According to IMARC Group’s recently published report titled “Global Second Hand Luxury Goods Industry Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2020-2025”, the market grew at a CAGR of around 12% during 2014-2019. Looking forward, the market is expected to continue its moderate growth during the next five years.
Secondhand luxury goods are high-end and premium items that are later purchased by the second end-user. These goods majorly include jewelry, footwear, artworks, apparel, and fashion accessories. The luxury goods are usually durable with extended warranty life. As a result, the re-selling of premium and expensive goods provides economic benefits to the seller. Furthermore, it minimizes the dependency on high-quality raw materials to produce new products, thereby reducing waste production levels. These goods are generally sold at auctions, charity events, bazaar-style fundraisers, privately-owned consignment shops, etc.
Global Second Hand Luxury Goods Market Trends:
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. Additionally, the emergence of secondhand luxury goods on online platforms, along with the diminishing stigma of using pre-owned luxury goods, have further augmented the market growth. Several online resale sites are forming strategic alliances with various luxury brands to market pre-owned luxury products.
Furthermore, the rising demand for limited capsule collections and fashion drops has created scarcity for premium luxury items, thereby catalyzing the market for secondhand luxury goods. Moreover, growing investments to enhance authentication procedures along with numerous quality checks of retail channels for re-selling and buying luxury goods are further anticipated to bolster the secondhand luxury goods market.
Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
View Report TOC, Figures and Tables: https://www.imarcgroup.com/secondhand-luxury-goods-market
Market Segmentation:
Breakup by Product Type:
Handbags
Jewelry & Watches
Clothing
Small Leather Goods
Footwear
Accessories
Other
Breakup by Demography:
Women
Men
Breakup by Distribution Channel:
Offline
Online
Breakup by Region
Europe
Asia Pacific
North America
Latin America
Middle East and Africa
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Some of the major players operating in the industry worldwide include Fashionphile Group LLC., Fendi, Garderobe, Inseller, Luxepolis, Luxury Closet, Inc., So Chic Boutique, The Closet, The RealReal Inc. (NASDAQ: REAL), Timepiece360, Vestiaire Collective, and Yoogi’s Closet,Inc.
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