In a world where the luxury fashion landscape is in a perpetual state of change, navigating the reselling game in 2024 demands a strategic approach to get the most “bucks for your luxe.”
Because resale is inherently what we do, there are a few dynamic factors that can influence the optimal time for reselling your luxury bags and accessories. From fluctuating resale value of iconic brands and styles, to the impact of price increases driven by inflation, every nuance plays a role. Even unraveling the threads of Y2k and vintage comeback styles and knowing how certain designs experience a resurgence in demand over time is important. But beyond market trends, the personal connection you share with your luxury bags and accessories is a key determinant at the end of the day. The following is your compass in navigating the currents of reselling ultra-luxury with the hopes of helping you make informed decisions in the ever-shifting landscape of luxury resale.
Understand the Potential Resale Value of Your Bag
Unlocking the resale potential of your beloved bag (or bags) begins with a keen understanding of its value. First, take a moment to assess its current condition – we follow a condition guide when our experts assess items that come in. You can refer to our condition ratings here. Another factor to consider is the ebb and flow of seasonal demand. While luxury items are inherently valuable and will always carry value, the season or the current supply of a specific product can influence its declared value. Fear not, a bit of research goes a long way.
At FASHIONPHILE, you can submit your item for an online quote, which can give you a foundation for your item’s worth. Feel free to mull it over, and if the timing isn’t right, wait a few months before trying again. Selling your beloved luxury bags and accessories is a journey and we’re here to guide you every step of the way. Here is some more information on how to sell with us (Bonus: there are many ways you can sell with us, including visiting Selling Studios at select Neiman Marcus store locations)!
Keep Track of Annual Price Increases
Yearly price increases are a familiar beat to us ultra-luxury connoisseurs. They play a significant role in shaping the resale value of your cherished items too. Most of the time, these increases are not random – they often follow the tune of economic circumstances, like inflation. Take a moment to reflect on when you acquired the bag, and what you paid for it. For certain brands and styles, it can be quite astonishing how a few years can change the inherent value of something. Just imagine a Chanel Jumbo Flap that once cost $5k; today, its value has nearly doubled! This is a testament to the evolution of luxury and the benefits of resale. Understanding these changes can be key when considering when to sell your bag.
Is your luxury bag a keeper?
Now, let’s ponder the question: Is your luxury bag a forever companion or ready for a new adventure? Take a moment to reflect on your item—does it bask in the limelight of your daily ensembles, or does it linger in the shadows of your closet? The beauty lies in your connection with it. Opting to part ways doesn’t have to be bittersweet, especially with the perks of selling with us. Picture this: when you choose store credit, we add 10% more to your offer! You could treat yourself to a similar style but with a fresh twist, or something entirely different. And if you’re intrigued by the concept of circular luxury, our Refresh program awaits. Within a specific timeframe, you can purchase an item, relish its charm, and then resell it back to us for a guaranteed percentage back. It’s a seamless cycle of luxury that keeps the fashion vibes alive and thriving.
Whenever the time comes to sell your luxury accessories, keep these tips in mind!
