While the quote about having money in the closet where one can see it comes from HBO’s Sex and the City, the truth is that some designer items have been valued over the years.
With the price of the popular Chanel 2.55 flip-flop bag rising from $7,800 to $8,880 between just 2020 and 2021, more than few people are stocking and reselling on their minds.
To prevent liquidations and promotions, the South Korean subsidiary of the fashion house recently changed its policy so that each customer can purchase “only one Timeless Classic and one Coco Handle bag each year.”
Gucci, Ray-Ban, and Louis Vuitton, Oh My!
Looking at resale numbers on eBay online shopping site (ebay) Data, luxury watch company Chrono 24 found that Kering (PPRUF) Gucci was by far the most popular brand for buying and selling used goods.
In the last 90 days, 23,939 used Gucci items have been purchased on eBay. The most expensive vintage item was a vintage embroidered Gucci bag while modern models like Dionysus can list it for more than $5,000.
The next most popular resale designer brand is EssilorLuxottica (ESLOF) Ray-Ban. While the brand behind popular Aviator and Wayfarer styles is much less expensive than Gucci, they are highly sought after online—between July and September, more than 19,699 pairs of sunglasses and other items were sold on eBay.
As a new pair of Wayfarer Ray-Bans that retail for around $150, the brand stands out for its place on the list alongside the likes of Gucci, Burberry, and Chanel.
Within 90 days, 18,071 used parts were manufactured by LVMH (LVMHF) Louis Vuitton was sold during the same time period. The blue and green Taurillon Illusion Keepall Bandouliere 50 bag was the most expensive sale at $6,435.
barbaric (BBRYF) Tiffany & Co. (TIF) Luxury watchmaker Rolex followed Louis Vuitton while the bottom of the top ten was rounded off by the likes of Prada (PRDSF) Chanel, Salvatore Ferragamo (SFRGF) And Armani.
Reselling is a trick to save money and a business opportunity
The 2011 coat sold with the latter priced at $799 while 7,175 Armani items have been sold in the last 90 days on eBay.
Consignment has always been a way to offload items one no longer wears and for those who want designer clothes to beat the exorbitant price tags. Recently, it has also become an investment opportunity as many are looking for and collecting designer pieces with the aim of reselling them at a profit.
Chrono24 cited data showing that while the global used and resale market was worth $96 billion in 2021, that number is estimated to reach $218 billion by 2026.
“It is interesting to see the price discrepancies between the highest and lowest price of items sold, and this shows how easy it is to access designer brands when buying second-hand,” a Chrono24 representative said in a statement. “Those who wish to enter the luxurious world of designer brands may consider flea shopping as a cheaper and more sustainable option.”
During the rampant inflation and rising clothing costs in particular, second hand clothing is also a way for many people to keep up with trends at a lower price. While Gucci and Louis Vuitton pieces are usually sought after specifically by fashion designers, second-hand clothing is popular across all income groups — a report from CouponFollow found that those who buy clothes at thrift stores save an average of $150 per month or $1,760 per year for those clothes. who buy new.