredibly beneficial to the environment, as it not only prevents textiles from ending up in landfills but also reduces the need for new products. That means that less water, raw materials, chemicals, and energy are used in the creation of new products.
3. Companies Are Encouraging Customers to Purchase ‘Pre-Loved’ Items
One might think that companies would be hurt by people buying clothing second-hand rather than at retail, and there is definitely some truth to that. But companies, especially those that promote themselves as being environmentally friendly, have begun to participate in the trend.
Savvy fashion houses have become a part of the trend by reselling and authenticating their pieces themselves. Luxury fashion is rife with fraud, and companies want to ensure people know they are getting the real thing.
4. Luxury Rental Companies Are Making a Huge Impact
Thanks to both technological advancements and changes in shipping speed, rental clothing companies have become highly efficient and increasingly popular. This is especially true for women who work in an office and want to wear different things without emptying their savings account.
Companies like Rent the Runway and Nuuly have grown rapidly by offering women high-end style at an affordable price tag. These companies keep their users looking fresh in the latest luxury fashions for around $100 each month.
5. Newer Generations Have a Completely Different Idea of Thrifting
People have found luxury items at thrift stores and Salvation Army stores in the past, but the hunt could take a very long time. And many people refused to buy second-hand clothing at all, even if they could find high-end items.
Surveys show that not only are Millennials and members of Generation Z happy to purchase items second-hand, but a large percentage of them say that they would rather buy their clothes used rather than new.
6. The Internet Has Made it Very Simple to Find Great Pieces
While people did enjoy the hunt that came along with scanning the aisles and making incredible finds at thrift stores, that hunt has become a lot easier. Thanks to the internet, you no longer have to live in a certain area to find a specific garment.
Once a person knows what they want, they can search various sites for the item. Even if they are unable to find it, they could set alerts on sites so that they are notified when it’s available. Online marketplace eBay is another place where people find great deals.
7. People Don’t Want to Spend Big Money on Something They’ll Barely Wear
When people wear something luxurious, it is usually because they are at a special event like a wedding or a holiday party. And while a person might feel that they want to look their best at that moment, they don’t want to do it at full retail.
The ability to rent or buy a special piece for the special night is now accessible for all. Best of all, the pieces that come second-hand are often lightly worn and look good as new during the important event.
8. The Pieces Give People a Temporary Taste of Luxury
Whether it’s Dallas, Lifestyles of the Rich and Famous, or The Real Housewives of Beverly Hills, people are obsessed with the ideas of luxury and wealth. The type of luxury seen on those shows is out of the grasp of most people.
But the second-hand luxury fashion market gives people the chance to wear that pair of Christian Louboutins or rock a Balenciaga dress. The taste might be short-lived, but people can now have a bite of the luxury apple.
9. People Who Initially Purchased the Items Are Happy To Get Some Money Back
Just because you can afford the luxury pieces in the first place doesn’t mean that you’re not financially savvy. If the people who initially purchased these items just threw them back in their closets, they’d be operating at a sunk cost.
The fact that there is so much action on sites like The RealReal, Vestiaire, and ThredUp shows that there are many people who are willing to sell their items to meet the incredible demand. And the people who sell the items can use the money they make to buy new items.