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Here Are the Top 5 Fashion Trends to Invest in for 2023, According to Fashionphile

Clutch your pearls, Chanel bags and all things Y2K — because they're only going to be even more in demand.
Ultra-Luxury Resale Report header img fashionphile

Telling a tale of style, trends, cash and all their entanglements, Fashionphile's 2022 Ultra-Luxury Resale Report is flagging the five major trends that are set to dominate the fashion industry come 2023.

This year's retrospective report, courtesy of one of the biggest players in luxury resale, is proof of which trends are the hottest, and why — which Fashionphile understands may impact consumers' investment decisions amid a turbulent economy.

"Inflation continues to be top of mind, and as retail prices go up to historic highs, resale prices go up in lock step," the report states, citing the past year's highest inflation figures since the 1980s. "Not only is this a good time to sell those investments you may have sitting in your closet, but resale is a lucrative place to stash your cash in ultra-luxury investments."

For 2023, these are the five trends to rule us all.

The Hermès Birkin, available for resale purchase at Fashionphile, remains one of the platform's most desired handbags.

The Hermès Birkin, available for resale purchase at Fashionphile, remains one of the platform's most desired handbags.

1. The Collaboration Wave Rolls on

Collaborations constantly surprise us, letting us revel in an often-unexpected joining of forces, like Crocs linking up with Balenciaga to create an uncomfortable hybrid shoe, or Supreme partnering with Tiffany & Co. to mix streetwear and timeless jewels. 

Naturally, the latest collaborations remain high in demand, according to Fashionphile. Whether it's the Gucci x Balenciaga or Fendi x Versace, the luxury resale company saw a 193% increase in searches for pieces from collaborations across the board. 

Collaborations are nothing new in fashion, but they're riding a new tide that just keeps going on, thanks to a major resurrection by Virgil Abloh. By entering into partnerships with brands like Rimowa and Nike, the late genius ushered in a new epoch in fashion, not only through his designs, but his open attitude towards collaboration.

2. Y2K Is Still Here to Stay

Fashionphile's report only confirms what we've seen on the latest runways this season, from Blumarine to Versace. The millennials in our midst are living a daily déjà vu as fashion continues to embrace the aesthetic of the 2000s.

Y2K fashion is keeping its seat on the throne, according to Fashionphile. Thongs are peeking out of low-rise pants. Bikini tops are being worn with cargo bottoms. And beyond fashion, Y2K accessories are having their own bursting resurgence.

Think the colorful Louis Vuitton Takashi Murakami bags and croissant bags, or reminisce on a "Sex and the City" episode with a Fendi Baguette which, according to Fashionphile, has seen a 101% increase in search demand. The Christian Dior saddle bag, meanwhile, saw its searches increase 97%. Prada's re-edition shoulder bag saw the highest increase in search demand, clocking in at 110% higher in 2022 than 2021.

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"Prada's sparkly renditions of their iconic, 2000s-era nylon bags, which arguably awakened the rhinestone craze, has inspired more ultra-luxury brands to revisit past staples and step into the gaudy Y2K scene," the report says.

3. New Bags Are Coming in Hot for 2023

Fashionphile is forecasting the hottest bags for 2023, which are a mix of shopping totes, hobos and shoulder bags — and go beyond the Prada, Fendi and Dior bags that got red-hot over the past year.

If you want to be right on trend, keep your eye on the Chanel Quilted 22, Fendi Fendigraphy hobo, Prada Symbole tote, Bottega Veneta Jodie hobo, Louis Vuitton multicolor Speedy, Balenciaga Le Cagole shoulder bag and the Saint Laurent Icare Maxi Shopping Tote.

For those eager to get out of the trend cycle, Hermès and Chanel will remain widely-wanted investment pieces. Fashionphile sold 113% more Hermès and 70% more Chanel in 2022 than the year before. 

Hermès retains its astonishing investment value, according to the report, with the average sale price for a Birkin increasing 64% since 2019.

4. Pearls Are Getting a Facelift

These aren't the pearls seen strung along the dresses of flappers, and not in the form of the petite necklaces that were popular in the 1950s. Today's pearl revival takes pride in mixing their opulence with other gems and metals, like pearls with a metal chain or embedded into an onyx ring.

According to the luxury resale company, sales for pearl earrings alone have jumped 255% since 2020.

"As a historically stuffy accoutrement, pearls are just now starting to trickle down to the mass market, gaining popularity across all genders – due in part to influential figures, like Harry Styles, who use fashion accessorizing to break down the walls of gender stereotypes," the report says.

5. Dopamine Dressing Has Hit Its Groove

Matching the bright tangerines we saw in New York or Fendi's electric lime green in Milan, "dopamine dressing" lives on. In a post-pandemic world, wearing bright and sunny colors remains a popular tactic to seek pleasure through fashion.

Neutral palettes and capsule wardrobes may have been popular before. Now, color, wherever you can wear it, is in — and not just in clothes. Fashionphile found the trend has taken hold in accessorizing, where purple is most wanted for handbags, blue is best for watches and pink-gold is winning in jewelry. 

Coined by fashion psychologist Dr. Dawnn Karen in her book, "Dress Your Best Life," dopamine dressing is about using your clothes to enhance your mood. Where a sweet treat may bring you a bright smile, beautifully colorful clothes might also bring you a good feeling or "happy hormones."

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