The global secondhand luxury goods market grew at a CAGR of around 12% during 2014-2019. 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. Looking forward, IMARC Group expects the market to continue its strong growth during the next five years.
Breakup by Product Type:
Breakup by Demography:
Breakup by Distribution Channel:
Breakup by Region
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.
Key Questions Answered in This Report:
The global secondhand luxury goods market was worth US$ 29.4 Billion in 2019.
The inflating income levels, diminishing stigma of using pre-owned luxury goods and rising preference for high-end fashion accessories at lower prices by the millennials are some of the significant factors bolstering the market growth.
The major trends in the market include the increasing popularity of online platforms and limited capsule collections. Additionally, several resale sites are entering into partnerships and alliances with luxury brands to improve consumer sentiments toward pre-owned luxury products.
With the outbreak of coronavirus disease (COVID-19), there has been a rapid proliferation of online retail channels as they ensure proper social distancing measures. This has prompted consumers to buy secondhand luxury goods from online platforms. However, on account of the uncertain economic outlook, the sales of luxury items have declined as consumers reduce their discretionary expenses.
The global secondhand luxury goods market is expected to reach US$ 58.4 Billion by 2025.
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.
The market has been categorized based on the demography into men, women, and unisex.
The majority of the global secondhand luxury goods are distributed through offline channels, followed by online channels.
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 and others), and Middle East and Africa.
Leading industry players are Fashionphile Group, LLC, Fendi S.r.l., Garde Robe Online, LLC, Inseller, Luxepolis Retail Services Pvt Ltd, Luxury Closet, Inc., So Chic Boutique, The RealReal, Inc., Timepiece360, Vestiaire Collective and Yoogi’s Closet, Inc.
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