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Chanel Reigns as the Most Sought-After Luxury Brand for Resale Among South Korean Millennials and Gen Z

Published: December 26, 2023
Author: Fashion Value Chain

A recent report reveals that Chanel has emerged as the most popular luxury brand for resale this year, particularly among younger South Koreans who are actively engaging in trading second-hand luxury items. The report, titled ‘2023 Pre-Owned Luxury Trends,’ was published by Gugus, a platform specializing in the sale of pre-owned luxury products. The data analyzed for the report spanned from January to September of the current year, taking into account purchases, consignments, and completed transactions.

Chanel secured the top spot in sales rankings, alongside other esteemed brands such as Hermes, Rolex, Louis Vuitton, and Cartier. Interestingly, the “Elusha” trinity of luxury brands, including Hermes, Louis Vuitton, and Chanel, maintained their strong appeal this year, with minimal changes compared to Gugus’ rankings from the previous year.

The trend of trading luxury goods through second-hand apps is gaining momentum, with millennials and members of Generation Z, often referred to as Generation MZ in South Korea, making up 76 percent of individuals involved in transactions for used luxury products, as reported by Lightning Marketplace’s “Future Used Fashion Trend Analysis Report.”

A significant finding is that over 50 percent of these individuals mentioned that they had sold high-end items within a year of purchasing them. This trend not only encompasses the acquisition of expensive products but also the resale of items they no longer require, indicating a notable increase in purchasing and selling activity when compared to previous generations.

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