Data Visualization Case Study: Gucci Soho Chain Strap Leather Shoulder Bag

Introduction

Welcome to today’s deep dive into the fascinating world of luxury resale! We will be exploring how the resale values of the iconic Gucci Soho Bag have evolved over the past year. Resale value, in this context, refers to the price at which pre-owned items are sold on secondhand marketplaces, either by retailers or peers. These values play a crucial role in determining the fair market value, which, in turn, helps populate instant offers for merchants using the Resale App.

To bring you this analysis, we’ve scoured data from a variety of sources, including Google Shopping, managed marketplaces like TheRealReal and Rebag, and other peer-to-peer platforms like Vesitaire Collective and Poshmark.

Before we dive into the data, let’s take a quick look at the Gucci Soho Collection itself, which was introduced in the early 2010s. This collection quickly became one of the brand’s most iconic and recognizable lines, particularly for its understated elegance and practicality. Available in an array of styles, sizes, and colors, the classic Soho leather takes center stage in today’s study. Because the resale and fair market values can vary significantly based on size, we've broken down the analysis by size categories: Large (LG), Medium (ME), and Mini (MI).

Data Exploration

Let’s start with the Large-size Gucci Soho Bag. Over the past year, we've seen some intriguing trends across different condition categories — Excellent, Great, Good, and Fair. Initially, resale values ranged from $815 to $990 last August, depending on the condition. However, in January 2024, the resale value for bags in Excellent condition spiked to an average of $1,265. Following this peak, values began to taper off slightly from March 2024 onward. The price difference between Fair and Excellent conditions typically hovers around $275, with a minimum of $180 and a maximum of $355. This data underscores the importance of maintaining your bag in top-notch condition — doing so can easily add an extra $200 to your resale price. However, it’s important to remember that the actual resale value can be influenced by several factors, including market demand, the specific condition of your handbag, and the commission fees charged by peer-to-peer platforms or consignment merchants. Additionally, while this analysis averages the handbag values across different colors, seasonal trends can make certain colors more sought-after than others.

Now, let’s shift our focus to the Medium-sized Gucci Soho bag. Although it’s logical to assume that smaller bags might fetch lower prices, that’s not always the case in the secondary market. In August 2023, Medium size resale prices ranged from $660 to $920. By February 2024, bags in Excellent condition had reached a peak value of $1,100, before experiencing a gradual decline in the following months. The price variation between Fair and Excellent conditions for this size spans from $220 to $380, with an average difference of about $290.

Lastly, the Mini size Gucci Soho bag also saw a significant spike in January, with Excellent condition bags gaining a whopping 45% in value. Interestingly, bags in Fair condition showed much less variation in price. This highlights a key trend: when a handbag’s popularity rises, it’s the best-kept, highest-quality pieces that appreciate the most in value. Yet another reason to take meticulous care of your designer investments!

Conclusion

The post-holiday spike in Gucci Soho resale values can be attributed to several factors. After the holidays, there’s often an increased demand from buyers who either didn’t receive the luxury items they desired as gifts or who are looking to capitalize on holiday bonuses. Additionally, the New Year brings a trend of wardrobe refreshes, where both sellers and buyers become more active in the resale market. This increased activity, coupled with limited availability of new stock and promotions in stores, creates a competitive environment, driving up resale prices. The timeless appeal of the Gucci Soho also makes it a sought-after item during this period, further contributing to its rising value.

This trend holds for the Gucci Soho, but it doesn’t necessarily apply to other Gucci handbags or designs from different brands.

Stay tuned for other data visualization posts!

If you want to know more about how we compute fair market values, read our guide here. And if you are confused with some of the terms, don’t hesitate to check our glossary.