{"id":209859,"date":"2024-03-03T09:01:45","date_gmt":"2024-03-03T09:01:45","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/03\/gen-z-millennials-turn-to-secondhand-luxury-sites-like-vestiaire-collective\/"},"modified":"2025-06-25T17:21:19","modified_gmt":"2025-06-25T17:21:19","slug":"gen-z-millennials-turn-to-secondhand-luxury-sites-like-vestiaire-collective","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/03\/gen-z-millennials-turn-to-secondhand-luxury-sites-like-vestiaire-collective\/","title":{"rendered":"Gen Z, millennials turn to secondhand luxury sites like Vestiaire Collective"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<p>Ever dreamt of buying your first luxury handbag? With sky-high rents and a challenging job market, investing in luxury has become a more distant dream than ever for millennials and Gen Z.<\/p>\n<div>\n<p>Enter secondhand marketplaces, the hot destination for savvy spenders with a taste for the finer things in life.\u00a0<\/p>\n<p>Vestiaire Collective, a Paris-based platform, has been operating in the secondhand clothing space since 2009. Now, it\u2019s attracting more cash-strapped consumers, particularly Gen Z and millennials who are looking for smart ways to invest in high-end pieces. \u201cShopping secondhand carried a lot of stigma, especially within the luxury industry,\u201d Fanny Moizant, president and cofounder at Vestiaire told <em>Fortune.<\/em><\/p>\n<div class=\"wp-block-image\" style=\"margin:auto;max-width:960px\"><span style=\"box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative\"><span style=\"box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:66.66666666666666%\"\/><img alt=\"a woman sitting in a couch\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" data-nimg=\"responsive\" style=\"position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover;background-size:cover;background-position:0% 0%;filter:blur(20px);background-image:url(&quot;data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mO8fv1mPQAIHAMIsIR6agAAAABJRU5ErkJggg==&quot;)\"\/><noscript><img alt=\"a woman sitting in a couch\" loading=\"lazy\" decoding=\"async\" data-nimg=\"responsive\" style=\"position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover\" sizes=\"100vw\" srcset=\"https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/GettyImages-1232452276-e1709303675768.jpg?w=320&amp;q=75 320w, https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/GettyImages-1232452276-e1709303675768.jpg?w=480&amp;q=75 480w, https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/GettyImages-1232452276-e1709303675768.jpg?w=576&amp;q=75 576w, https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/GettyImages-1232452276-e1709303675768.jpg?w=768&amp;q=75 768w, https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/GettyImages-1232452276-e1709303675768.jpg?w=1024&amp;q=75 1024w, https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/GettyImages-1232452276-e1709303675768.jpg?w=1280&amp;q=75 1280w, https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/GettyImages-1232452276-e1709303675768.jpg?w=1440&amp;q=75 1440w\" src=\"https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/GettyImages-1232452276-e1709303675768.jpg?w=1440&amp;q=75\"\/><\/noscript><\/span><figcaption>Fanny Moizant, Vestiaire Collective\u2019s president and cofounder<\/figcaption><p>Lam Yik\u2014Bloomberg\/Getty Images<\/p>\n<\/div>\n<p>Luxury fashion was long thought to be <a href=\"https:\/\/assets.kpmg.com\/content\/dam\/kpmg\/xx\/pdf\/2022\/12\/how-strong-is-the-pricing-power-of-luxury-goods.pdf\" target=\"_blank\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">inflation-proof<\/a>. Yet, the likes of Kering and <a href=\"https:\/\/fortune.com\/europe\/2024\/01\/12\/luxury-trench-coat-burberry-earnings-annual-profit-christmas-sales\/\" target=\"_self\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">Burberry<\/a> have faced some serious economic headwinds thanks to high inflation and the cost of living crisis. Unsurprisingly, many aspirational shoppers are now feeling the pinch on their wallets, giving a boost to platforms selling pre-owned luxury. Vestiaire reported 7% growth in the group\u2019s high-end sales last year, in contrast to sluggish sales across much of luxury. Once seen as a niche segment, Bain &amp; Co valued the high-end secondhand market at \u20ac43 billion ($46.5 billion) in 2022.