The sentiment towards second-hand luxury goods is slowly changing. A big change was brought about as the COVID-19 pandemic hit the world, and customers all over the world became more conscious of the environment, as well as spending money in a more virtuous manner.
The second-hand luxury market is growing at a much faster rate than the overall luxury market. The market has already demonstrated a strong growth trend from 2010 to 2020 with a CAGR of 10%. As the demand for second-hand luxury grows, more and more luxury brands are now embracing this trend.
Second hand purchasing or resale is a core pillar in developing a circular economy. By reusing products, we are saving items from going to waste and adding to the landfill, and increasing pollution. Younger generations like the Millennials and Gen Z are very particular about the ethics behind shopping, and so they have been drawn to the concept of resale.
Apart from being environmentally friendly, second hand shopping also often makes the product prices lower. This is beneficial for Gen Z shoppers and aspirational shoppers in buying luxury goods at cheaper prices, making luxury fashion more affordable and available to a larger customer base.
In this document we see the characteristics of the second-hand luxury market, and the various platforms in the east and west which are popular for this mode of shopping.
- Global Online Second-hand Market development
- Second-hand Market Offline and Omni-channel
- Second-hand Auction and Brand Collaboration
- Key Takeaways
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