The high end or premium items that are purchased by the second or later end user are called second-hand Used Luxury Goods Selling Service Market. The Used luxury goods or products are resold in the market, and this market is called the second-hand luxury market or globally used luxury goods selling market.
These luxury goods consist of artwork, jewellery, footwear, furniture and fashion accessories, such as watches, bags etc. Most luxury goods come with durability and an extended warranty period, making them ideal for the resale market.
In this market, the luxury products are used but almost intact and new. So these products are kept for resale in the market by the particular company.
How does Global Used Luxury Goods Selling Service Market Work?
The company acquires Luxury products or used luxury products from its first owner. After the packaging, these products are kept for sale offline and online as well. Generally, these used products are cheap in rates compared to the new products of the same brand. The quality of the product is almost new.
Basically, they sell these used luxury goods at charity events, Auction and, in the bazaar and private consignment shops.
Benefits of the Global Used Luxury Goods Selling Service Market:
- The quality of the products is almost new.
- Products are easily accessible online and offline
- Used luxury goods are much cheaper than their original version.
- It generates extra revenue for the market.
- It is cost-effective for the customers, who can’t afford to have the new luxury goods.
- Reselling of used goods helps minimize the dependence on raw material, therefore, reducing waste production level.
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The Global Used Luxury Goods Selling Service Market Forecast:
As per reports, the global used luxury goods market has reached a value of USD 26.89 Billion in 2020. A rise in living standards of consumers supported by their increasing income level has boosted the market for used luxury goods across developing and developed countries, with the millennial and urbanized population choosing high-end fashion accessories at a lower price.
The stigma of using pre-owned luxury goods has been diminishing along with the availability of second-hand luxury goods on the online platform, which has propelled the market growth. Not only this, various online resale sites have been entering into strategic partnerships and alliances with luxury brands for the establishment of pre-owned luxury products, thus positively influencing the used luxury growth market.
Moreover, there has been a scarcity of luxury items due to the growing popularity of limited capsule collections and fashion drops, which has been producing demands for second-hand luxury goods. Furthermore, several second-hand luxury platforms have been investing heavily in verification procedures and quality checks for arranging a safe and trustworthy environment for the customers to resell and buy luxury goods.
The Market Trend and Dynamics of the Global Used Luxury Goods Selling Service Market:
- The second-hand luxury market has expanded four times faster than the main luxury market at 12% per year versus 3 %. The value of the luxury resale market today is more than USD 26.89 Billion.
- The massive growth of the second-hand luxury goods market is majorly driven by online reseller’s platforms.
- The circular economy has also boosted the growth of the used luxury goods market, fuelled by the rich young generation and their desires.
- The durability and timeless quality of the luxury goods make them an ideal fit for the resale market.
The Key Market Segmentation of the Global Used Luxury Goods Selling Service Market:
This market can be divided into product types, demography, distribution channel, region-wise etc.
By the product type, the market is primarily divided into:
In terms of product types, jewellery and watches are dominating the market currently, responsible for the majority of the global market share. The secondary products are footwear, handbags, clothing, leather goods and accessories.
By the end-users/application:
- Online Service
- Door-to-door Service
In terms of sales, revenue, market share and growth rate, the Global Used Luxury Selling Service Market is segmented. The geographical segmentation is mentioned below:
- North America (the United States, Canada and Mexico)
- Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
- Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
- South America (Brazil, Argentina, Colombia, and Rest of South America)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of the Middle East & Africa)
The Key Market Players in This Reports Includes:-
- FASHIONPHILE Group
- The RealReal
- The Luxury Closet
- Yoogi’s Closet
- Luxury Garage Sale
- Vestiaire Collective
- Collector Square
- Bob’s Watches
The Global Used Luxury Goods Selling Service Market Report Highlights:
- The rising in living standards of consumers have boosted the Global Used Luxury Goods Market.
- It gives the platform for consumers to have high-end fashion accessories at a lower price.
- Various online resale sites have been entering into strategic partnerships and alliances with luxury brands to establish pre-owned luxury products, thus positively influencing the used luxury growth market.
- In 2020, the global second-hand luxury goods selling service market had reached a value of USD 26.89 Billion.
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