Prices for pre-owned, luxury handbags down

The demand for previously owned, high-priced luxury handbags from Hermes, Chanel, Gucci and Louis Vuitton is down.

CNN— The demand for previously owned, high-priced luxury handbags from Hermes, Chanel, Gucci and Louis Vuitton is down.

According to a report released Thursday from the luxury reseller RealReal, those handbag resale prices fell about 10-20% over the past 90 days.

However, RealReal’s merchandising director says demand for lower-priced used luxury brands is up.

According to industry data overall, the secondhand market is red hot as consumers look for more bang for their buck.