As Luxury Lost Its Mystery, Consumers Flocked to Vintage

HUR TABLE GUESTS

Jan 10

As Luxury Lost Its Mystery, Consumers Flocked to Vintage

Therese Bassler, Danni Dance, Jessica Steuart-Hoyler, Charon Cooijmans and Clare Lewis

By HURS Team

It’s nearly impossible to walk around Central London without seeing a luxury product. Though most price points have risen by 25 per cent compared to 2019, it has never been easier to purchase a Prada bag, Gucci loafer or Dior sunglasses. Digitization has led to increased consumer knowledge: they know what they want, where to get it and what’s within budget. Additionally, we no longer have to enter a luxury store if we don’t want to. These developments have been positive commercially, but the question is, how exclusive is a luxury product if you can get it anywhere? Consumers who are looking for rarity or simply want to be more conscious shoppers are drawn to pre owned and vintage pieces – more than mere products, they carry a story. Overall, 70-85 per cent of consumers are still strictly buying the new, but the $33 billion global secondhand luxury goods market is predicted to grow fast. 10 to 15 percent annually over the next decade, to be precise. The resale market has been able to flourish due to the pandemic, the highly specialized trading forums (think Vestiaire Collective, 1st Dibs and ReSee) and changing consumer behavior. Younger generations are simply more interested in buying pre owned products compared to Generation X and older.

Few luxury brands have involved themselves in the resale process, leaving players who solely focus on vintage and pre owned luxury to shape the industry. Gucci, Jean Paul Gaultier and Valentino have taken a leap, other brands are missing the boat. Entering the pre owned and vintage segment would allow them to extend the lifetime of their products, foster community through providing a platform for consumers to connect and show their dedication to sustainability.

JESSICA STEUART-HOYLER
Jessica Steuart-Hoyler is an Australian-based fashion brand consultant and founder of preloved and vintage fashion platform, RECIETY. Prior to launching RECIETY Steuart-Hoyler held senior positions at Burberry and NET-A-PORTER. RECIETY employs Steuart-Hoyler’s vast experience in luxury to elevate and curate the experience of shopping pre-loved. The concept for RECIETY stems from her personal style, which eschews trends for elevated, pared-back designs that stand the test of time.

CLARE LEWIS

Founded in 2018 by Clare Lewis, Retold is a circular London based vintage studio where customers can both buy, sell and rent. Carefully curated by Lewis through her minimal aesthetic lens, Retold encourages a slow and conscious approach to fashion and consumption.

THERESE BASSLER
Former buyer Therese Bassler is a style coach and the founder of Re-Collection. Re-Collection offers a curated selection of pre-loved and exclusively sourced fashion, furniture and lifestyle objects. Bassler will be opening a new physical store in April 2023.

CHARON COOIJMANS
Charon Cooijmans is a creative consultant and the founder behind Amsterdam-based The Ceiling. Part shop, part archive, The Ceiling offers nostalgic staples to modern wardrobes. As a former model, Cooijmans spent much of her free time thrifting vintage across Paris and New York. Back in Amsterdam, she wanted to create a platform where vintage fashion gems (the kind you’d only find after fervently digging or endlessly scrolling) can be savored in an enticing shopping experience.

DANNI DANCE
Danni Dance is the founder of The Hosta, a platform that offers a curated collection of pre-owned designer and vintage bags. Before The Hosta, Dance spent nearly two decades developing bags and accessories for a number of international brands.

We wanted to know more and asked five industry insiders for their take on the industry at large, changing consumer behavior and most importantly what’s next.