Key Trends and Growth Opportunities in the Global Luxury Resale Market 2022-2026: Growing Popularity of Second-hand Soft Luxury and Involvement of Product Authentications 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 up to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global luxury resale market in 2021 was valued at US$32.61 billion, and is likely to reach US$51.77 billion by 2026.
In the past few years, the sale of the pre-owned luxury goods has been increasingly very rapidly and the stigma associated with the consumption of the second-hand luxury has been disappearing. Globally, the demand for luxury resale has been growing – the luxury resale market is projected to grow at a CAGR of 9.68% during the forecast period of 2022-2026.
Global Luxury Resale Market Dynamics:
- Growth Drivers: The growing number of millennials is a major driver of the market, owing to the consumers’ behavior that view luxury products as a mark of status and boosts a person’s self-worth. Millennials are drawn to purchase secondhand luxury items, due to their affordable pricing. Further, the luxury resale market is expected to increase due to increasing middle class population and spending, soaring urban population, escalating internet users, etc. in recent years.
- Challenges: Despite the strong growth witnessed by the e-commerce sector in the past few years, the luxury resale market is challenged by its exposure to the risk of online fraud. Additionally, other factors like, lack of trust in buying second-hand luxury, lack of awareness, etc. are some challenges to the market.
- Trends: The luxury resale websites have been employing various techniques to authenticate the products, such as collaboration among resale platforms and luxury brands, etc., which are likely to boost the market demand in coming years. More trends in the market are believed to grow the luxury resale market during the forecasted period, which may include surge in the luxury goods e-commerce sales, increasing thrifters’ demand for pre-owned luxury, and growing popularity of second-hand soft luxury.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic had a mixed impact on the global luxury resale market. As a result of the pandemic, a slight decline in demand for luxury resale items was observed. The impact of prolonged lockdown had created a sudden gap in supply and demand of the secondhand luxury industry.
The COVID-19 created awareness about eco-friendly methodology and usage of pre-owned luxury products was redefined. In the coming years, the market is predicted to grow at a faster rate and recover to the pre-COVID marks. With the increased understanding of the benefits of online platform of the industry, large number of large luxury brands are partnering with resale online platforms, and changing in marketing techniques by offering rebates over exchanging old luxury items over the 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 witnesses the growing online luxury resale sites which have completely changed the luxury resale market and the market move towards consolidation. Recently, many online resale platforms have seen collaborating with luxury brands to ensure authentication of the products sold online.
While, offline stores such as boutiques are closing or adopting hybrid models where they are showcasing their products and its information online so that customers are aware about the products and running their shops as exhibition, and storing purpose.
Key Topics Covered:
1. Executive Summary
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 Growth Driver
6.1.1 Growing Millennial Population
6.1.2 Increasing Middle-Class Population and Spending
6.1.3 Surging Urban Population
6.1.4 Escalating Internet Users
6.1.5 Growing High Net Worth Individuals (HNWI) Population
6.2.1 Lack of Trust in Buying Second-hand Luxury
6.2.2 E-commerce Fraud
6.2.3 Lack of Awareness
6.3 Market Trends
6.3.1 Surge in the Luxury Goods E-commerce Sales
6.3.2 Increasing Thrifters’ Demand for Pre-owned Luxury
6.3.3 Growing Popularity of Second-hand Soft Luxury
6.3.4 Involvement of Product Authentications Techniques
7. Competitive Landscape
7.1 Global Luxury Resale Market Players: Websites Comparison
7.2 The US Luxury Resale Market Players Analysis
8. Company Profiles
- Compagnie Financiere Richemont SA (YOOX Net-a-Porter Group )
- Everlane Inc.
- Farfetch Ltd.
- Kynetic (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 about this report visit https://www.researchandmarkets.com/r/cljkol
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