Do you have a massive collection of luxury handbags or purses? If you want to make room for fresh drops, reselling some items from your collection is the best idea.
Reselling bags is one way to generate passive income, and you can turn it into a business!
It’s a huge plus if you own luxury bags that have higher resale value compared to non-branded ones. Luxury handbags are a good investment with over 100% return on investment or more.
Thankfully, reselling bags is easy! Find out how to resell bags, determine their value, and the best platforms to sell them with this complete guide.
- Is It Possible to Resell Bags?
- What Is the Value of Bags?
- Things to Consider When Reselling Bags
- Where to Resell Bags
- What You’ll Need to Resell Bags
- How to Resell Bags: Step-By-Step Instructions
- Can You Make Money Flipping Bags?
- Frequently Asked Questions
- Similar Tutorials to Check Out
- Wrapping Up
Is It Possible to Resell Bags?
Yes! Did you know you can turn your bag-collecting hobby into a side hustle?
Truth be told, reselling bags can be a profitable business, given the fact that the market for bags and luggage is thriving.
The luggage and bags market is worth US$177.00 billion in 2023, with the handbag segment amounting to US$64.62 billion. More than 60% of the bags and luggage sales are attributed to non-luxury items.
Moreover, more people are switching to second-hand goods, especially when it comes to designer bags. According to Future Market Insights, more than 30% of consumers prefer purchasing second-hand items instead of spending more on brand-new ones.
This isn’t only economical but an environmentally conscious choice that greatly favors our planet.
What Kinds of Bags Sell Well?
The demand for bags in the resale market often attributes to the brand name and rarity. Here’s a list of qualities that make second-hand bags stand out:
1. Designer Handbags
Some of the most sought-after items in the resale market are bags from famous fashion houses such as Louis Vuitton, Hermes, and Chanel.
Known for their timeless and iconic designs, these brands hold the highest resale value in the second-hand luxury handbag market.
2. Vintage Bags
Do you have a decades-old but good-quality hand-me-down bag sitting on the corner? You can turn it into a lump of cash by reselling it.
Second-hand vintage bags, especially those in good condition or with discontinued designs, sell well in the secondhand market.
Furthermore, luxury vintage second-hand bags usually sell a few times more than their original value. For example, the Hermes Birkin and Chanel Timeless are two of the most sought-after vintage designer bags that never go out of style.
3. Limited Edition Bags
Rare and expensive luxury bags, especially those laid with precious stones or diamonds, have a huge demand in the secondhand market.
One example is Chanel’s Diamond Forever bag, designed by Karl Lagerfeld in 2008. The bag is encrusted with 334 diamonds and is worth over $200,000. There are only 13 known pieces of this rare gem in the world.
What Is the Value of Bags?
Whether it’s a designer handbag or a non-branded purse—as long as the item is in pristine condition, there’s always an opportunity to make a sale in the secondhand market.
The significant factors that impact a preloved bag’s value are brand, condition, and demand.
If they’re in like-new condition—well-maintained with minimal to no scratches or with no other signs of damage, they can have a pretty decent resale value.
For designer bags, the availability of original packaging (including dust bags or boxes) and authenticity cards impact the value too.
At the same time, the style, material type, and metal fittings can increase the resale value of bags.
How Much Is the Resale Value of Bags?
When it comes to designer bags, the resale value can range between 80% to over 200% of the original value. However, resale value can be as low as 38% for some designers.
The more exclusive the bag, the higher the resale value. For example, the iconic and ever-popular Hermes Birkin’s original retail price starts at $9,000, but the resale value can be $200,000 or more.
On the other hand, non-designer bags have lower demand compared to luxury bags. Given that fact, their value could be 50% or less, especially trendy handbags that go out of style after a few years.
Do Bags Lose Value Over Time?
Yes. In fact, the value of designer handbags depreciates too.
While extremely rare or collaboration pieces can give you profit as time passes, trendy designer handbags that get outdated over time will only yield less investment returns.
