Chanel was the most popular luxury brand for resale this year, according to a recent report, with younger South Koreans actively trading in second-hand “luxury” items. (Image courtesy of Yonhap)
SEOUL, Oct. 18 (Korea Bizwire) – Chanel was the most popular luxury brand for resale this year, according to a recent report, with younger South Koreans actively trading in second-hand “luxury” items.
Gugus, a platform that specializes in selling pre-owned luxury goods, released its ’2023 Pre-Owned Luxury Trends’ data on Tuesday. This report was based on data from January to September of this year, covering purchases, consignments, and completed sales.
Topping the sales charts was Chanel, followed by Hermès, Rolex, Louis Vuitton, and Cartier.
Notably, Hermès, Louis Vuitton, and Chanel, often referred to as the “Elusha” trio of luxury brands, maintained their popularity this year with no major changes from last year’s rankings by Gugus.
When it came to the most popular categories for resale, bags ranked first at 49 percent, followed by watches at 21 percent, jewelry at 13 percent, clothing at 9 percent, and shoes at 4 percent.
The highest-priced item sold on Gugus this year was an Audemars Piguet Royal Oak Gold watch, which sold for 109 million won, 1.3 times its original retail price of 84 million won. Surprisingly, it sold for 25 million won more than the brand-new price.
The trend of trading luxury goods through second-hand apps is growing. According to the ‘Future Used Fashion Trend Analysis Report’ by Lightning Marketplace, 76 percent of those involved in used luxury goods transactions were Millennials or from Generation Z, collectively known as Generation MZ in South Korea.
More than 50 percent of them mentioned that they had sold luxury goods within a year of purchasing them. They’re not just buying luxury items; they’re also selling items they haven’t used, doubling their buying and selling activities compared to other generations.
There’s also a rise in “reselltech” (resell + tech), where people use and later resell luxury items. Finance-minded MZers are practicing resale technology by reselling sneakers, luxury goods, watches, and souvenirs, making it a growing trend.
Ashley Song (ashley@koreabizwire.com)
