According to IMARC Group’s latest report, titled “Secondhand Luxury Goods Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global secondhand luxury goods market reached a value of US$ 28.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 47.1 Billion by 2027, exhibiting a CAGR of 9.4% during 2022-2027.
Secondhand luxury goods represent premium and high-end personal products that are purchased by a second or later end-user. They comprise antique furniture, artworks, jewelry, footwear, apparel, fashion accessories, such as bags and watches, etc. Numerous luxury goods are usually durable with an extended warranty period which makes them suitable for the resale market. The re-selling of unwanted goods rather than discarding them also gives economic benefits to the seller.
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Secondhand Luxury Goods Market Trends:
The improving living standards of individuals, the increasing disposable income levels, and the expanding millennial and urbanized population who are opting for high-end fashion accessories at lower prices are among the key factors stimulating the secondhand luxury goods market.
Furthermore, the growing popularity of limited capsule collections and fashion drops has created scarcity for luxury items, thereby propelling the market growth. Apart from this, the rising investments by key market players in the development of authentication procedures and quality checks for providing a safe and reliable environment for the customers are anticipated to fuel the secondhand luxury goods market over the forecasted period.
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Note: The Report offers a comprehensive analysis of the industry, which comprises insights on the global market statistics. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined with some of the key players.
Key Market Segmentation:
The report has categorized the market based on product type, demography and distribution channel.
Breakup by Product Type:
Breakup by Demography:
Breakup by Distribution Channel:
Breakup by Region:
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