In a new report, Whatnot, the live shopping marketplace, looks at how shoppers are spending on luxury goods.
A Censuswide survey commissioned by Whatnot polled 2,000 luxury goods shoppers in the U.S. and found that 41 percent of consumers are purchasing luxury handbags over contributing to their 401k. Moreover, 49 percent of consumers also said they prefer investing in handbags over stocks.
On average, 26 percent of respondents said they plan to set aside 16 to 20 percent of their annual salary for purchasing luxury goods and 18 percent plan to set aside 21 percent or more of their salary for luxury goods.
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The report’s authors found that shoppers see luxury handbags as a good investment when purchasing (39 percent), while 29 percent of consumers see handbags as a great investment opportunity compared to traditional investments.
“Today’s luxury buyers aren’t focused on just purchasing a product; they’re investing in pieces that bring them joy, hold personal and financial value,” Armand Wilson, vice president of categories and expansion at Whatnot, exclusively told WWD. “Whatnot meets buyers where they are, offering a fun and interactive shopping experience that builds trust in real time. Whether it’s seeing the condition of a bag live, asking direct questions or joining a community of like-minded collectors, buyers choose Whatnot because it makes luxury feel personal, accessible and exciting.”
According to Whatnot, the top five traits consumers examine when searching for luxury handbags are price, brand, condition, authenticity verification and style of bag. Buyers are more than ever turning to secondhand resale platforms, with 37 percent of shoppers doing so on online platforms such as Whatnot, Depop and The RealReal. Sixty-five percent of consumers have resold a luxury handbag, with 33 percent of shoppers having used social marketplaces such as Whatnot or Depop.
In the past year, the number of buyers of luxury handbags on Whatnot has more than doubled — with highly engaged buyers spending more than $1,000 a month on the platform and the platform’s top luxury vendors selling more than $10,000 of product per hour. Seller FashioNica has sold $9 million to date, Julia Rose Luxury hit $500,000 in sales in her first month on the platform and StudioTwoLuxury racks in $65,000 a month.
Whatnot said staples such as Louis Vuitton monograms and Chanel flap bags, alongside rarer pieces such as Fendi Baguettes and Hermès Birkins, are all the rage with buyers. Meanwhile, for aspirational buyers, wallets, sunglasses, scarves and smaller accessories have become regular purchases for their more accessible prices as an entry into luxury spending.
“Luxury shoppers today aren’t just looking for beautiful pieces, they’re looking for transparency, connection and confidence in what they’re buying, which is hard to find on traditional online marketplaces. Our recent survey found that 81 percent of buyers feel more confident purchasing when interacting with a seller and seeing the product live. That trust translates directly into action. We’ve built an environment where high fashion meets high engagement, driving a new wave of growth and loyalty in the luxury space.”
The Top 10 Luxury Handbag Brands Shoppers Are Eyeing:
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