Dublin, May 09, 2024 (GLOBE NEWSWIRE) -- The "Secondhand Luxury Goods Market Report by Product Type (Handbags, Jewelry & Watches, Clothing, Small Leather Goods, Footwear, Accessories, and Others), Demography (Women, Men, Unisex), Distribution Channel (Offline, Online), and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global secondhand luxury goods market is presently witnessing a notable upsurge, driven primarily by increasing consumer consciousness towards sustainable shopping and a burgeoning interest in thrift stores. An extensive new analysis forecasts the market to expand from US$ 34.2 billion in 2023 to US$ 72.3 billion by 2032, with a compound annual growth rate (CAGR) of 8.7% from 2023 to 2032.
A shift in consumer behavior towards eco-friendliness and sustainability is playing a pivotal role in driving the secondhand luxury market. Shoppers are actively seeking high-end, previously owned items to not only make a fashion statement but to also partake in the circular economy, reducing waste and curtailing the demand for the production of new goods.
Thrifting Culture Influence
The allure of thrifting has significantly influenced market trends, with an increase in thrift shops offering luxury items. This movement caters to environmentally-conscious consumers and those seeking high-end goods without the hefty price tag of first-hand purchases. The accessibility of luxury brands at more reasonable prices is reshaping consumer purchase patterns and contributing to market growth.
Online Marketplaces Catalyzing Sales
E-commerce platforms dedicated to the sale of secondhand luxury goods are facilitating a wider reach, bridging distances between sellers and a global audience of buyers. The convenience and variety provided by online shopping are paramount factors promoting market expansion.
Market Segmentation Insights
The market analysis identifies handbags as the dominating product segment. Women are the largest demographic in terms of market participation, drawn to the affordability and exclusivity of secondhand luxury items. Offline sales channels hold a majority share of the market, providing customers with tangibility and immediacy that enhance the purchasing experience.
Regional Market Performances
Europe stands out as the leading region in the secondhand luxury goods market, owing much to high levels of environmental consciousness and a penchant for sustainable consumption. North America is anticipated to witness material growth, thanks to rising online thrift store popularity and the availability of unique and limited-edition luxury goods.
Competitive Landscape
Major industry players are investing in user-friendly digital platforms and heightening their authentication measures to ensure item legitimacy, thereby reinforcing customer trust. These companies are also leveraging the sustainability narrative to position secondhand luxury purchases as a responsible consumption choice.
Companies Featured
- Fashionphile Group LLC.
- Fendi
- Garderobe
- Inseller
- Luxepolis
- Luxury Closet Inc.
- So Chic Boutique
- The Closet
- The RealReal Inc.
- Timepiece360
- Vestiaire Collective
- Yoogi's Closet Inc.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 144 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $34.2 Billion |
| Forecasted Market Value (USD) by 2032 | $72.3 Billion |
| Compound Annual Growth Rate | 8.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/1o9kel
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