The latest report by IMARC Group, titled “India Secondhand Luxury Goods: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the India secondhand luxury goods market size reached US$ 497.2 Million in 2021. Secondhand luxury goods are high-end premium products that are purchased by the second or later end user. These items include antique furniture, jewelry, artworks, luxury footwear, apparel, bags, and watches. They are more cost-effective than newer products, making them accessible to a larger section of society. They also comprise an extended warranty period, which makes them suitable for the resale market. Moreover, the usage of secondhand luxury products also reduces the carbon footprint as they eliminate the dependence on raw materials and lower waste production levels.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Secondhand Luxury Goods Market Trends:
The market is primarily driven by the rising living standards and the increasing disposable incomes of individuals. In addition, the growing influence of western fashion trends represents another major growth-inducing factor. Besides this, with the rising environmental concerns, individuals are shifting toward secondhand luxury products as they decrease the volume of waste sent to landfills. This, coupled with the increasing popularity of various international e-commerce platforms that offer overseas delivery options, is escalating the demand for secondhand luxury goods in India. Moreover, the rising utilization of advanced technologies by the key players for enhanced authentication procedures and quality checks to provide a reliable environment for the customers is also providing favorable market outlook across the country. Furthermore, the growing adoption of high-end fashion accessories and clothing, the enhanced focus of individuals toward sustainable development and the easy availability of wide range of products on online retail platforms with discounted prices are some of the other factors contributing to the market growth. On account of these factors, IMARC Group expects the market value to reach US$ 962.1 Million by 2027, exhibiting a CAGR of 12.18% during the forecast period (2022-2027).
- Based on the product type, the market has been classified into handbags, jewelry and watches, clothing, small leather goods, footwear, accessories, and others. At present, handbags represent the most popular product type.
- On the basis of the demography, the market has been segmented into women, men, and unisex. Amongst these, secondhand luxury goods are mostly preferred by women.
- Based on the distribution channel, the market has been bifurcated into offline and online channels. Currently, the majority of the secondhand luxury goods are distributed through offline channels.
- Region-wise, the market has been divided into North India, West and Central India, South India, and East India. Presently, North India holds the leading position in the market.
- The competitive landscape of the market has been studied in the report, with detailed profiles of the key players operating in the industry.
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