The concept of second-hand designer shops is reinvented for modern consumers
Implications - Considering the Millennial's propensity for eco-consciousness and luxury goods, consignment shopping is a natural fit for their interests. As a result, this style of retail is being revisited and revamped. From digital drop-off consignment to designer-controlled consignment, tweaks to this space show an evolution that takes the Millennial appeal even further.
Workshop Question - What is one movement within your industry that you could own, and how?
Trend Themes
1. Convenience Consignment - Digital drop-offs, at-home pickups and appraisals, and exchange initiatives are all examples of consignment shopping being made more convenient for consumers.
2. Designer Focus - Consignment shops partnering with luxury labels, designer-endorsed resales, and high-end marketplaces are all showcasing a focus on designer clothing as a key area of sales growth.
3. Experiential Shopping - Experiential consignment shops, P2P clothing store openings, and luxury resell sites are all examples of consignment shopping being reinvented to offer a unique and interactive retail experience.
Industry Implications
1. Retail - From brick-and-mortar experiential consignment shops to online marketplaces, the retail industry is evolving to cater to consumers' growing interest in second-hand shopping.
2. Luxury - The rise of designer-endorsed resales, high-end marketplaces, and luxury consignment shops are all disrupting the luxury industry and providing new revenue streams for brands.
3. Sustainability - Convenience consignment options, exchange initiatives, and P2P clothing store openings are all promoting sustainable shopping practices and encouraging consumers to buy and sell second-hand clothing.