<\/p>\n<p>U.K.-based secondhand luxury platform Sellier offers luxury resale both online and in a bricks-and-mortar store in Knightsbridge, one of London\u2019s most upmarket areas. It reported 25% growth in sales last year, its CEO Hanushka Toni told <em>Fortune.\u00a0<\/em><\/p>\n<p>Toni says pricing on Sellier can differ\u2014for example Herm\u00e8s bags, which are notoriously <a href=\"https:\/\/www.ft.com\/content\/c07d84fe-773d-444c-b814-a4e53c0065f7\" target=\"_blank\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">hard to buy<\/a> online and can require long waits, can be bought instantly through secondhand markets, but often at inflated prices.<\/p>\n<p>The dynamics of luxury resale can go against the grain. Take the iconic Herm\u00e8s Faubourg Birkin Bag, sold by Vestiaire for an eye-watering \u20ac158,000 ($171,000) in May 2022 (it retails at <a href=\"https:\/\/www.sothebys.com\/en\/articles\/the-complete-guide-to-the-hermes-birkin-faubourg\" target=\"_blank\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">$30,000<\/a>).<\/p>\n<p>But for other brands where supply isn\u2019t a constraint, the savings can be significant, ranging from 20% all the way up to 80% off the original retail price.<\/p>\n<h2 class=\"wp-block-heading\"><strong>The green feel-good factor<\/strong><\/h2>\n<p>Sustainability is a key factor in the rapid rise of secondhand luxury. The taboos of the past against buying preloved items have <a href=\"https:\/\/www.mckinsey.com\/industries\/retail\/our-insights\/welcome-to-luxury-fashion-resale-discerning-customers-beckon-to-brands\" target=\"_blank\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">faded away<\/a>, creating a new sub-category for green-conscious consumers looking for investment pieces that (at least in their eyes) don\u2019t cost the earth.<\/p>\n<p>A new <a href=\"https:\/\/www.deloitte.com\/global\/en\/Industries\/consumer\/analysis\/sustainability-in-retail.html\" target=\"_blank\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">generation<\/a> of younger  of shoppers are being lured in, concerned by the environmental <a href=\"https:\/\/fortune.com\/2022\/11\/28\/fast-fashion-brands-claim-theyre-cleaning-up-their-act-for-the-planet-but-their-premise-might-be-inherently-flawed\/\" target=\"_self\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">footprint of fast fashion<\/a>\u2014the third most polluting supply chain <a href=\"https:\/\/www3.weforum.org\/docs\/WEF_Net_Zero_Challenge_The_Supply_Chain_Opportunity_2021.pdf\" target=\"_blank\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">in the world<\/a>. Reports show that over half of <a href=\"https:\/\/www.scmp.com\/magazines\/style\/luxury\/article\/3212940\/why-luxury-fashion-brands-are-embracing-second-hand-sales-beyond-sustainability-taking-control\" target=\"_blank\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">pre-owned goods<\/a> sold on resale platforms have hardly been worn.\u00a0<\/p>\n<p>Their growing interest in <a href=\"https:\/\/fortune.com\/2023\/04\/06\/secondhand-clothes-market-set-to-double-by-2027\/\" target=\"_self\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">reused clothing<\/a> has fueled the explosive popularity of platforms like Depop and Vinted, which sit at the lower end of the market.<\/p>\n<p>\u201cThey [Gen Zers] are motivated by the smaller environmental impact of what they\u2019re buying,\u201d Sellier\u2019s Toni said. Millennials, on the other hand, think of luxury differently, she argues. They chase expensive goods for the thrill of buying and owning it.\u00a0<\/p>\n<p>\u201cI don\u2019t think Gen Z shop for sport, but millennials still do. It\u2019s a very spoiling, selfish experience almost,\u201d Toni said.