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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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