How COVID-19 impacted online shopping?

June 13, 2022

This has been a year like no other. As we break down the state of luxury resale the impacts of the pandemic become clear. The top luxury  brands are becoming even more entrenched, and Louis Vuitton is now  the number one brand  for the first time.

COVID-19 outbreak  drove many new trends, but one of the most surprising is the increase in shoppers buying high value pieces.

Buyers are  embracing luxury labels’ streetwear designs. In a bright spot during these difficult times, engagement in the circular economy is high, specifically among brands and consignors. Gen Z and millennials are the new faces of luxury shopping, and the brands in tune with what they want are rising to the top.

Louis Vuitton edged its way above Gucci by capturing the greatest share of demand among younger demographics, while high demand among men helped keep Gucci well above Chanel.

Facts:

Demand for Louis Vuitton mini bags grew 88% YoY among younger shoppers.

YoY demand for Louis Vuitton outpaced Chanel by 46% while Gucci was up  9% over Chanel.

Demand for Louis Vuitton mini bags grew 88% among younger shoppers.

YoY demand for Louis Vuitton outpaced Chanel by 46% while Gucci was up.

It’s become increasingly clear that traditional luxury houses view streetwear as a force that cannot be ignored – from Dior’s Kim Jones tapping Shawn Stussy to Givenchy welcoming Matthew Williams. As the lines between luxury and streetwear continue to blur, shoppers are embracing the new elevated streetwear look. In the past two years, demand for streetwear pieces by traditional luxury brands spiked 486%. The luxury brands quick to embrace streetwear’s influence are  becoming some of the hottest brands in resale.

More than any other market, the luxury market relies on reputation and the feeling of exclusivity that its customers have. The mass selling of counterfeit products enabled by the Internet is a clear danger for luxury brands. The luxury industry is mostly composed of wearable products (eg, sunglasses, clothes, leather goods and perfumes), and the manufacture of such products is highly regulated, even when the goods are not high-end items. Counterfeits do not abide by any safety standards and thus have the potential to put their owners at risk. The risks of using counterfeit sunglasses are high, as they may not provide adequate protection to their wearer. The same goes for perfumes or clothes which have direct contact with the skin and may contain dangerous substances.

COVID changed what people bought and sold, and a new wave of influence emerged. From pop culture moments to social media trends to quarantine life, what drove shoppers this year looked wildly different than it did in 2019. Consignors and brands were no exception to these shifts, latching onto resale at an ever-increasing rate.

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