Growing popularity of second-hand soft luxuries and the implication of product authentication techniques
DUBLIN, May 30, 2022 /PRNewswire/ — The “Global Luxury Resale Market: Analysis by Product, by Distribution Channel, by Gender, by Region Size and Trends with Impact of COVID-19 and Forecast to 2026” report has been added to from ResearchAndMarkets.com offer.
The Global Luxury Resale Market in 2021 was valued at US$32.61 billionand is likely to reach US$51.77 billion by 2026.
In recent years, the sale of second-hand luxury goods has been increasing rapidly and the stigma associated with second-hand luxury consumption has disappeared. Globally, the demand for luxury resale has been increasing – the luxury resale market is expected to grow at a CAGR of 9.68% during the forecast period 2022-2026.
Dynamics of the global luxury resale market:
- Growth Drivers: The growing number of millennials is a major market driver, driven by consumer behavior that views luxury goods as a mark of status and boosts a person’s self-esteem. Millennials are drawn to buying second-hand luxury items because of their affordability. In addition, the luxury resale market is expected to increase due to the increase in middle class population and spending, booming urban population, increase in internet users, etc. these last years.
- Challenges: Despite the strong growth experienced by the e-commerce sector in recent years, the luxury resale market is faced with its exposure to the risk of online fraud. Additionally, other factors such as lack of confidence in buying second-hand luxury goods, lack of awareness, etc. are challenges for the market.
- Trends: Luxury resale sites are using various techniques to authenticate products, such as collaboration between resale platforms and luxury brands, etc., which are likely to drive market demand in the coming years. More trends in the market are believed to grow the luxury resale market over the forecast period, which may include an increase in online luxury goods sales, an increase in demand from thrift stores for the second-hand luxury and a growing popularity of second-hand soft luxury. .
COVID-19 impact analysis and way forward:
The COVID-19 pandemic has had a mixed impact on the global resale luxury goods market. Due to the pandemic, a slight drop in demand for luxury resale items has been observed. The impact of the prolonged lockdown had created a sudden gap between supply and demand from the second-hand luxury industry.
COVID-19 has raised awareness of eco-methodology and the use of second-hand luxury goods has been redefined. In the coming years, the market is expected to grow at a faster rate and regain pre-COVID marks. With the increased understanding of the benefits of the online platform in the industry, a large number of top luxury brands are partnering with online reselling platforms and changing marketing techniques by offering discounts on the exchanging old luxury items for new items, which would provide a boom in the industry.
Competitive landscape and recent developments:
Historically, the global luxury resale market has been fragmented and dominated by small local boutiques with little consumer reach. However, due to the impact of COVID-19, the market is witnessing the growth of online luxury resale sites which have completely changed the luxury resale market and the market movement towards consolidation. Recently, many online resale platforms have seen collaborating with luxury brands to provide authentication of products sold online.
While offline stores such as boutiques are closing or adopting hybrid models where they showcase their products and information online so that customers are aware of the products and run their stores for display and storage.
Main topics covered:
2.1 Luxury resale: an overview
2.2 Luxury Resale Segmentation: An Overview
3. Global Market Analysis
3.1 Global Luxury Resale Market: An Analysis
3.2 Global Luxury Resale Market: Product Analysis
3.3 Global Luxury Resale Market: Distribution Channel Analysis
3.4 Global Hard Luxury Resale Market: Distribution Channel Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market dynamics
6.1 Engine of growth
6.1.1 Millennial population growth
6.1.2 Growing Middle Class Population and Spending
6.1.3 Increase in urban population
6.1.4 Escalation of Internet users
6.1.5 Growth of High Net Worth Individuals (HNWI) Population
6.2.1 Lack of confidence in buying second-hand luxury
6.2.2 E-commerce fraud
6.2.3 Lack of awareness
6.3 Market trends
6.3.1 Rise in e-commerce sales of luxury goods
6.3.2 Increased demand from thrift stores for second-hand luxury
6.3.3 Growing Popularity of Second-hand Soft Luxury
6.3.4 Implication of product authentication techniques
7. Competitive landscape
7.1 Global Luxury Resale Market Players: Website Comparison
7.2 Analysis of U.S. Luxury Resale Market Players
8. Company Profiles
- Compagnie Financière Richemont SA (YOOX Net-a-Porter Group)
- Everlane Inc.
- Farfetch Ltd.
- Kinetics (Rue La La)
- OfferUp, Inc. (Letgo Inc.)
- Poshmark Inc.
- TechStyle Fashion Group (JustFab Inc.)
- The RealReal, Inc.
- ThredUp, Inc.
- Trendly, Inc. (Rebag)
- Vestiaire Collective (Tradesy)
For more information on this report, visit https://www.researchandmarkets.com/r/cljkol
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