Second-hand luxury goods market worldwide - statistics & facts

The luxury goods industry runs on inspiring a distinct sense of quality, tradition, and exclusivity, and the shopping experience has an integral part in communicating this. Conventionally, physical stores that connect luxury consumers with brand experience, offering a high degree of personalization through clienteling, have been the main sales channel for this end, and the industry’s transition into digital and online selling spaces has come later than the mainstream fashion industry. But the luxury consumer is changing. They are getting younger with more affinity to shop, get inspired, and share online. They pay more attention to social and environmental matters, all of which in turn inform their shopping habits. The trend in resale and second-hand is one of the more recent responses from the industry to the changing face of luxury. While it is still less than four percent of the overall market, according to Statista estimates, second-hand luxury has the potential to become more relevant in the future, growing at a rate of eight percent from 2022 onwards.

Markets, segments, and platforms with the highest potential

In 2021, the market revenue for second-hand luxury goods was estimated to be just below five billion U.S. dollars worldwide, and is projected to almost triple in size by 2027, reaching a value of 14.7 billion U.S. dollars. In North America, which boasts the largest luxury goods market by revenue, the value of the second-hand luxury goods market amounted to 1.6 billion U.S. dollars in 2021. The most lucrative market for second-hand luxury was the leather goods segment, followed by luxury apparel. Second-hand goods for luxury leather were estimated to have a revenue of 1.38 billion U.S. dollars, a figure that is projected to reach upward of 5.5 billion U.S. dollars by 2027. Consumer interest in second-hand luxury goods is satiated by a number of specialized online platforms that let users buy (and in some cases, sell) personal luxury goods online. Vestiaire Collective is one of the leading examples for online platforms for second-hand luxury. Valued at 178 million U.S. dollars, one of the investors of Vestiaire Collective includes the luxury giant The Kering Group, which owns the luxury Maisons Gucci, Balenciaga, Saint Laurent, among others.

Main drivers for luxury resale

There is little question that making luxury goods available second-hand makes the industry more accessible and affordable, but one of the leading reasons to buy pre-owned luxury products has to do with the negative environmental impact of the overproduction in the fashion industry. Sustainability concerns contributed to the main motivations of both buyers and sellers of second-hand luxury. The conviction that buying luxury goods via second-hand channels was sustainable was stronger in younger consumers. In a survey conducted with affluent consumers, those under the age of 40 strongly agreed that buying second-hand was a sustainable choice. In the same survey, just below half of luxury consumers also said they currently actively bought pre-owned luxury goods.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Tugba Sabanoglu, Aug 12, 2022

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