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The global secondhand luxury goods market reached a value of US$ 26.89 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 10.3% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Secondhand luxury goods refer to the high-end and premium items that are purchased by the second or later end user. These goods commonly include antique furniture, artworks, jewelry, footwear, apparel, and fashion accessories, such as bags, watches, etc. Various luxury goods are usually durable with an extended warranty period which makes them suitable for the resale market. Furthermore, the re-selling of unwanted goods instead of discarding them also provides economic benefits to the seller. Additionally, secondhand luxury goods help in minimizing the dependence on high-quality raw materials for manufacturing new products along with reducing waste production levels. Generally, secondhand luxury goods are sold at auctions, charity events, bazaar-style fundraisers, privately-owned consignment shops, etc.
The rising consumer living standards supported by their increasing disposable income levels have boosted the market for secondhand luxury goods across both developed and emerging economies, with the millennial and urbanized population opting for high-end fashion accessories at lower prices. Additionally, the wide availability of secondhand luxury goods on online platforms along with the diminishing stigma of using pre-owned luxury goods, have further propelled the market growth. Besides this, several online resale sites are entering into strategic partnerships and alliances with luxury brands for improving the reputation of pre-owned luxury products, thereby positively influencing the market growth. Furthermore, the rising popularity of limited capsule collections and fashion drops have also created scarcity for luxury items, which in turn is catalyzing the demand for secondhand luxury goods. Moreover, various secondhand luxury platforms are increasingly investing in authentication procedures and quality checks for providing a safe and reliable environment for the customers to re-sell and buy luxury goods. All the above-mentioned factors will continue to fuel the growth of the global second-hand luxury goods market over the forecast period.
IMARC Group provides an analysis of the key trends in each sub-segment of the global secondhand luxury goods market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on product type, demography and distribution channel.
Breakup by Product Type:
Based on the product type, jewelry and watches currently dominate the market, accounting for the majority of the global market share. Other major segments are handbags, clothing, small leather goods, footwear and accessories.
Breakup by Demography:
The market has been categorized based on the demography into men, women, and unisex.
Breakup by Distribution Channel:
On the basis of the distribution channel, the majority of the secondhand luxury goods are distributed through offline channels, followed by online channels.
Breakup by Region
Region-wise, Europe (Germany, France, Italy, the United Kingdom, Russia, Spain and others) exhibits a clear dominance in the market. Other major regions include Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), North America (the United States and Canada), 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 also been examined with some of the key players being, Fashionphile Group LLC., Fendi, Garderobe, Inseller, Luxepolis, Luxury Closet, Inc., So Chic Boutique, The Closet, The RealReal Inc., Timepiece360, Vestiaire Collective, and Yoogi's Closet, Inc.
|Base Year of the Analysis||2020|
|Segment Coverage||Product Type, Demography, Distribution Channel, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, United States, Canada, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates|
|Companies Covered||Fashionphile Group LLC., Fendi, Garderobe, Inseller, Luxepolis, Luxury Closet, Inc., So Chic Boutique, The Closet, The RealReal Inc., Timepiece360, Vestiaire Collective and Yoogi's Closet, Inc.|
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According to the estimates by IMARC Group, the global secondhand luxury goods market is expected to witness a CAGR of 10.3% from 2021 to 2026.
The improving consumer living standards supported by their increasing disposable income levels have enabled the millennial and urbanized population to opt for high-end fashion accessories at lower prices. These represent some of the key drivers for the global secondhand luxury goods market.
The emergence of secondhand luxury goods on online platforms coupled with the diminishing stigma of using pre-owned luxury goods represent some of the key trends in the global secondhand luxury goods market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in cancellation and postponement of various bazar-style fundraisers, auctions, charity events, etc., thereby negatively impacting the market for secondhand luxury goods.
On the basis of the product type, the market has been bifurcated into handbags, jewelry & watches, clothing, small leather goods, footwear, accessories and others. Currently, handbags hold the majority of the total market share.
On the basis of the demography, the market has been divided into women, men and unisex. Among these, women represent the largest segment.
On the basis of the distribution channel, the market has been segmented into offline and online. At present, offline channel accounts for the majority of market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Europe dominates the global market.
The key companies in the global secondhand luxury goods market are Fashionphile Group LLC., Fendi, Garderobe, Inseller, Luxepolis, Luxury Closet, Inc., So Chic Boutique, The Closet, The RealReal Inc., Timepiece360, Vestiaire Collective, and Yoogi's Closet, Inc.
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