Secondhand Luxury Goods Market Size, Share, Growth, And Industry Analysis, By Type (Handbags, Jewelry & Watches, Clothing, Small Leather Goods, Footwear, Accessories, and Others), By Application (Women, Men, and Unisex), Regional Forecast By 2031

Updated On: 08 July 2024

Secondhand Luxury Goods Market Report Overview

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The global secondhand luxury goods market size was USD 26.1766 billion in 2021 & the market is expected to reach USD 78.33 billion by 2031, exhibiting a CAGR of 11.48% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the secondhand luxury goods market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Luxurious secondhand items are those items that have been purchased by the second or subsequent owner of the item. A variety of items are included in this category, including antique furniture, art, jewelry, footwear, apparel, and fashion accessories, such as bags, watches, and so on. Additionally, a variety of luxury goods are usually durable and have an extended warranty period which makes them ideal for resale. A seller can also benefit economically by reselling unwanted items, instead of discarding them. Aside from minimising the dependence on high-quality raw materials and reducing waste production, secondhand luxury goods also allow for a reduction in the need for new raw materials for making new products. Consignment shops, charity auctions, bazaar-style fundraisers, and private auctions are common venues for the sale of secondhand luxury goods.

COVID-19 Impact: Decline in Demand for Luxury Products in End-Use Industry During the Pandemic Impede the Market Growth

The COVID-19 pandemic has declined the demand and supply in the secondhand luxury goods market, particularly, fashion accessories such as watches, and jewelry in the year 2020. Although, the rise in online purchases has been recorded during the pandemic which indicates a good sign for the growth of the market in the future. It is projected that the e-commerce industry will accelerate the secondhand luxury goods market growth during the forecast period.

Latest Trends

"Re-Sale of the Products can Create Immense Opportunities for Sustainable Business Models for Long Term Profit "

The secondhand luxury goods market is an emerging industry that has become very popular in the last few years. One of the latest trends in the luxury industry is buying luxury secondhand goods. A desire to be different and unique as well as a desire to save money on designer items fuel the market opportunities for consumers who are finding it difficult to afford expensive brands. The growing demand in the market encourages a sustainable business model that allows the products to be reused and given the opportunity to live on for another generation. Furthermore, established online platforms have made it convenient for companies and consumers to re-sale their products which can propel the growth of the market.

Secondhand Luxury Goods Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Handbags, Jewelry & Watches, Clothing, Small Leather Goods, Footwear, Accessories, and Others.

• By Application Analysis

Based on application, the market can be divided into Women, Men, and Unisex.

Driving Factors

"Affordability and Consumer Preference Shift to Accelerate Market Growth "

The appeal of secondhand luxury items can be explained by the key drivers of the market such as the growing sale of secondhand luxury items due to rising online sales, shifting customer preferences, and increasing awareness of the sustainability of luxury products, mainly among millennials and their interest in hunting for bargains and making deals, attractive & reasonable prices for secondhand items are the major driving factors of the secondhand luxury goods market growth.

"Digitization and Social Media Influence to Fuel the Growth of the Market "

The growth of secondhand luxury goods is also influenced by social media and digitization, which are becoming increasingly influential in directing purchases, providing consumers with easier access to customized luxury offerings which attract young consumers to purchase pre-owned products. In addition, the scarcity of luxury items has also catalysed the demand for secondhand luxury items due to limited collections and fashion drops.

Restraining Factors

"Consumer Concerns Regarding Pre-Used Products May Hamper the Growth of the Market"

It is possible for consumers to have concerns about secondhand luxury goods, including the price as luxury brands are known for their high prices, as well as the quality as they are pre-owned and used. Apart from this, the growth of the market can also be hindered by consumer income, customer confidence, changing trends, and different tastes in fashion.

Secondhand Luxury Goods Market Regional Insights

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"Europe Leads the Market Due to Rising Awareness of Economic Advantages of Re-selling Goods"

With reference to regional insights, Europe dominates the secondhand luxury goods market. In 2021, the regional market value was expected to be more than one billion U.S. dollars which is still the biggest consumption region. The region is leading the market due to widespread awareness among the Europeans of economic advantages of re-selling goods, increased disposable income, availability of the luxury brand online & offline, fashion accessories at a reasonable price, and awareness of sustainable development is anticipated to augment the market growth during the forecast period. Furthermore, the Asia Pacific region is projected to be the fastest growing market for secondhand luxury goods with the growing number of consumers, rising trend of fashion and brands among millennials, and the growing e-commerce industry will accelerate the demand for secondhand luxury goods in the region.

Key Industry Players

"Key Players’ Strategies to Show Commitment to Sustainability to Maintain Competitive Strength"

The distinguished players of the secondhand luxury goods market avail themselves of the opportunities of the market based on the segmentations, and product specialization, such as vintage, Iconic, preowned, and unworn. Also, the major players collaborate with online market players and resale companies to enhance their e-commerce capabilities, and online marketplace, and the strategies to show commitment to sustainability also contribute to their market position. Along with this, acquisition, partnership with existing players to expand market revenue, joint venture to coinvest with other players of the market will anticipate to expand the market growth in the near future. The major players in the market such as Yoogi's Closet, Vestiaire Collective, Inseller, So Chic Boutique, Luxury Closet Inc., Fashionphile Group LLC., and others hold the secondhand luxury goods market shares mainly.

List of Market Players Profiled

• Yoogi's Closet
• Vestiaire Collective
• Inseller
• So Chic Boutique
• Luxury Closet Inc.
• Fashionphile Group LLC.
• The RealReal Inc.
• Luxepolis
• Timepiece360
• The Closet
• Garderobe

Report Coverage

This report concentrates on the secondhand luxury goods market. It highlights the market value, expected CAGR, and USD value over the forecast period. The COVID-19 impact on the market at the beginning of the pandemic and the post-pandemic effects on international market restrictions and how the industry is going to turn the corner are also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.