Exploring Monetisation of Luxury Bags: The Ultimate 2023 Resale Guide
Time to read 3 min
Time to read 3 min
Let's delve into each method individually. When it comes to consignment shops, they offer a seamless and quick experience due to their experience and expertise when it comes to buying and selling luxury products. Due to their experience and extensive knowledge when it comes to the luxury handbag marketplace, they tend to offer you with a fair market value in addition to actually marketing and selling your handbag for you, allowing you to sit back and bear the fruits effortlessly.
However, when dealing with consignment shops it is important to keep in mind that they do charge a sales commission, in simple terms implying that upon its sale you won't receive the entire retail value. These sellers commissions range between 25% - 40%.
The second channel to sell your favourite handbag is an online channel. There are numerous online marketplaces popping at an increasing rate, which specialise in resale of luxury handbags.
Selling your luxury handbags online can be very different from consignment stores because of the procedures in place. When selling online, it is crucial to use high quality photos of the bag that you are looking to sell along with a well written and details product description right from its condition, to ask price and how long it has been used for. Make sure that you are honest while filling in these descriptions.
The final channel is directly to a luxury fashion enthusiast or buyer. The easiest way to maximise your profits when selling your pre-owned handbag, is to sell it directly to a buyer, due to the sole reason that there is no middleman taking upon a commission from your earnings. Although, this has proven to be considered as highly time-consuming and at times difficult, as individuals may doubt our authenticity or credibility. Another notable channel to sell your handbags, is the Facebook marketplace and public enthusiasts groups, however, make sure to do your research thoroughly as selling on such a marketplace has a higher risk of getting scammed.
Keep these two points in mind if you do choose to sell your luxury handbag directly to a buyer. Firstly, utilize online advertisements or local publications on a credible platform to increase your chances of finding a buyer. Secondly, one must be mentally prepared and open to negotiating the selling price to decrease the time it may take to find your ideal buyer.
Researching the second hand market along with the help of, online price guides provide you with an idea of what other similar bags are selling for.
When selling your luxury handbag directly to a buyer, be prepared to negotiate on prices to prevent dragging on the sales process and potentially loosing interested customers.
If you are selling a high-value luxury handbag, it's important to provide the buyer with proof of authenticity.
In conclusion, monetizing your luxury handbags in 2023 offers a plethora of opportunities, and understanding the diverse channels available can significantly impact your financial returns. With 3 key channels to help make the selling process, remember that regardless of the method you find easiest, remember to be transparent and enjoy the selling experience.