Global Industry Trends of Second Hand Luxury Accessories Market

Global Industry Trends of Second Hand Luxury Accessories Market

The global second hand luxury accessories market reached a value of US$ 26.89 billion in 2021 and is expected to grow at a CAGR of 10.3% during the forecast period of 2021-2030.

Second hand luxury goods generally refer to the high-end and premium items, purchased by the second or the later end user. These goods include antique furniture, artworks, jewellery, footwear, apparel, and fashion accessories which includes bags, watches, etc.

Various luxury goods are usually durable having an extended warranty period that makes them suitable for the resale market. Also, the seller is at profit as the re-selling of unwanted goods instead of discarding them provides economic benefits to them.

In addition to it, second hand luxury goods help to minimize the dependence on high-quality raw materials for manufacturing new products along with a reduction in waste production levels.

Generally, second hand luxury goods are sold at auctions, charity events, bazaar-style fundraisers, privately-owned consignment shops, etc. Opting for second hand luxury accessories is one step towards circular fashion and a way to extend the lifetime of an item.

Global Industry Trends of Second Hand Luxury Accessories Market

The rising consumer living standards that are supported by their increasing disposable income levels have helped grow the market for second hand luxury goods across both developed and emerging economies. It is also spread within the millennial and urbanized population that opts for high-end fashion accessories at lower prices. In addition to it, the wide availability of second hand luxury goods on online platforms with the diminishing stigma of using pre-owned luxury goods have further boosted the market growth.

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Keeping it aside, several online resale sites are also entering into strategic partnerships and alliances with luxury brands in order to improve the reputation of pre-owned luxury products that is positively influencing the market growth.

It is also seen that the rising popularity of limited capsule collections and fashion drops have created scarcity for luxury items, which in return has catalysed the demand for second hand luxury goods. Various second hand luxury platforms are largely investing in authentication procedures and quality checks in order to provide a safe and reliable environment for the customers to re-sell and buy luxury goods.

All these industry trends are expected to boost the global second hand luxury accessories market growth during the forecast period. Buying second hand luxury is mostly driven by desire to live a more sustainable lifestyle.

Impact of Covid 19 on the Market

Covid 19 had a positive influence on the market. Online second hand luxury accessories market have been growing in popularity and the pandemic has accelerated the growth even further.

The pandemic restrictions, such as lockdowns for several weeks in certain places was another reason for the sudden interest in second hand luxury accessories market. The reason could be traced to the economic uncertainty and the crisis which was triggered by the pandemic.

With increasing number of unemployment numbers and the cost of living, buying pre-owned fashion acts as a way for consumers to treat themselves to a nice dress or a pair of jeans while saving their money during the pandemic time.

Major Key Players in the Market

The key players play an important role in the market. Some of the major key players include:

  • 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.

Market Segmentation of the Market

On the basis of Product type

  • Handbags
  • Jewellery and Watches
  • Clothing
  • Footwear
  • Accessories
  • Others

On the basis of Demography

  • Women
  • Men
  • Unisex

On the basis of Distribution Channel

  • Offline
  • Online

Regional Outlook of the Market

The Global Second Hand Luxury Accessories Market has grown globally. Europe, which includes Germany, France, Italy, the United Kingdom, Russia, Spain exhibits a clear dominance over the market.

Other major regions include, Asia Pacific, North America, Latin America, and Middle East and Africa.

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