The global secondhand bag market is set to witness an impressive growth rate of6.2% over the forecasted years of 2022 to 2032. The second hand bag 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 second
hand bags 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 second
hand bags 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 second hand
bag 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 second hand bags in the Asia Pacificregion 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 second hand bag 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 second hand bags. - 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 second hand bags 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 second hand bag market share up to 15.2% by the
end of year 2021. - Over the projected period, the second hand bag market in the Asia Pacific region is anticipated to develop at the quickest CAGR.
Competitive Landscape
Some of the well-known second hand bag marketplayers are Fashionphile, Luxury Garage Sale, Rebag, VestiaireCollective, Collector Square, Bob’s Watches, StockX, the RealReal, the Outnet,
and the Luxury Closet among others.
Prominent companies in the second hand bag industry areusing digitalization and targeted marketing practices to boost the demand for
second hand bags in selected regions of the world.
- Recent Developments in the Global Second HandBag Market:
- Farfetch Pre-Owned gives you the same upscale buying experience for second hand
bags 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 second hand bags.
Second Hand Bag Market by Segmentation
- 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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