Holiday Shoppers With Money to Burn Covet Secondhand Luxury
Covid-19 has made most shoppers cost-conscious this holiday season, but those with cash to burn are still finding ways to splurge. As retail sales in general suffer, luxury fashion—the previously owned kind—is flying off the shelves.
Peer-to-peer online luxury consignment shop Tradesy reported a jump in sales over the past few weeks for used high-end shoes, jewelry and handbags. In the past, the Santa Monica, California-based company didn’t see such a pronounced rise in purchases this time of year, said Tradesy Chief Executive Officer Tracy DiNunzio. But recent years, and especially this year, have been different.
“We actually wouldn’t have very big spikes around the holidays,” she said. “Customers would say ‘I’m not going to give someone something used for a gift.’” But consumer attitudes are changing. Sales of rings this month soared 92% compared with last year, DiNunzio said—Cartier being a customer favorite—and purchases of Saint Laurent boots climbed 36%.
The CEO also attributed increased sales in part to a sense among consumers of doing their part—leaning toward sustainability in a time of crisis, and the belief that giving pre-owned gifts has become more acceptable.