Luxury like new

Over the past few years, the secondhand luxury goods market has experienced remarkable growth with annual sales increasing 17 p.a. from EUR 20 billion in 2017 to EUR 43 billion in 2022. Driven by changing consumer attitudes towards sustainability, affordability, and style, the market has witnessed a surge in popularity. Online platforms dedicated to reselling pre-owned luxury items have emerged in the last decade, offering a wide selection of products from renowned brands. Their popularity peaked during the covid-19 pandemic but has since waned with consumers going back to brick-and-mortar stores. Additionally, luxury fashion houses themselves have recognized the potential of the secondhand market and are collaborating with, or creating their own reselling platforms. This strategic move enables them to tap into a new revenue stream. As the trend continues, the secondhand luxury goods market is expected to thrive, catering to a broader audience seeking high-quality products with reduced environmental impact.

Source: Bain & Company, Bernstein, 2023.