Overview
- Bernstein’s Secondhand Pricing Tracker shows average resale premiums falling from 2.2 times retail in 2022 to 1.4 times in November, with the Birkin Togo 30 now averaging roughly its original retail price.
- Despite the pullback, Rebag reports Hermès led the 2025 bag category, with eight styles selling above retail and Birkins averaging about 22% over their original prices, and resale levels nearly doubling since 2015.
- Luxury analysts attribute the cooling to inflation pressures, a softer job market, and increased secondhand supply and resellers following the post‑pandemic boom.
- Hermès’ tightly controlled allocation—limited boutique quotas, caps on purchases and heavy spend requirements—continues to push many buyers to pay premiums on the secondary market.
- A class‑action lawsuit challenges Hermès’ alleged tying of access to Birkin and Kelly bags to other purchases, which the company denies, while long‑term data still shows these bags have outperformed gold and the S&P 500 over extended periods.