Resale of luxury personal belongings

Resale of luxury personal belongings Let's talk a little bit about the luxury personal belongings resale market As the Luxury Resell market is rising at a rapid pace (four times faster than the global growth of the new luxury goods market) with an annual growth rate 12% annually and on the rise, we must first establish a certain point: This rocket growth did not come out of nowhere and hides within it certain elements that brought it all this momentum and the growing number of customers around the world seizing opportunities, liquidating their coffers, buying the next piece and discovering new doors. To save on the one hand, and even profit on the other hand whether the profit is intended for a luxury piece at a price that "flies the mind" or the profit of selling a rare classic piece that was collecting dust in their tank at a price they did not expect. Almost everyone in that ocean feels a certain pleasure while they make the most of their money and from here we start. On the other hand, we in our societies talk about the (luxury user) in a low voice and great embarrassment, although the market standards of our current generation are completely different from the previous one. We will review the differences between the two cases and why we at Brandfull are so passionate about this field and at this particular time. To explain the general reality in our Saudi society in particular and the Gulf and Arab society in general, it is imperative that we present our (general) views of the consumption behaviors of the classes concerned with the luxury brands market impartially and clearly, as follow In general, we are brand fanatics and our communities have the overall ability to access and obtain them with varying capabilities in value and number. The wardrobes of a large segment of our societies are filled with various luxury personal pieces that have accumulated over the years, seasons and "gifts".70% of these items are not completely used, they are almost in their new condition because the new item took the place of the old and so on. The matter has even increased in recent years with online shopping or personal shoppers, so if we add a lot of purchases, many of them did not suit us and it is difficult for us to retrieve or ship them back. Some of us feel embarrassed to sell their luxury pieces for fear that people will think that they need their financial value, which is contrary to the main goal of our purchase from the beginning, part of our purchase is to show off our position, right? Others feel ashamed in buying a pre-owned luxury item as if we are not able to afford the new item from the boutique! For clarification: We are not generalizing here, but we give semi-general data and opinions that we collected in the stage of monitoring the behaviors of middle- and high-income consumer segments. From the diagnosis of the above challenges and habits, we can say that they are habits acquired from previous generations, that have their circumstances, level, and "prosperity." The matter today is completely different, as the Riyal today does not equal, in its purchasing value, the riyal of yesterday, nor are living conditions, goods, and their high cost as well. This means that the current situation requires awareness and new ways of buying the precious. Most of us cannot afford a budget imbalance in the form of a luxury item, for which it is possible to find alternative purchases with savings of up to 70% with a little research or negotiation, which is what we always call for to reflect on. In a comprehensive study conducted by two the world's leading research firms BCG and ALTAGMMA on a sample of 12,000 people from 10 countries these countries represent 85% of the world's total luxury purchases in the world and more importantly, (at this point I need your full attention with me), the average value of their luxury purchases, as individuals in the study sample, exceeds SAR 136,000 and you can imagine their level and consumption habits. This number does not in any way represent the level of an ordinary consumer, It is true that the results of studying this class have a different meaning in terms of awareness and strength. The overall result is that this large study covered several aspects of the luxury fashion industry, the most important of which was what we mentioned first about the rise of the star of the resale market and the increasing interest of people in it for important reasons, which are our most important points: First: the resale of luxury items has become a significant presence on the internet. Prestigious online platforms are working to facilitate its operations and procedures, and to overcome the usual difficulties and concerns such as the authenticity of the piece, quality, and ensuring that the item on offer matches the description. In other words, these organized commercial platforms, such as Brandfull.com, have added credibility and responsibility to the field by assuming the role of mediator, clearing and authenticity officer to ensure the rights of the buyer and seller and apply the standards of credibility and reliability. Second: the modern generations (millennial and generation Z) have a different perspective. They are exposed to and notice an accelerated change in fashion trends, shapes, and colors through social media. They are fully aware that these trends are "gifts" with an expiration date somewhere in the world. Therefore, they do not think about keeping their goods forever. This means that the goods are used for a shorter period of time, and their owners, according to their locations, turn to the next trendy fashion, benefiting from the value of what was sold through resale sites. This is in addition to the generation's awareness of the environmental aspect and making decisions that are in line with that, including buying something that was previously owned instead of buying something new and selling it, and so on. Third: the modern generation mentioned above, which defines the face of fashion, is also looking for rare and limited-edition items because they are fond of uniqueness. You can see how vintage has returned to the scene in a strong way, and all of these preferences are served by resale and provide them in a dense and wide range of options. Fourth: It is easy to access and the availability of all this at prices that are more than amazing. Thus, achieving high savings as a buyer and a great profit opportunity as a seller. We will talk in a later posts about more detailed figures and information about global sales and purchase paths based on the above study, mixed with our rich Brandfull experience and our daily interesting views. The matter here goes beyond the typical commercial aspect and puts on our shoulders the task of explaining to our society that there is an organized transformation that should be paid attention to.

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