2024 Hermès Collection Value Report: VIP Exclusive
👋 Hello everyone! We’ve received a bunch of messages about the real deal on bag values and the lowdown on the resale scene. Get ready, because we’ve got you covered with an Hermès Collection (Resale) Value Report.
The Hermès resale game is like a rollercoaster at the moment, but we’ve got your back! With our fresh data and market insights, we hope you have a clearer picture of your collection and help you know what to snag or part ways with next! 🙂
Thank you for being a Ban Island VIP. We aim to empower you to make informed decisions without getting too lost in the details.
Happy reading! A few notes before we begin:
Extreme price outliers, HSS/SOs, and exotics have been excluded. Our calculations are based on the average listing price in Togo or Epsom leather for each model and size.
Only bags in new or like-new were considered for resale value.
All figures are in USD.
What are you waiting for? Let’s dive in and unravel some Hermès market mysteries!
2024 Hermès Retail Prices
Hurdling through the H game this past year proved to be quite the challenge as retail prices soared up to 10% in 2023! And the upward trend persists, with prices climbing an average of 6.4% for 2024.
As anticipated, the Birkin 25 takes the lead with an impressive surge of 9.62%, translating to a staggering $1000 increase.
Yet, what might catch you off guard is the Picotin 18 closely trailing behind, boasting a percent increase of 9.09%. In the aftermath of the pandemic’s impact, Forbes highlights a shift towards a more laid-back style of fashion. The Picotin’s uncomplicated and relaxed design seamlessly aligns with this trend, potentially contributing to its popularity.
2024 Hermès Collection Value Breakdown
Yet, the resale value for all Hermès bags experienced a significant dip averaging at 10% despite the upward trend in retail prices.
What’s behind this downward trend in numbers?
“Consumers are worried about the economy and they are not spending as much. They are no longer willing to pay the same price at resale that were willing to pay last year for brands like Hermès, Gucci and Louis Vuitton.”
- Sasha Skoda, Director of Merchandising at The RealReal
Skoda also noted that Zillenial and Gen Z shoppers, who make up for the majority of pre-loved buyers, are gravitating more towards brands including Miu Miu, Bottega Veneta, and Telfar because of their more affordable price point and contemporary designs.
The timeless elegance of the Mini Kelly prevails, maintaining its status as the most valuable Hermès bag. With an average resale value of $26,921 - a 5.4% decrease since our last resale report.
Nevertheless, Hermès’ revenue proudly stood tall showcasing a 17% increase in sales in 2023 when compared to that of 2022. The company credits this surge in sales to Asia, specifically their Japanese customers. Alongside the introduction of two new bag models, the Kelly Messenger and the Maxi Kelly, which drew in fresh clientele.
The Birkin 25 was the most stable Hermès bag in terms of resale value. The cult classic experienced a modest percent decrease of 1%.
As noted above, only bags in new, like-new, or excellent condition were considered for resale value. However, the demand for “fair condition” items like the Birkin 25, showing heavier wear and scratches, nearly doubled in 2023 according to the RealReal’s Annual Luxury Consignment Report 2023.
Stylishly spacious bags are all the rage according to luxury designers including Givenchy and The Row. As fashion trends take a noticeable shift toward larger bags, the Birkin 30 is following suit with a resale value increase of 3.9%.
You may have noticed that the average resale values on eBay tend to be higher than on other platforms. Several reasons contribute to this trend:
Seller Fees: eBay charges sellers various fees, and sellers may include these fees in the item’s price to cover their costs.
Seller Policies: Sellers on eBay may incorporate factors like shipping costs or additional services into the overall price.
Seller Reputation: Established and reputable sellers may charge high prices due to the trust and confidence buyers have in their products.
Auction format: eBay primarily operates on an action format, where buyers bid against each other. This can sometimes drive prices higher than fixed-price listings.
The Kelly Sellier 28 takes the lead with a 12% surge in resale value. For those considering a larger bag as an investment, it’s important to opt for a bag that is proportionate to your body size. If you are more petite, you may want to avoid carrying an oversized bag to avoid looking shorter.
The resale value of the Kelly Retourne 25 declined by 6.4% - the highest out of all the bags analyzed.
A recurring trend in our data reveals that resale prices in Facebook groups tend to be lower than on other platforms. Let’s explore why:
No Fees: Unlike eBay, Facebook groups don’t typically charge sellers significant fees for listing items. Sellers can pass these savings on to buyers.
Local Transaction: Many transactions on Facebook Marketplace are local involving domestic shipping. The lower shipping costs can contribute to lower overall prices.
Casual sellers: Individuals selling in Facebook groups may not be professionals. They might be casual sellers looking to declutter or sell items they no longer need, and they may price their items more affordably.
Negotiation: Facebook allows for direct communication between buyers and sellers. This can lead to negotiation, resulting in lower final prices
Whatever platform you choose, it is important for buyers to exercise caution, ensure safety in transactions , and verify the condition of items when purchasing second-hand.
And there you have it! Are these resale values you were expecting?
