Dublin, Jan. 14, 2025 (GLOBE NEWSWIRE) -- The "Secondhand Luxury Market: Analysis By Product Type, By Distribution Channel, By Region Size and Trends - Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global secondhand luxury market value stood at US$34.39 billion in 2023, and is expected to reach US$60.55 billion by 2029.
The global secondhand luxury market demonstrated a consistent growth, primarily driven by young consumers. The changing consumer buying patterns and habits are bringing about a shift in the conventional methods of shopping, especially in the luxury fashion market. Increasing wealth of high-net-worth individuals (HNWIs), growing awareness about fast fashion, urbanized population opting for high-end fashion accessories, rising issues of sustainability in fashion, increasing popularity of limited capsule collection and fashion drops, and rapid growth of the e-commerce resale sector and online fashion resale marketplace has been positively contributing to an increase in demand for secondhand luxury.
Moreover, diminishing stigma of using pre-owned products, rising demand of affordable pre-owned luxury goods among millennials & Gen Z, and growing number of online resales platforms and luxury brands entering into strategic partnerships to improve the reputation of secondhand products, etc., have been positively contributing towards increased demand for pre-owned luxury products. For instance, on October 05, 2020, The RealReal announced company's partnership with Gucci to launch an online shop featuring pre-loved Gucci items and promote circularity for luxury fashion. The market is anticipated to grow at a CAGR of approx. 10% during the forecasted period of 2024-2029.
Market Segmentation Analysis:
By Product Type: Secondhand luxury handbags and other luxury leather goods is both the largest and the fastest growing segment of global secondhand luxury market owing to high quality, craftsmanship, and durability associated with secondhand luxury handbags & leather goods from prestigious brands, increasing demand for affordable high-end leather products, rapidly expanding e-commerce & online platforms, growing awareness about the sustainability of luxury products among younger generations, and high investment potential of leather goods, particularly from renowned brands.
By Distribution Channel: Online is the largest segment of global luxury market owing to increasing social media penetration, digitalization, online platforms providing wider range of secondhand luxury goods conveniently, rising consumer dependence on technology, and emergence of online, peer-to-peer fashion resale platforms for purchasing and selling of used luxury products.
Even before the pandemic, growing interest in sustainability and the circular economy fueled momentum in the brand of grassroots-driven ecommerce; once COVID-19 began, more and more people rejoiced at the convenience of connecting to the internet platform of resale marketplace where they could easily buy and sell their lux products from the comfort of their own homes.
By Region: Europe is the largest region of global secondhand luxury market owing to rich heritage in luxury fashion, widespread awareness among Europeans of economic advantages of re-selling goods, rapid urbanization, expanding online recommence sector, and increased presence of several luxury retail brands ranging from fashion apparel to cosmetics. France held the dominant position within Europe secondhand luxury market, owing to a sizable high-income population, growing demand for pre-owned luxury goods, and increasing number of France based luxury brands associating with online resale luxury platforms to popularize buying and selling of pre-owned luxury items.
Asia Pacific in the fastest growing region of global secondhand luxury market, driven by large consumer base, increasing number of social media influencers and celebrities endorsing the concept of thrifting on social media platforms, evolving consumer attitudes towards sustainability & circular economy, expanding e-commerce sector and rising trend of purchasing cost effective pre-owned luxury goods.
China's secondhand luxury market is evolving with several brands and secondhand luxury online trading platforms, becoming a part of the ecosystem. As of 2021, Gen Z and Gen Y accounted for the largest consumer base of secondhand luxury market in China, mainly because pre-owned luxury accessories to them were equivalent to sustainability and cost efficiency.
Competitive Landscape:
The US luxury resale market is fragmented, dominated by small local boutiques, smaller consignment shops, and person-to-person transactions with little consumer reach. However, the expanding number of online luxury resale sites has been fundamentally altering the luxury resale sector, causing the market to consolidate.
The key players of the secondhand luxury market are:
- The RealReal, Inc.
- ThredUp, Inc.
- Farfetch Limited
- Alibaba Group (Idle Fish)
- Yoogi's Closet, Inc.
- Vestiaire Collective
- Timepiece360
- The Luxury Closet
- Luxepolis Retail Services
- Garderobe
- Fashionphile Group
- Inseller
Companies in the secondhand luxury market are increasingly engaging in acquisitions, partnerships, joint ventures, and new product development to compliment company's own capabilities, quickly gain access to larger market share and expand into the secondhand market with less investments and more sustainable products. The major players in the market are also collaborating with online market players and resale companies to enhance their e-commerce capabilities and online marketplace to show commitment to sustainability and circular economy.
For instance, For instance, in 2023, Fashionphile also launched a new augmented reality (AR) feature, enabling users to visualize luxury products in their environment before purchasing. Similarly, in 2024, Vestiaire Collective introduced blockchain technology to verify the authenticity of high-end products, strengthening its position in the market by addressing concerns about counterfeit goods.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Secondhand Luxury Market Analysis
3.2 Global Secondhand Luxury Market Product Type Analysis
3.3 Global Secondhand Luxury Market Distribution Channel Analysis
4. Regional Market Analysis
4.1 Europe Secondhand Luxury Market
4.2 North America Secondhand Luxury Market
4.3 Asia Pacific Secondhand Luxury Market
4.4 Rest of the World Secondhand Luxury Market
5. Impact of COVID-19
5.1 Impact of COVID-19 on Secondhand Luxury Market
5.2 Post COVID-19 Impact on Secondhand Luxury Market
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Increasing Wealth and Number of High-Net-Worth Individuals (HNWIs)
6.1.2 Rapid Urbanization
6.1.3 Expanding Online Re-commence
6.1.4 Rising Demand among Millennials and Gen Z
6.1.5 Increased Access to Rare and Vintage Items
6.2 Challenges
6.2.1 Presence of Counterfeit Products
6.2.2 Uncertain Quality, Scammers, And Tricky Returns
6.3 Market Trends
6.3.1 Integration of Artificial Intelligence (AI) and Data Analytics
6.3.2 Increasing Number Of Luxury Brands Entering The Secondhand Market
6.3.3 Increasing Social Media Penetration
6.3.4 Growing Acceptance of Pre-Owned Goods
6.3.5 Positive Impact On Sustainability And Environment
6.3.6 Rise in Digital Dressing
7. Competitive Landscape
7.1 Global Secondhand Luxury Market: Competitive Landscape
7.2 The US Secondhand Luxury Players by Market Share
7.3 Global Secondhand Luxury Market Players: Business Comparison
8. Company Profiles
- The RealReal, Inc.
- ThredUp, Inc
- Farfetch Limited
- Alibaba Group (Idle Fish)
- Yoogi's Closet, Inc.
- Vestiaire Collective
- Timepiece360
- The Luxury Closet
- Luxepolis Retail Services
- Garderobe
- Fashionphile Group
- Inseller
For more information about this report visit https://www.researchandmarkets.com/r/sao33b
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