eBay Opens Store in NYC that Accepts Pre-Owned Luxury as Currency.
Open during Jewelry Week in the heart of New York’s iconic Diamond District, the eBay Luxury Exchange capitalizes on the skyrocketing value of authenticated luxury items by letting shoppers exchange jewelry, handbags and watches from top brands like Gucci, Rolex, and Van Cleef & Arpels.
Shoppers are invited to have their jewelry, handbags, and watches appraised and exchanged for “closet currency” to purchase authentic items from eBay’s top luxury sellers.
The Rise of Resale: Luxury As Currency
As economic uncertainty proliferates, interest in alternative investment classes has continued to climb. According to “The Rise of Resale: Luxury As Currency” – a new report from BoF Insights, the data and analysis think tank from The Business of Fashion, conducted in partnership with eBay – approximately 30% of U.S. luxury shoppers surveyed believe the value of luxury handbags, watches, and jewelry is less volatile than other investment assets they own1.
More than half of these shoppers see their luxury items as a form of currency, and they think about their collections dynamically, as a way to trade for other items that they want. What’s more, sixty-two percent of respondents report that they have sold items from their collection for more than the original purchase price.
eBay’s Luxury Exchange
Shoppers have their luxury items appraised and assigned a value with which they can shop the store’s inventory of designer watches, handbags, and jewelry.
Once shoppers find an item(s) within their “currency,” they can make the exchange and walk out of the store with their new luxury goods.
If nothing in the store catches a shopper’s eye, guests can visit the on-site photo studio and opt to list on eBay themselves instead of exchanging.
“It’s never been easier for luxury enthusiasts to refine their collections in a trusted environment, and we wanted to create an IRL experience that reflects what’s happening on eBay every day,” said Tirath Kamdar, GM of Luxury at eBay. “The Luxury Exchange gives shoppers an opportunity to appraise and sell their valuable goods, and add something new to their personal collections – just in time for the holiday season.”
Luxury on eBay – By the Numbers
In 2021, eight watches were purchased on eBay in the US every minute.
The most sold watch brands in 2022 are Hamilton, Omega, Seiko, Tag Heuer, and Tissot in the US and Canada.
Sales for trending styles like the Omega Speedmaster and Rolex Oyster Perpetual Explorer are up triple digits YoY in the US and Canada in 2022.
In 2021, a handbag was purchased on eBay in the US and Canada every 13 seconds.
Chanel, Gucci, Louis Vuitton, and Prada are 2022’s top selling handbag brands in the US and Canada.
Sales of styles like the Balenciaga Le Cagole and Chanel 22 are up triple-digits YoY in the US and Canada in 2022.
In 2021, eBay sold eight fine jewelry items in the US and Canada every minute.
Cartier, David Yurman, Gucci, Swarovski, and Tiffany & Co are 2022’s top selling brands in the US and Canada.
Sales of the Chanel Coco Crush Ring, David Yurman Cable Spira Bracelet, Gucci Interlocking G Bracelet, and Mikimoto Cultured Pearl Bracelet are up triple digits YoY in 2022 in the US and Canada.