According to Collector Square, the European leader in online sales of second-hand luxury items, the year 2020 saw a significant increase in the digitalization of consumer behavior. As online platforms are expected to become the preferred channel for luxury purchases by 2025, the second-hand luxury market is no exception. Collector Square reported a remarkable 45% increase in online sales last year, propelled by the lockdown and social distancing measures.
Among the notable trends observed, Hermès emerged as the most sought-after brand with a 51% surge in search queries compared to the previous year. In fact, one out of every three requests for luxury leather goods focused on Hermès bags, resulting in a substantial 42% growth in the total value of Hermès product sales in this market segment.
While Hermès claimed the top spot in search queries, other prominent luxury brands that featured in the Top 5 included Rolex, Louis Vuitton, Chanel, and Cartier. In the watch and jewelry category, Cartier accounted for 40% of the requests and experienced an impressive 88% increase in sales value on Collector Square. This preference for well-established luxury brands reflects consumers’ inclination towards safe investments amidst the socio-economic disruptions caused by the Covid-19 pandemic.
Interestingly, the report highlights the active role played by buyers as sellers, with 30% of the platform’s consumers also selling items last year. This finding emphasizes the dynamic nature of the second-hand market, which is increasingly recognized as a fully-fledged economic model within the luxury industry. Moreover, the growing significance of sustainability and responsible turnover in the luxury market is further contributing to the expansion of the second-hand industry.
Overall, the major trends identified by Collector Square underscore the booming demand for second-hand luxury items, driven by the digitalization of consumer behavior and the desire for safe investments amidst uncertain times.
To learn more about the second-hand luxury market and how it is shaping the industry, you can visit the following links: Collector Square and The Rise of the Secondhand Luxury Market.
