About Luxury Resale
The purchase and selling of pre-owned luxury goods is known as luxury resale. The term "luxury goods" refers to items that are both expensive and of high quality. Luxury resale, on the other hand, is inexpensive and offers both online and offline outlets for the selling of used products. This type of sale involves the resale of clothing, antiques, fine arts, and a variety of other products. The selling of pre-owned luxury products has increased dramatically in recent years, and the stigma associated with second-hand luxury consumption is dissipating. The worldwide luxury resale business is fragmented, with small local boutiques dominating the market with limited consumer reach. However, the expanding number of online luxury resale websites has had a significant impact on the broader luxury resale sector, which is now consolidating. The demand for antique and popular arts is growing as the middle and lower classes grow in number. In the coming years, this is expected to fuel the global luxury resale industry.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The demand for Luxury Resale is increasing with each passing day. The businesses in this industry facing major competition with leading players of the market that includes The RealReal, Farfetch, Poshmark Inc. and others. Many international as well as regional providers are also participants in the industry and directly compete with leaders. It has been identified that market leading players are investing heavily in growth strategies such as technological development, resource utilization to enhance their market position. The market leaders such as The RealReal, Farfetch, Poshmark Inc. and others demonstrate a market-defining vision of how luxury resale can help top-line business executives achieve their business objectives. Leaders have the ability to execute against that vision through both products and services. They have demonstrated solid business results in the form of revenue and earnings. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Luxury Resale market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
The RealReal (United States), Farfetch (United Kingdom), Poshmark Inc. (United States), Vestiaire Collective (France), Fashionphile (United States), Chrono24 (Germany), Watchfinder & Co. (United Kingdom), 1stdibs (United States), StockX (United States) and Thredup (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Luxury Garage Sale (United States) and Collector Square (France).
Segmentation Overview
AMA Research has segmented the market of Global Luxury Resale market by Type (Handbags, Jewellery & Watches, Clothing, Small Leather Goods, Footwear, Accessories and Others) and Region.
On the basis of geography, the market of Luxury Resale has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Luxury Resale market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Gender, the sub-segment i.e. Men will boost the Luxury Resale market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Popularity of Limited Capsule Collections and Fashion Drops and Increased Demand for Online Thrift Store
Market Growth Drivers:
Growing Sophistication and Consolidation of the Luxury Resale Market, Increase in Online Luxury Resellers are Driving the Luxury Resale Market and The Circular Economy is Another Driver of the Luxury Resale Growth, Fuelled by Younger Affluent Generations and Their Desire for More Sustainability
Challenges:
Lack of Trust in Buying Second-hand Luxury and Increase in E-Commerce Frauds
Restraints:
Lack of Awareness of Online Luxury Resellers in Developing Nations
Opportunities:
Growing High Net Worth Individuals (HNWI) Population
Market Leaders and their expansionary development strategies
In December 2021 Farfetch had announced the acquisition of Luxclusif. The acquisition of Luxclusif's technology platform will allow Farfetch to significantly accelerate its resale features through the implementation of innovative technology and service features such as automated pricing, as well as faster geographic and category expansion of its resale service, Farfetch Second Life.
In March 2023, The RealReal shifted resources from direct business to its luxury consignment business. This strategic move helped The RealReal to prioritizing efforts on growing luxury consignment business and expand its presence in Luxury Resale market
Key Target Audience
Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners, Third Party Vendors and End-use industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.