The global second-hand luxury goods market is worth 43 billion euros! The United States and Europe lead the way!

It is learned that according to foreign media reports, due to the continuous rise in living costs and people's stronger consumption awareness, the second-hand luxury goods market in the United States continues to grow.

Luxury consignment platform The RealReal said the resale value of high-priced designer handbags has fallen as consumers seek lower-priced handbags. People are buying second-hand luxury goods to reduce costs.

The global secondhand luxury goods market grew 28% to 43 billion euros ($45.21 billion) in 2022, 1.3 times the growth rate of new luxury goods, according to Bain & Company and Fondazione Altagamma.

The United States and Europe have become growth points for the second-hand luxury goods market, and the Asia-Pacific region is rising rapidly. In terms of category spending, the market share of second-hand watches is as high as 60% to 70%, ranking first.

The RealReal said that in 2022, the number of second-hand luxury shoppers in the United States increased by 23%. Consignment sales by Generation Z increased by 52%, especially for women's clothing. Although millennials purchased the most second-hand luxury goods, Generation X spent the most per capita. In addition, baby boomers were the buyers with the highest consignment value.

Online luxury market Farfetch said that technology is likely to drive further growth in the number of second-hand luxury buyers. Whether it is digital dressing or online resale platforms, technology is the key to the future of luxury resale.

Vishal Katelia, senior director of future retail accounts and retail strategy at Farfetch, said: “As consumers place increasing emphasis on conscious consumption, brands and retailers need to continue to invest deeply in innovation enabled by technology to stimulate purchases and extend retail life.

It is learned that more and more online marketplaces are beginning to invest in second-hand luxury retail, including The RealReal, Depop and Cudoni, which has just received £7.5 million (US$9 million) in financing led by eBay.

Just earlier this month, Amazon partnered with clothing rental company Rent the Runway to further bolster its online marketplace’s offering of used clothing.

It’s not just the online market, as Vogue reports that brands like Van Cleef & Arpels, Zenith, Cartier and Buccellati are also entering the luxury resale space.

Editor ✎ Nicole/

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