Luxury is generally defined by a sense of exclusivity which attracts high-net-worth and affluent population across the globe. However, the second-hand luxury goods market has subjugated the luxury goods market over the past few years in terms of growth rate. The second-hand luxury goods market is anticipated to flourish at a CAGR of 14.0% over the forecast period i.e. 2019-2024. Further, the market for second-hand luxury goods accounted for USD 25,667.6 Million in 2018.
Growth Drivers – Second-Hand Luxury Goods Market
Low Price as Compared to New Luxury Goods
Second-hand luxury goods are sold at usually 30%-80% less as compared to the retail price of new luxury goods. Furthermore, an increasing number of resale shoppers are driving the growth of the global second-hand luxury goods market. In addition to this, the shift of luxury shoppers towards second-hand luxury goods is also envisioned to bolster the growth of the market. According to our analysis, more than 25% of luxury shoppers had brought second-hand luxury goods in 2018. Further, with rising disposable income, affluent middle-class price-concerned consumers are shifting towards the second-hand luxury goods. Also, consumers are adopting second-hand luxury goods in order to improvise and maintain their lifestyle. These factors are believed to positively impact the growth of the second-hand luxury goods market in the upcoming years.
The entry of Various New Companies in Second-Hand Luxury Goods Market
As the market continues to grow, a growing number of start-ups offering second-hand luxury goods is anticipated to positively impact the growth of second-hand luxury goods market in the years ahead. United Arab Emirates, Dubai and other countries in East Asia are witnessing the launch of several innovative start-up companies.
Get a brochure of this research study Click Here
Barriers – Second-Hand Luxury Goods Market
Counterfeit Luxury Products
The rising volume of counterfeit luxury goods is one of the major factors which is hindering the growth of the market. Owing to the increasing incidence of reports of counterfeit goods, consumers are reluctant to go for second-hand luxury goods.
The second-hand luxury goods market by product type is segmented into clothing, footwear, bags, jewelry, watches, and accessories. In this segment, the second-hand luxury watches segment is anticipated to capture the largest market share in 2024. Moreover, the second-hand luxury jewelry segment is further sub-segmented into diamonds, gemstones, and other jewelry. Furthermore, the global second-hand luxury goods market is also segmented by demography into men and women. It has been observed that men are the key consumers of luxury goods and even are dominating the second-hand luxury goods market in major parts of the world.
Based on the distribution channel, the second-hand luxury goods market is further sub-segmented into online stores and offline stores. Across the globe, a significant percentage of second-hand luxury goods sales take place through online channels. Second-hand luxury goods market has witnessed a surge in the number of online stores across the globe. Further, factors such as increasing penetration of smartphones and rising internet connectivity across the globe are believed to positively impact the growth of global second-hand luxury goods market.
Geographically, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the second-hand luxury goods market, Europe dominated in 2018, acquiring a significant portion of the overall market. Asia Pacific's second-hand luxury goods market is expected to witness significant growth during the forecast period. This can be attributed to an increasing number of startups in the region.
The report also covers detailed competitive analysis of major market players of 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, acquisition, partnership, and expansion across the globe. For instance, in April 2018, Tradesy announced the acquisition of Fitz (an in-home service that pairs customers with highly-trained stylists to organize their closets, edit their wardrobes and provide personalized styling services). With this acquisition, Tradesy announced the launch of Tradesy Closet Concierge, a service that delivers luxury wardrobe management by professional stylists, including organizing, styling, and resale consignment services.
By Product Type:
- Other Jewelry
By Distribution Channel:
- Online Stores
- Offline Stores
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
The report profiles various major market players such as
• The RealReal, Inc.
• The Luxury Closet
• Vestiaire Collective
• Fashion Phile
• Style Tribute
• Yoogis Closet
• Sou Inc.
• Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides a company’s positioning and market share in the second-hand luxury goods market.
Timeline Considered for Analysis:
- 2018: Base Year
- 2019: Estimated Year
- 2019 to 2024: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global second-hand luxury goods market by the following segments:
- Product Type
- Distribution Channel
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Second Hand Luxury Goods Industry Report
• What is the overall market size in 2018? What will be the market growth during the forecast period i.e. 2019-2024?
• Which region would have a high demand for a product in the upcoming years?
• What are the factors driving the growth of the market?
• Which sub-market will make the most significant contribution to the market?
• What are the market opportunities for existing and entry-level players?
• What are the various long-term and short-term strategies adopted by the market players?