After the Dior and Balenciaga scandal, it appears that consumers are tired of purchasing brand new items from these luxury houses. Furthermore, in Europe, America and Australia, the pre-loved value for these two brands have dropped. Balenciaga items in particular which don’t hold much value to begin with, fell further.
The Dior scandal where their bags allegedly cost 53 Euros to produce has made a significant number of YouTube luxury content creators to avoid shopping for brand new designer items. The topic is still resonating within the luxury fashion community as with the Balenciaga campaign which placed children in suggestive Images.
Burda Luxury states, the second-hand luxury market in Asia is experiencing remarkable growth, driven by sustainability awareness, affordability, accessibility, and the allure of unique vintage items.
Recently, Hong Kong billionaire Joseph Lau made history by selling 77 luxury handbags, mostly Hermès designs, for a record US$3.2 million at a Sotheby’s online auction – the largest single-owner handbag sale in Asia. This trend has surged during the Covid-19 pandemic as consumers seek more meaningful, sustainable purchases.
Pre-loved luxury is the new norm to some
Sophie Shohet, a prominent YouTuber who discusses luxury handbags, states that in lieu of the scandal, she is now avoiding spending £5,000 on a new bag. Just a few years ago, these items were less than half the price of what it is today.
The commenters on her video state that they no longer want to be treated poorly by the sales staff of these brands. At times, there are sales associates that can be snobby to their potential customers and the latter may feel they’re not “good” enough for the brand.
When shopping for a pre-loved item, this is not a reality as the staff at these boutiques, which are usually either a family owned business or a smaller business will treat their customers better.
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