The secondhand luxury goods market is growing at nine per cent a year. Secondhand luxury goods represent premium personal products that are purchased by a second or later end-user.
They generally include antique furniture, footwear, apparel, artwork, jewelry, and fashion accessories such as bags and watches. Several luxury goods are usually durable with an extended warranty period, which makes them suitable for the resale market. In line with this, the re-selling of these items instead of discarding them also offers economic benefits to the seller.
As such, secondhand luxury goods assist in minimizing the dependence on high-quality raw materials for manufacturing new products and reducing waste production levels. Furthermore, they are commonly sold at bazaar-style fundraisers, privately-owned consignment shops, auctions, charity events, etc. The escalating demand for high-end fashion accessories at lower prices is primarily augmenting the secondhand luxury goods market. Additionally, the increasing consumer living standards and the inflating disposable income levels are further positively influencing the global market.
Besides this, the easy availability of secondhand luxury goods on online retail channels that are extremely beneficial for the sellers, as they allow firsthand buyers to invest the resale money in buying new full-priced premium products, is acting as another significant growth-inducing factor.
By Fashionating World