According to a report by research firm Research and Market, the second-hand luxury goods market in Europe is thriving, with revenues reaching $16.6 billion in 2022. The growing trend of acquiring pre-owned luxury goods, including jewelry, shoes, furniture, art objects, clothing, and watches, is driven by new consumer habits. In response to this trend, brands and platforms have launched various initiatives such as Rolex Certified Pre-Owned, Balenciaga Re-sell, Gucci Vault, and Valentino Vintage, all expected to contribute to 20% of companies’ revenues by 2030.
Research and Market’s report, titled “Market of Second-Hand Luxury Products in Europe: Sector Trends, Share, Size, Growth, Opportunities, and Forecast 2023-2028,” supports this view. The study highlights key players in the industry, including Fendi, Vestiaire Collective, Cartier, Chrono24, and Audemars Piguet. It projects that the European second-hand luxury market will reach $26.5 billion in sales by 2028, with a compound annual growth rate of 8.11%.
Several factors contribute to this growth. Firstly, the changing social and economic culture in European countries has facilitated increased purchasing through specialized resale platforms. In addition, the popularity of limited-edition collections and rising prices, particularly in brands like Rolex and Louis Vuitton, have made new products more rare, prompting consumers to seek out more accessible alternatives. Technological advancements, such as Chloé’s Digital ID, have also improved the authentication and traceability of premium goods, increasing customer trust in the face of counterfeit concerns.
With evolving consumer preferences, greater access to resale platforms, and advancements in authentication and traceability technologies, the second-hand luxury market in Europe is expected to continue its upward trajectory. Brands and platforms are embracing the pre-owned market with programs like certified pre-owned and dedicated archival collections, indicating significant growth in the coming years. The demand for sustainable and affordable luxury options is on the rise, presenting lucrative opportunities for both consumers and businesses.
Helpful links:
– https://www.voguebusiness.com/consumers/pre-owned-luxury-fashion-resale (Vogue Business – Pre-Owned Luxury Fashion Resale)
– https://www.businessoffashion.com/articles/intelligence/report-circular-fashion-secondhand (Business of Fashion – The State of Fashion 2021 Report)
