- Angela Gonzalez-Rodriguez
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New York – In the past few years, the sale of the pre-owned luxury goods
have been increasing very rapidly, mainly driven by the new generations of
consumers and a dismissing stigma associated with the consumption of the
second-hand luxury.
The global luxury resale market has increased at a significant CAGR
during the years 2014-2017 and projections are made that the market would
rise in the next four years tremendously reveals a recently published
luxury resale report.
Global luxury resale market is expected to grow exponentially between
2019 and 2025
The “Global Luxury Resale Market: Size, Trends and Forecasts
(2018-2022)” report finds that the luxury resale market is expected to
increase due to the growing millennial population, increasing middle class
population and spending, soaring urban population and escalating internet
users.
According to this research, buyers of the second-hand luxury are not
necessarily poor, in fact they are either value-conscious consumers or
fashion-conscious consumers.
Yet the market faces some challenges such as lack of trust in buying
second-hand luxury, e-commerce fraud, and lack of awareness.
Luxury resale market moving towards consolidation
The research highlights the key benefits of buying and selling of
second-hand luxury goods: money-saving, saving of environment, supporting
local business, discovering new brands and buying something new.
Historically, the global luxury resale market has been fragmented and
dominated by small local boutiques with little consumer reach. However, the
growing online luxury resale sites have completely changed the luxury
resale market and the market move towards consolidation.
In fact, today’s luxury resale market is dominated by a few players, namely
The RealReal, Inc., Vestiaire Collective, Poshmark Inc., and ThredUp, Inc.
Image:LVMH Facebook
