Pre-owned Luxury Goods Market
Pre-owned Luxury Goods Market Trend, Opportunity, and Forecast Analysis, 2024-2032
Pre-owned Luxury Goods Market is segmented by Product, Demography, Distribution Channel, and by Region. KDMI analyst foresees market revenue to cross USD 79.1 Billion by 2032 by growing with a CAGR of 9.5% during 2024-2032.
Pre-owned Luxury Goods Market Highlights
The global pre-owned luxury goods market is expected to cross a value of USD 79.1 billion by the end of 2032. The market was valued at USD 37.44 billion in 2023 and is expected to expand at a CAGR of 9.5% between 2024-2032.
- Over the mid-term, the growing desire of consumers for eco-friendly and sustainable fashion options is the primary factor anticipated to drive the global pre-owned luxury goods market.
- The growing concerns for the availability of counterfeit product is a major factor to challenge the market growth.
- The Europe pre-owned luxury goods market is projected to dominate the global market.
Pre-owned Luxury Goods Market: Report Scope |
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Base Year |
2023 |
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Base Year Market Size |
USD 37.44 Billion |
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Forecast Year |
2024-2032 |
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Forecast Year Market Size |
USD 79.1 Billion |
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CAGR Value |
9.5% |
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Pre-owned Luxury Goods Market Key Trends/Major Growth Drivers |
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Restraint Factors |
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Pre-owned Luxury Goods Market Segmentation |
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Pre-owned Luxury Goods Market Key Players |
Fashionphile Group LLC., Fendi, Garderobe, Inseller, Luxepolis, Luxury Closet, Inc., So Chic Boutique, The Closet, The RealReal Inc., Timepiece360, Vestiaire Collective, Yoogi's Closet Inc,, and others. |
Pre-owned Luxury Goods Market Outlook
The buying and selling of second-hand or used luxury items, such as clothing, accessories, handbags, watches, jewelry, and other high-end products is known as pre-owned luxury goods. These items are typically from renowned luxury brands and are usually known for their quality, craftsmanship, and prestige.
According to our analysts at KD Market Insights, one of the primary factors associated with the growth of the global pre-owned luxury goods market is the growing desire of consumers for eco-friendly and sustainable fashion options. Consumers are increasingly concerned about the environmental impact of fast fashion and the luxury industry's contribution to it. The United Nation Environment Program (UNEP) stated that the fast fashion industry worldwide is the second biggest consumer of water. This industry is also responsible for about 10% of global carbon emissions. As a result, there's a growing preference for pre-owned luxury goods as a sustainable and ethical alternative to purchasing new items. This shift towards conscious consumption is expected to drive growth in the pre-owned luxury goods, and in turn, contribute to the market growth. Fashionphile Group LLC., Fendi, Garderobe are some of the significant parties in the global market for pre-owned luxury goods.
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Pre-owned Luxury Goods Market Drivers – Analyst’s Observation
According to the analysts at KD Market Insights, some key growth drivers for the global pre-owned luxury goods market are:
- Increasing Availability of Online Marketplaces for Pre-Owned Goods: With the growing e-commerce industry worldwide and the rapid proliferation of online shopping platforms, the availability of online marketplaces which are solely dedicated to dealing pre-owned luxury goods, has made easy for consumers to buy or sell luxury items. Our researchers predict that by 2025, global ecommerce sales is expected to grow by about 50% over the past four years, reaching a value of USD 7.5 trillion. Online platforms offer a wide selection of authenticated products, thereby providing greater accessibility to a broader audience. Such a factor is therefore expected to drive the growth of the market in the coming years.
- Rising Demand for Affordable Products: Backed by the growing concerns for economic fluctuations and uncertainty, the consumer purchasing behavior has largely been impacted. This has raised the demand for affordable products among the consumers without compromising on the product quality or status. Pre-owned luxury goods allow consumers to own coveted items at a lower price point. Hence, the growing number of budget-conscious consumers globally and the rise in demand for affordable products among these consumers is therefore expected to drive the growth of the market during the forecast period.
Which Probable Factors Could Hamper the Growing Pre-owned Luxury Goods Market Trend?
As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of pre-owned luxury goods are:
- Rise in Concerns for the Availability of Counterfeit and Authenticated Products: The presence of counterfeit luxury goods poses a significant challenge for the pre-owned luxury goods market. Consumers are often wary of purchasing pre-owned items due to concerns about authenticity. Hence, such doubts about authenticity of pre-owned luxury goods is expected to hinder the market growth.
- Limited Product Availability: The availability of desirable pre-owned luxury items may be limited, especially for sought-after or rare pieces. This scarcity can lead to inconsistency in product availability and limit the market's growth potential.
How is the Global Pre-owned Luxury Goods Market Segmented?
Our experts at KD Market Insights have segmented the global pre-owned luxury goods market as:
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By Product |
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By Demography |
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By Distribution Channel |
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By Region |
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What are the Probable Factors Influencing the Europe Pre-owned Luxury Goods Market Forecast?
The Europe pre-owned luxury goods market is majorly driven by the fact that the region has a strong cultural emphasis on sustainability and ethical consumption, thereby driving the preferences for pre-owned luxury goods as a sustainable alternative to buying new items among the consumers. On the other hand, Europe is known to have a rich heritage and tradition of luxury craftsmanship. This allures consumers to own luxury items with a history and legacy, which is also expected to contribute to the growth of the pre-owned luxury goods market in the region.
As per our analysts at KD Market Insights, the following five players lead the Europe pre-owned luxury goods market growth:
- Vestiaire Collective
- The RealReal
- REBELLE
- HEWI London
- Designer Exchange
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Key Countries to Watch for in Europe Pre-owned Luxury Goods Market |
Key Insights |
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France Pre-owned Luxury Goods Market to Register the Largest Regional Market Share |
USD 9.6 Billion |
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Italy Pre-owned Luxury Goods Market to Grow with the Highest CAGR During 2024-2032 |
9.8% |
Which Key Players Top the Global Pre-owned Luxury Goods Market Share?
As per our analysts at KD Market Insights, the competitive landscape of global pre-owned luxury goods market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with pre-owned luxury goods market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global pre-owned luxury goods market share:
- Fashionphile Group LLC.
- Fendi
- Garderobe
- Inseller
- Luxepolis
- Luxury Closet, Inc.
- So Chic Boutique
- The Closet
- The RealReal Inc.
- Timepiece360
- Vestiaire Collective
- Yoogi's Closet Inc.
What are the Recent Developments Observed in the Pre-owned Luxury Goods Market?
Over the years, the experts at KD Market Insights have been observing the recent developments associated with global pre-owned luxury goods market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.
For instance, Farfetch Limited announced that it has launched a pilot re-sale program for designer handbags, known as Farfetch Second Life.
Further, eBay Inc. shared that it has opened a store at the heart of New York’s iconic Diamond District. This store would accept pre-owned luxury goods as currency, and hence, shoppers can appraise and exchange for ‘closet currency’ to purchase authentic items from the top luxury sellers available in the shop.
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- Publication date: 5th April 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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Pre-owned Luxury Goods Market
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