eBay Opens Store in NYC that Accepts Pre-Owned Luxury as Currency
eBay has launched a Luxury Exchange in New York's Diamond District, allowing shoppers to appraise and exchange luxury items like jewelry and handbags for 'closet currency', which can be used to purchase authentic designer goods. This new service supports the growing market for authenticated luxury items, especially as economic uncertainty drives interest in alternative investments. Recent data shows 30% of U.S. luxury shoppers see luxury items as a stable investment, with over half treating them as currency. The exchange operates from November 16 to 17, 2022.
- Launch of Luxury Exchange enhances eBay's presence in the high-end market.
- New service taps into the rising trend of using luxury goods as currency.
- Expansion of Authenticity Guarantee to jewelry boosts trust and sales.
- Economic uncertainty may limit consumer spending on luxury items.
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
SAN JOSE, Calif., Nov. 16, 2022 /PRNewswire/ -- 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.
"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."
eBay's Luxury Exchange: How it Works
- 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.
The Luxury Exchange comes on the heels of the expansion of Authenticity Guarantee to jewelry, a move that significantly augments eBay's luxury offering. eBay launched Authenticity Guarantee in 2020, and the program now includes sneakers, watches, handbags, trading cards and now, fine jewelry. As a result, more and more shoppers are turning to eBay to buy and sell their collections. This behavior is reflected in the depth and quality of inventory available on the marketplace.
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
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.
Physical authentication is the leading factor in convincing a shopper to purchase a second hand luxury handbag, watch, and jewelry on an online resale platform. eBay's commitment to authenticity in the luxury category is further evidenced by its upcoming brand campaign – "Everyone Deserves Real" – which spotlights how the pervasiveness of 'fakery' in pop culture contrasts with the very real world of eBay's authentication service and its expert authenticators.
- Watches
- 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.
- Handbags
- 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.
- Jewelry
- 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.
eBay's Luxury Exchange – at 22 W. 47th Street, New York, NY – is open to the public from Wednesday, November 16 through Thursday, November 17, from 11am to 6pm.
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. In 2021, eBay enabled over
1 Business of Fashion survey data collection in the U.S. in October 2022.
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SOURCE eBay Inc.
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