According to the latest report by IMARC Group, titled "Europe Secondhand Luxury Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Europe secondhand luxury goods market reached a value of US$
16.6 Billion in 2022. Secondhand luxury goods include various pre-owned high-end products that are purchased by a second end-user. These products are generally durable with an extended warranty period and priced significantly lower than the original items that makes them accessible to a larger segment of the society. The demand for secondhand luxury goods is increasing across Europe due to the rising value consciousness among the masses. Besides this, the selling of pre-owned luxury items aids in minimizing carbon footprint while reducing the production waste. As a result, there has been a significant rise in the adoption of secondhand luxury goods among the masses.
Europe Secondhand Luxury Goods Market Trends:
The market in Europe is primarily driven by the shifting consumer outlook towards the adoption of pre-owned products. Coupled with the inflating disposable income levels of the masses and the growing brand consciousness among individuals, especially among young adults, this is creating a positive market outlook. Along with this, leading players are heavily investing in the deployment of advanced solutions for quality checks and authentication processes in order to provide reliable and genuine secondhand products to the buyers, thereby impacting the market growth favorably. Furthermore, several luxury brands are launching their own rental or trading platforms for selling secondhand luxury items at affordable prices, which is significantly supporting the growth of the market. Moreover, the easy availability of a wide range of luxury items across the online and offline organized retail channels is providing a boost to the market across Europe. Other factors, including the widespread awareness among individuals regarding several economic benefits associated with re-selling their luxury items instead of discarding them and the increasing demand for limited capsule collections and fashion drops, are also positively influencing the market across Europe. On account of the aforementioned factors, the market is anticipated to reach a value of US$
26.5 Billion by 2028, exhibiting a CAGR of
8.3% during 2023-2028.
- On the basis of the product type, the market has been segmented into jewelry and watches, handbags, clothing, small leather goods, footwear, accessories and others.
- Based on the demography, the market has been segregated into men, women and unisex.
- On the basis of the distribution channel, the market has been bifurcated into offline and online.
- Based on the country, the market has been divided into France, Italy, the United Kingdom, Germany, Russia, Spain and others.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Fendi (LVMH Moët Hennessy Louis Vuitton), Vestiaire Collective, Harrods Limited, Cartier International (Compagnie Financière Richemont SA), Chrono24, Collector Square, Rewind Vintage Affairs, Audemars Piguet and Chronext AG.
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