For example, large supply but poor demand bags like the Chanel Double Classic Flap bag is only worth less than 40% of its original retail value in the resale market.
Things to Consider When Reselling Bags
Here are important things to consider before putting your bag on the market:
1. Profitability and Price
When selling your bags, you want to earn as much return on investment as possible. Therefore, you must look beyond the quality, brand, and condition of your bag when assessing its profitability or determining value.
The resale market is highly competitive; while your bag can be designer and like-new, it may not be worth as much. The best way to check is by looking into e-commerce platforms to compare prices and analyze market trends.
Additionally, you can wait until your most-priced bags become in demand before taking them out of your closet for higher investment returns.
It’s legal to buy and sell handbags, but selling counterfeit or replica designers is unlawful and can get you in trouble.
If you’re selling authentic luxury bags, it’s best still to possess authenticity cards, certificates, and receipts to prove the legitimacy of your item. The inside tags or serial numbers should be intact too.
3. Other Costs
Selling your preowned bag entails additional costs. Other costs include commission or listing fees when signing your product on an online e-commerce platform. You may also have to spend cash on professional cleaning services, especially for leather handbags.
You’ll have to take care of packaging and shipping out your bags if you opt to sell on online shopping platforms.
Where to Resell Bags
To sell your pre-owned bags, you can partner with local consignment shops, arrange with a reseller, or list your bags on online marketplaces.
It’s essential to note that selling entails corresponding costs. You’ll have to pay a listing or commission fee (sometimes both).
The listing fee is the amount the platform collects for you to post your product on their site. Meanwhile, the commission fee is a percentage deducted from your item’s sale price after it’s successfully sold.
Here are three popular online platforms to sell your bags and their corresponding fees:
The e-commerce platform is a suitable choice for reselling pre-owned non-designer bags. It’s also secure to sell your luxury bags here since they have an Authenticity Guarantee policy to protect buyers and sellers.
What Makes This Option Great
Compared to other platforms, eBay selling entails relatively lower fees. In fact, the listing fee is free for the first 250 listings.
They also have a team of experts to verify the authenticity of handbags before shipping them out. In case of returns, you won’t need to worry about receiving a counterfeit item.
- Fees/Commission: 9 to 15% valuation fee and $0.30 payment processing fee
- Payment Methods: Visa or Mastercard debit/credit card
Vestiaire Collective has the most extensive collection of second-hand luxury items. You can connect to over 20 million shoppers around the world.
What Makes This Option Great
With Vestiaire, you can earn around 80% of your sale, and you have access to a larger market of millions of fashion enthusiasts worldwide.
Shipping is hassle-free too. Vestiaire Collective covers the shipping costs, so you only have to receive their shipping label and securely pack your item.
- Fees/Commission: $12-$13,000 selling fee, up to 3% payment processing fee
- Payment Methods: PayPal, debit card
OfferUp is a local buy-and-sell platform where you can list your non-designer preloved bags. They charge zero listing fee too.
What Makes This Option Great
OfferUp’s mobile application offers a user-friendly interface where uploading, managing listings, and getting in touch with customers is easy.
There’s also an option where buyers and sellers can meet in person and arrange payment or exchange goods face-to-face. That way, sellers won’t have to be charged a commission fee.
Aside from bags, you can sell or purchase home essentials, electronics, collectibles, and more. Be sure to check out the best-selling items on OfferUp too.
- Fees/Commission: $1.99 up to 12.9% commission fee
- Payment Methods: Debit card and bank account
Aside from these selling platforms, you may also want to check out the best-selling apps where you can buy and sell goods too.
What You’ll Need to Resell Bags
Are you ready to make a sale? Here’s everything you need to prepare before reselling bags:
- The item: The bag should be neat, clean, and presentable, with pouches or boxes (if available), and complete with all necessary documentation or authentication cards.
