3 reasons why I believe 2018 will be the year of resale
December 19, 2017
This is our year and here’s why
A few years ago, my then teenage son and I had a rather difficult discussion. He responded to my unpopular parental decision by lightly kicking our already-on-its-last-leg oven door. It fell off. Thus began my adventure into kitchen remodeling. What started as a search for an out-of-date oven door, has now turned into a full-blown gut of my kitchen. Unfortunately, I am completely bogged down with decision making. I’m paralyzed. Too many choices! I’m struggling with one of the very reasons that make 2018 the year of resale.
1.) It’s the year of resale because “less is more”
It’s called the “paradox of choice.” The theory is too many choices mean people buy less. Why else would Target, Kohl’s, Neiman Marcus and others reduce the size of their stores? Like me, shoppers are weary of making so many decisions. In fact, one study actually determined the more choices you have, the more anxiety and dissatisfaction you have too. The beauty of resale is limited choices which makes the hunt for treasure even more exciting. I’m convinced the main reason people shop consignment, thrift or otherwise is the thrill of the hunt for that one special find. Consider this quote from KultureHub, “The point is that consignment shops offer the fashion scene more than just hyped clothing, they offer any avid admirer of fashion the opportunity to strike gold.”
2.) Consider 2018 the year of resale because Millennials are ready to shop
In 2018, according to Forbes, Millennial buying power will be the biggest of any generation. This year alone, they’re estimated to spend nearly $200 billion. You remember those crazy Millennials? They love business sustainability, responsibility and accountability. This is the generation with overwhelming college debt, but they’ve grown accustomed to the finer things in life under their parents. Enter resale. The price point of your merchandise is what Millennials need. Don’t forget to provide shopping experiences too. If you visit The RealReal’s new store, “you can wait on gorgeous textural couches while your pieces are appraised. There is a flower stall at the front where you can buy stems by Fox Fodder Farm, a coffee bar downstairs and weekly events and workshops, like Faux Fridays, which instruct attendees on how to spot fake Louis Vuitton, Chanel and designer sneakers.”
3.) Social proof makes it the year of resale
With the increasing positive publicity of The RealReal, thredUp and more, resale is growing. We’ve heard about the troubles for Sears, Penney’s, Macy’s and others, but resale news is all about ingenuity and growth. Social proof can make or break you. If you are socially successful in the eyes of consumers, you will be successful in your bottom line. The stronger we are as a whole, the better we become individually. Good publicity is good for all of us. The flip side is a little scary. Take for instance the recent lawsuit against The RealReal. A shopper maintains The RealReal falsely inflated the diamond weight of a ring she purchased. Because The RealReal states they offer “authenticated luxury consignment,” shoppers naturally assume they are buying the “real” thing. If any one of these larger online consignment shops were to experience a major public scandal, our industry as a whole will take a huge hit.
The remodel of the century
I’ve finally forced myself to make a decision on countertops, appliances, backsplashes, paint colors, etc. My son is about to graduate from college and head into the Army. We no longer have difficult parental discussions (except when he needs more money). The future is looking bright. The future is rosy for resale too. Let’s work together to strengthen our industry!
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