\u00a0<\/p>\n<div class=\"wp-block-image\" style=\"margin:auto;max-width:640px\"><span style=\"box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative\"><span style=\"box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:150%\"\/><img alt=\"A PICTURE OF A WOMAN STANDING AND SMILING\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" data-nimg=\"responsive\" style=\"position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover;background-size:cover;background-position:0% 0%;filter:blur(20px);background-image:url(&quot;data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mO8fv1mPQAIHAMIsIR6agAAAABJRU5ErkJggg==&quot;)\"\/><noscript><img alt=\"A PICTURE OF A WOMAN STANDING AND SMILING\" loading=\"lazy\" decoding=\"async\" data-nimg=\"responsive\" style=\"position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover\" sizes=\"100vw\" srcset=\"https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/Hanushka-Toni-e1709303818800.jpg?w=320&amp;q=75 320w, https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/Hanushka-Toni-e1709303818800.jpg?w=480&amp;q=75 480w, https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/Hanushka-Toni-e1709303818800.jpg?w=576&amp;q=75 576w, https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/Hanushka-Toni-e1709303818800.jpg?w=768&amp;q=75 768w, https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/Hanushka-Toni-e1709303818800.jpg?w=1024&amp;q=75 1024w, https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/Hanushka-Toni-e1709303818800.jpg?w=1280&amp;q=75 1280w, https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/Hanushka-Toni-e1709303818800.jpg?w=1440&amp;q=75 1440w\" src=\"https:\/\/content.fortune.com\/wp-content\/uploads\/2024\/03\/Hanushka-Toni-e1709303818800.jpg?w=1440&amp;q=75\"\/><\/noscript><\/span><figcaption>Sellier\u2019s CEO Hanushka Toni<\/figcaption><p>COURTESY OF SELLIER<\/p>\n<\/div>\n<p>Gen Zers, followed by millennials, are the most active buyers and sellers of luxury resale goods, Vestiaire\u2019s Moizant told <em>Fortune, <\/em>citing their 2022 report with BCG.<\/p>\n<p>Younger fans of luxury resale are taking the segment to new highs\u2014and it\u2019s catching the attention of Wall Street. San Francisco-based resale platform The RealReal went public on Nasdaq <a href=\"https:\/\/fortune.com\/2019\/06\/28\/wall-street-likes-the-realreal-stock-after-ipo-luxury-consignment-designer-resale\/\" target=\"_self\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">in 2019<\/a>, and Vestiaire has aspirations to IPO in 2025, as reported by Reuters <a href=\"https:\/\/www.reuters.com\/markets\/deals\/fashion-resale-site-vestiaire-collective-launches-crowdfunding-eyes-ipo-2025-2024-01-23\/\" target=\"_blank\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">last month<\/a>.\u00a0<\/p>\n<p>Is secondhand about to become the default destination for aspirational luxury buyers? Probably not. But with the backlash against fast-fashion, combined with economic pressures and a renewed focus on sustainability, this is a trend the fashion world can\u2019t ignore.<\/p>\n<\/div>\n<div data-cy=\"subscriptionPlea\">Subscribe to the new Fortune CEO Weekly Europe newsletter to get corner office insights on the biggest business stories in Europe. <a href=\"https:\/\/fortune.com\/newsletters\/ceo-weekly-europe?&amp;itm_source=fortune&amp;itm_medium=article_tout&amp;itm_campaign=ceo_weekly_europe\" target=\"_self\" rel=\"noopener\" class=\"sc-47dba8f0-0 iRbseu styledLinkColor \">Sign up<\/a> for free.<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/fortune.com\/europe\/2024\/03\/03\/luxury-slowdown-spending-lvmh-hermes-burberry-kering-resale-market\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Ever dreamt of buying your first luxury handbag? With sky-high rents and a challenging job market, investing in luxury has become a more distant<\/p>\n","protected":false},"author":1,"featured_media":209860,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[149],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/209859"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=209859"}],"version-history":[{"count":1,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/209859\/revisions"}],"predecessor-version":[{"id":340515,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/209859\/revisions\/340515"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/209860"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=209859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=209859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=209859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}