Demand for secondhand luxury goods Market is set to witness an Impressive Growth Rateof 6.2% over the forecasted years of 2022 to 2032 - Future Market Insights, Inc.
The global Demandfor secondhand luxury goods market is set to witness animpressive growth rate of 6.2% over the forecasted years of 2022 to 2032. The Demand
for secondhand luxury goods market size is anticipated to reach a valuation of
around US$ 10.77 Billion by the end of year 2032 from the current valuation of US$
5.9 Billion in 2022.
Since customers around the world areturning cost-conscious as it helps them maintain an affordable way of
life, there has been a significant rise in demand for Demand for
secondhand luxury goodss in these years. More than 30% of consumers claim that
they prefer to purchase used goods since their budget can be more readily
managed by it.
Among the main drivers propelling the market are the rise indisposable income and the rise in demand for designer bags. Sales of Demand for
secondhand luxury goodss are projected to be driven by the demand for upscale
purses for social gatherings and parties. Additionally, the market is growing
as a result of the expanding impact of social media and celebrity fashion.
Reducing carbon emissions and other dangerous elements hasbeen made easier with the rise in second-hand goods usage. Choosing Demand for
secondhand luxury goods over new is a clear step toward circular fashion
and a practical technique to increase the usefulness of the product and
its market value.
The demand for Demand for secondhand luxury goodss in theAsia Pacific region has been spurred by the expansion in consumer purchasing
power and the proliferation of online shopping portals.
- Key Takeaways from Market Study
- The overall growth of the global Demand for secondhand luxury goods market is estimated to be around US$ 4.9 Billion over the forecast decade covering the years 2022 to 2032, by following the
average CAGR of 6.2%. - According to material type, leather bags are the most attractive segment with a
global share of more than 80% of the total sales of Demand for secondhand luxury goodss. - Though offline retail stores had a dominance over the global market for second
hand items a few years ago, presently online retail stores have turned out
to be major sales channel for the said market. - Demand for Demand for secondhand luxury goodss in North American countries have remained limited over the years that is estimated to be
around merely 5% of the global share. - European countries have witnessed a renewed interest in second hand items in recent
years that had taken the Demand for secondhand luxury goods market share
up to 15.2% by the end of year 2021. - Over the projected period, the Demand for secondhand luxury goods market in the Asia Pacific region is anticipated to develop at the quickest CAGR.
Competitive Landscape
Some of the well-known Demand for secondhand luxurygoods market players are Fashionphile, Luxury Garage Sale, Rebag,Vestiaire Collective, Collector Square, Bob’s Watches, StockX, the RealReal,
the Outnet, and the Luxury Closet among others.
Prominent companies in the Demand for secondhandluxury goods industry are using digitalization and targeted marketingpractices to boost the demand for Demand for secondhand luxury goodss in
selected regions of the world.
- Recent Developments in the Global Demand forsecondhand luxury goods Market:
- Farfetch Pre-Owned gives you the same upscale buying experience for Demand for
secondhand luxury goodss as it provides for its main website by opening its
resale division that was launced in the year 2019. - Vinokilo is a German company than operated a thrift shop and an offline
community before they entered the web market. Along with trade in several
used items within its close customers last year it started dealing in
pre-owned apparels including Demand for secondhand luxury goodss.
Demand for secondhand luxury goods Market bySegmentation
- By Raw Material:
- Leather
- Fibre
- Others
- By End User:
- Men
- Women
- By Sales Channel:
- Specialty Stores
- Multi-brand Stores
- Independent Small Retailers
- Online Retailers
- Other Sales Channel
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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