Luxury consumers in the UK, US, and France are increasingly open to the idea of purchasing gently used items, as per a recent report by Altiant. Out of the 400 affluent consumers surveyed, only 16% still feel a stigma associated with wearing pre-owned luxury goods.
The traditional notion of owning luxury items outright has given way to a desire for experiencing luxury in more accessible ways. This shift in mindset has led to a surge in the popularity of consignment stores, rental services, and subscription models. Technological advancements and evolving consumer attitudes have significantly contributed to this trend.
Noteworthy findings from the study include the revelation that one in five wealthy consumers has utilized a luxury rental service within the past year. Furthermore, 43% of luxury buyers are willing to pay over 5% of the retail price to rent an item for a short period. Surprisingly, 39% of renters actually prefer renting as they believe it helps reduce their ecological footprint.
Despite the increasing acceptance of second-hand luxury goods, there remains a segment of consumers who view them as inferior. There is still a lingering perception of a stigma surrounding pre-owned luxury purchases, with 16% of affluent shoppers expressing this belief. Additionally, 34% of consumers, especially in France, consider lower-priced luxury items to be less desirable.
Many consumers are enticed by the idea of renting luxury items as it allows them to experiment with different brands for short durations. However, concerns about the cleanliness of rented items persist, with 61% of consumers citing this as a worry.
The survey emphasizes the desire for luxury brands to offer rental and resale options directly through their channels. A significant 64% of respondents are interested in accessing such services directly from luxury brands themselves.
Interestingly, Millennials are more likely to view luxury items as investments and enjoy collecting them. This demographic also tends to have unused luxury pieces languishing in their closets.
Moreover, the study sheds light on the “one wear & return” phenomenon, revealing that 14% of respondents engage in this behavior, with Americans ranking highest. Rentals emerge as a sustainable solution to extend the lifespan of luxury items beyond their initial purchase.
In conclusion, the luxury market is undergoing a transformation towards sustainability and circularity, with more consumers turning to second-hand luxury goods through rentals and resale options. Luxury brands have the chance to capitalize on this burgeoning trend by offering innovative and eco-friendly solutions that cater to evolving consumer preferences.
For more information on sustainable luxury shopping, you can visit Vogue UK and Business of Fashion.
