Chanel tops second-hand luxury market as shoppers embrace resale trends

(Source: Bigstock.)

Chanel was the most popular luxury brand for resale this year, according to a recent report, with younger South Koreans actively trading in second-hand “luxury” items. 

Gugus, a platform that specializes in selling pre-owned luxury goods, released its ’2023 Pre-Owned Luxury Trends’ data on Tuesday. This report was based on data from January to September of this year, covering purchases, consignments, and completed sales.

Topping the sales charts was Chanel, followed by Hermes, Rolex, Louis Vuitton, and Cartier.

Notably, Hermes, Louis Vuitton, and Chanel, often referred to as the “Elusha” trio of luxury brands, maintained their popularity this year with no major changes from last year’s rankings by Gugus. 

When it came to the most popular categories for resale, bags ranked first at 49 per cent, followed by watches at 21 per cent, jewellery at 13 per cent, clothing at 9 per cent, and shoes at 4 per cent. 

The highest-priced item sold on Gugus this year was an Audemars Piguet Royal Oak Gold watch, which sold for US$80.748 , 1.3 times its original retail price of $62.222. Surprisingly, it sold for $18.520 more than the brand-new price.

The trend of trading luxury goods through second-hand apps is growing. According to the ‘Future Used Fashion Trend Analysis Report’ by Lightning Marketplace, 76 per cent of those involved in used luxury goods transactions were Millennials or from Generation Z, collectively known as Generation MZ in South Korea. 

More than 50 per cent of them mentioned that they had sold luxury goods within a year of purchasing them. They’re not just buying luxury items; they’re also selling items they haven’t used, doubling their buying and selling activities compared to other generations. 

There’s also a rise in “reselltech” (resell + tech), where people use and later resell luxury items. Finance-minded MZers are practicing resale technology by reselling sneakers, luxury goods, watches, and souvenirs, making it a growing trend.

This story was originally published by Ashley Song, via Korea Bizwire.

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