According to the latest report by IMARC Group, titled "Secondhand Luxury Goods Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global secondhand luxury goods market size grew at a CAGR of around 12% during 2014-2019. Secondhand luxury goods are premium and high-end personal items that are purchased by a second or later end user. The prices of these goods are significantly lower than the original product, which makes them accessible to a larger section of society. The vintage connotation associated with most of the secondhand luxury items makes them exclusive, thereby attracting individuals to sell and buy used high-end products through auctions, bazaar-style fundraisers, charity events or privately-owned consignment shops. The usage of these products also aids in reducing carbon footprint as they minimize the dependence on raw materials and lower waste production levels. Some of the most commonly sold secondhand luxury items include clothing, bags, watches, footwear, artwork, jewelry and antique furniture.
Global Secondhand Luxury Goods Market Trends:
The global market is primarily driven by the shifting lifestyle preferences of the majority of the population across the globe. Supported by rapid urbanization and inflating disposable income levels, the uptake for secondhand luxury products has significantly increased. Apart from this, the proliferation of online retail channels is also contributing to the market growth. Online channels offer high-quality products to consumers at considerably lower prices. E-retail also proves to be extremely beneficial for the sellers as it allows firsthand buyers to invest the resale money in buying new full-priced high-end products. The availability of a wide array of products on online platforms with a diversified price range also attracts customers to the market. Along with this, the widespread popularity of limited capsule collection results in a scarcity of luxury goods, which provides a thrust to the market growth. Furthermore, numerous key players are ensuring improved quality of the secondhand items by investing in authentication procedures and several quality checks, which is creating a positive outlook for the market. Some of the other factors driving the market growth include growing concerns regarding decreasing landfill space and enhanced focus of individuals toward sustainable development. On account of the aforementioned factors, the market is expected to witness strong growth during 2020-2025.
- On the basis of the product type, the market has been divided into handbags, jewelry and watches, clothing, small leather goods, footwear, accessories and others.
- Based on the demography, the market has been bifurcated into women and men.
- On the basis of the distribution channel, the market has been categorized into offline and online.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
- The competitive landscape of the industry has been examined with the detailed profiles of the key players operating in the market. Some of these players include Fashionphile Group, LLC, Fendi S.r.l., Garderobe Dubai, INSELLER, Luxepolis Retail Service Private Limited, Luxury Closet, So Chic Boutique, The Closet, The RealReal, Inc., Timepiece360, Vestiaire Collective, and Yoogi's Closet, Inc.
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