The second-hand market is growing rapidly. For a long time, the world of luxury did not want to be associated with resale, which was considered degrading for their image. However, over the last 3 years, luxury has been trying to take over the second hand market.
The growing of the second hand market
Following the drama linked to the pandemic, part of the population has become aware of ecological problems. In 2020, the luxury second-hand market was worth more than one billion dollars. Today, it is worth 16 billion. According to figures from Bain & Company, the sector is expected to reach more than 60 billion dollars by 2025. These are staggering growth figures !
Gone are the days when it was frowned upon to buy luxury items second hand. The Internet has helped to democratise this market and extend its reach beyond depots and shops.
Specialised resale websites have emerged over the last 10 years and are now the real players in this market in France. Three of them share a rapidly growing market : Vestiaire Collective, Monogram Paris and Collector Square.
The luxury brands realised that this part of the market was escaping them ! To remedy this, they have decided to resell their own items themselves. Take the example of Gucci, which in 2022 launched a concept store and a digital platform dedicated to vintage pieces, whose entire stock was sold out in a few hours. Let’s remember that Gucci holds the record in 2022 for the best-selling second-hand piece with its Jackie bag.
Mentalities have changed. Today, buying second-hand luxury is buying smart. The sentimental value is even increased tenfold because it is a rare piece with a history. This is something that is not always found in new pieces.
This sector attracts a new clientele who discover new products and new brands. Second hand makes affordable products that you can’t buy in a shop. Second-hand items are sold at a fair price, as opposed to the often outrageous prices of new items.
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