Global Second-Hand Luxury Goods Market to Expand with Notable CAGR of 14.0% Between 2019 & 2024
According to a recent report published by Fast.MR, titled, Global Second-Hand Luxury Goods Market 2018: Market Size, Trends, Opportunity, Forecast 2018-2024, the global second-hand luxury goods market accounted for USD 25,667.6 Million in 2018 and is estimated to reach USD 54,582.7 Million by 2024. Moreover, it is anticipated to flourish at a CAGR of 14.0% during the forecast period i.e. 2019-2024.
The global second-hand luxury goods market has been segmented based on product type, demography, and distribution channel. Based on the product type, this market has been segmented into clothing, footwear, bags, jewelry, watches, and accessories. The second-hand luxury watches segment accounted for the highest market share in 2018 and is anticipated to continue its dominance during the forecast period. Buying and owning second-hand luxury watches is more of a common thing these days as consumers are hesitating to spend a premium for watches. Also, there is also a very strong demand for vintage watches, scarce models, one-of-a-kind designs and watches with a special history. Stores that are offering second-hand luxury watches are assuring their product’s authenticity and are offering these watches at a great discounted price. Such cost benefits of purchasing second-hand luxury watches are likely to boost the growth of this segment in the upcoming years.
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In the distribution channel segment, the offline store's segment captured a significant share of the overall market in 2018. In addition to that, the market value of the global second-hand luxury goods market for the offline stores' segment is expected to rise at a CAGR of 12.4% over the projected period.
Affordable High-End Fashion
The second-hand luxury goods are the ideal choice for high-end fashion as they offer luxury goods at a lesser price. Further, the high costs of rent & education are adding uncertainty to the job market; these are the significant reasons, which make consumers save money and reduce their frequency of purchases. In addition to this, the U.S. is one of the most attractive countries in the North America region for luxury brands, which makes it a strategic center for companies to enter the regional market.
Growing Numbers of Start-ups
The increasing number of start-ups in the field of second-hand luxury goods is opening a gateway opportunity for the market to grow in the upcoming years. In addition to this, the U.S., United Kingdom, Germany, France, Italy, and other countries are the most attractive countries in the field of second-hand luxury goods, which is indulging many start-up companies in entering the market. Further, this factor is likely to impact the growth of the second-hand luxury goods market over the upcoming years.
In terms of geography, the second-hand luxury goods market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe accounted for the major share of the global second-hand luxury goods market. Moreover, Asia Pacific second-hand luxury goods market is expected to showcase lucrative growth in the upcoming years. The U.S., Germany, the United Kingdom, China, and Japan are some of the major countries witnessing the augmenting demand for second-hand luxury goods market.
The report also covers detailed competitive analysis of major market players of the global second-hand luxury goods market, such as The RealReal, Inc., The Luxury Closet, Vestiaire Collective, Fashion Phile, Tradesy, LXRandCo, Style Tribute, Yoogis Closet, REBELLE, Sou Inc. and other key & niche players. The second-hand luxury goods market is witnessing a wide range of industry activities such as product launch, partnership, acquisition, and expansion across the globe.
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