- A selling platform: Decide whether you want to sell your product online or offline. Ideally, selling online is more convenient and time-saving.
- High-quality photos: Take clear and detailed photos to include in your listing. It helps appeal to buyers and manage their expectations.
- Comprehensive description: List all information about the bag, like brand, size, if there’s been alterations done, any damages, or highlight notable features.
- Packaging and shipping supplies: Use proper packaging materials (bubble wraps, boxes, and tapes) to keep the package safe during transit. Don’t forget to include the shipping labels too.
How to Resell Bags: Step-By-Step Instructions
Learn to resell bags with these easy steps:
STEP 1: Set up an Account on a Preferred Online Platform
Complete your seller’s profile by providing your personal information, including your payment details. Download the mobile app, too, so you can keep track of your listings and deliveries in real time.
STEP 2: Price Your Bag Fairly
Do market research to evaluate your item’s value and popularity, or use online pricing calculators. You can easily compare listing prices on platforms like eBay.
STEP 3: Take Photos and Generate an Item Description
Take high-quality photos of your bag under good lighting conditions, or use a professional camera for unmatched quality.
Go into every detail when taking photos; the interior, exterior, close-up of print details, and basically, every corner.
When making your description, it’s essential to write every detail down. In essence, note the following information:
- Item brand
- Year bought
- Material type
- Notable features
- Damages or odors
- Inclusions (dust bags, boxes, cards, etc.)
STEP 4: Upload Your Listing
You’re now ready to put your product online. If you have the budget, you may also pay for ads or priority listings to reach a bigger audience.
STEP 5: Complete Your First Order
Once you receive your first order, it’s time to package your bag and prepare to ship.
Store your item in a way that can increase resistance to weather or mishandling (either use cushioning materials or waterproofing with tapes.) That way, your customers will receive the bag in good condition, avoiding returns that can incur a loss.
Can You Make Money Flipping Bags?
With more people buying second-hand items to support sustainability, flipping bags can be a good income source.
However, your profit will depend on the types of bags you sell. Designer bags and vintage luxury bags usually generate more profit compared to accessible brands.
What Is a Bags Resale Business?
A bag resale business involves buying bags at a lower price and selling them at a higher cost. For that, you need a keen eye for detail and knowledge of market trends.
You can also start making a profit by selling items from your collection and using the money to buy more stuff you can sell.
Some people can generate thousands of dollars a week from selling luxury brands alone. A Tiktok influencer named Nica Yusay earns up to $55,000 weekly from selling vintage luxury handbags on her Shopify website.
Is Reselling Bags a Good Way to Make Money?
Yes, but the business can be unstable, so it may take a lot of dedication to sustain sales. Some people strategize by marketing their products through social media platforms to elevate sales.
This is because the bag resale market, especially for luxury brands, is highly competitive.
It’s important to note that the amount of cash you’ll make from flipping bags will highly depend on the demand, brand, and condition of the bag.
Frequently Asked Questions
Here are the answers to some FAQs about reselling bags:
Why Do People Buy Second-Hand Bags?
Many people opt for second-hand bags because they’re more affordable without compromising quality. Buying a like-new bag that’s around 50% cheaper is almost as good as buying a brand-new one.
Do Bags Increase in Value?
Yes, as long as they’re a rare designer, in excellent condition, and in high demand, they can increase in value.
Similar Tutorials to Check Out
Here are other gigs you can try if you’re fond of reselling items:
- Resell Jewelry: With gold and precious stones increasing in value over time, reselling jewelry is an excellent business idea.
- Resell Diamonds: These extremely durable stones can land you a fortune. Learn how to resell diamonds through this guide.
- Resell Mattresses: You can give your used but good-quality mattresses a chance by reselling them.
More than just a hobby, bag collecting is also a good investment, not to mention that selling your pre-owned bags online is easy.
Meanwhile, rare designers and vintage luxury bags sell better compared to trendy designers that get outdated. Non-designers have low resale value too.
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