Looking for a way to earn some extra cash to fund your holiday shopping (and a side hustle isn’t really your thing)? Try looking in your closet – and we don’t mean for loose change.
A recent article in the Wall Street Journal points out that most of us are only wearing about 20% of our wardrobes. If there are any regrettable splurges in the unused 80% of your closet, you can stop regretting and start cashing in. Just in time to pay those holiday shopping bills. How? Consignment!
It works like this: hand over your new (or gently worn sartorial splendors) to a consignment retailer and they sell it for you – typically for a small cut of the sale. Consignment isn’t a new idea. But in the last decade or so, online consignment has taken off and to not only reach more buyers, but to make the process a whole lot simpler for consigners (think: texting for an item to be picked up).
When you want to know the ins and outs of online consignment, you go to the expert. Linda Lightman, Founder and CEO of the luxury consignment Linda’s Stuff, might just be the reigning queen of resale. We caught up with Linda in order to find out how best to make the most of our holiday consignment experience.
If you’re hoping to fund your holiday shopping, you’ll want maximize your selling success by following a few of Linda’s tried-and-true tips.
1. Dress = Most Success
If your passion for fashion has your closet crammed full of clothes that never see the light of day (or if you’re like us and harboring a stash of one-size-too-small clothes that, let’s be real, will always be one size too small) it’s a great time to cull! But not everything sells equally in the consignment world. Lightman says that while pants can be slow to move, dresses are a popular resale item. A classic Diane Von Furstenberg wrap dress, for instance, can fetch anywhere from $60-$300, (depending on original retail and condition, of course).
2. Go ‘One Size Fits All’
No clothes to consign? No biggie. Opt to sell accessories like jewelry, shoes or handbags. “The thirst for luxury handbags – from Michael Kors to Prada—never seems to be quenched.“ Got a pretty little Kate Spade tote that’s collecting dust? You could add upwards of $90 to your holiday spending allowance by selling it on consignment. Home goods like designer pillows and throws sell well, too.
3. Think Inside the Box
This isn’t your grandmother’s consignment. These days, new, in-the-box personal care items like high-end cosmetics and perfume are great sellers. In the past, when given the gift of your not-so-favorite scent, you might have simply re-gifted it. “The art of re-gifting is a lost art,” says Lightman. “Sell it. Get the cash.” Who knows? You could actually buy something your loved one won’t have to pass on next holiday. Crazy, right?