The latest report by IMARC Group, titled “Europe Secondhand Luxury Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The Europe secondhand luxury goods market size reached US$ 16.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 26.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.3% during 2023-2028.
Gently used luxury items encompass a range of high-end and top-tier products, such as luxury clothing and shoes, designer handbags, vintage furniture, fine watches, exquisite jewelry, and valuable artworks. These items are typically built to last and often come with an extended warranty, making them well-suited for resale. Moreover, the resale of secondhand luxury goods contributes to a reduction in carbon emissions and minimizes the waste generated during production. Sellers can also reap economic benefits from selling these items. Secondhand luxury goods are widely available through various avenues, including auctions, charitable events, privately-owned consignment stores, fundraisers with a bazaar-style approach, and online retail platforms, especially in Europe.
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Europe Secondhand Luxury Goods Market Trends and Drivers:
The Europe secondhand luxury goods market is experiencing growth due to several key factors. One of these factors is the increasing consumer preference for pre-owned items, driven by the desire for high-end accessories, clothing, and footwear at more affordable prices. Additionally, leading manufacturers are investing heavily in advanced quality checks and authentication processes, ensuring that secondhand items are genuine and reliable, which further contributes to market growth. The market is also benefiting from the expansion of online re-selling platforms that are forming strategic partnerships and collaborations with luxury brands to enhance the reputation of secondhand products. The availability of a wide range of luxury items through both online and offline organized retail channels is also boosting market growth. Furthermore, there are economic incentives for individuals to resell their luxury products rather than disposing of them, and the introduction of limited capsule collections and fashion drops is expected to further drive the Europe secondhand luxury goods market in the coming years.
Competitive Landscape
The competitive landscape of the industry has also been examined with some of the key players being
- Fendi (LVMH Moet Hennessy Louis Vuitton)
- Vestiaire Collective
- Harrods Limited
- Cartier International (Compagnie Financiere Richemont SA)
- Chrono24
- Collector Square
- Rewind Vintage Affairs
- Audemars Piguet
- Chronext AG.
The report has segmented the market on the basis of Product Type, Demography, Demography, Distribution Channel and Country.
Breakup by Product Type:
- Jewelry and Watches
- Handbags
- Clothing
- Small Leather Goods
- Footwear
- Accessories
- Others
Breakup by Demography:
- Men
- Women
- Unisex
Breakup by Distribution Channel:
- Offline
- Online
Breakup by Country:
- France
- Italy
- United Kingdom
- Germany
- Russia
- Spain
- Others
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