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Nike, Rolex, Hermès post highest resale value gains in 2021
Brands like Nike, Rolex, Bottega Veneta, Chrome Hearts, and Hermès were the top five brands with the biggest resale value gains in 2021, according to The RealReal’s 2022 Luxury Consignment Report.
The annual report analyzed behavior from 24 million users and more than 22 million items sold by comparing year-over-year data from January to November of 2020 and 2021,
Prices for Nike goods saw a 32 percent jump overall, doubling the increase of the next closest brand, which Mayank Hajela, senior director of men’s goods at The RealReal, attributes to its coveted new Dunk styles and ongoing collaborations with Off-White and Sacai.
Rolex enjoyed a 16 percent jump in overall spending with its watches are selling for up to 298 percent of their original retail prices, due to the limited inventory.
Meanwhile, Bottega Veneta had a 15 percent increase partly due to a 62 percent jump in men purchasing its gender-fluid bags.
While many shoppers have been buying at the resale market for ecological purposes, the drop in primary market supply also played a major role in surging sales
Millennials, who primarily use the marketplace as a side hustle and to reinvest in their wardrobes, account for 36 percent of consignors, while Gen X represents 33 percent of consigners who genuinely feel the need to practice sustainability.