According to the latest report by IMARC Group “Europe Secondhand Luxury Goods Market Size: Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026“, The Europe secondhand luxury goods market grew at a CAGR of around 6% during 2015-2020. Looking forward, IMARC Group expects the Europe secondhand luxury goods market to continue its moderate growth during the next five years.
Secondhand luxury goods refer to high-end and premium items that are later purchased by the second end-user. These goods majorly include jewelry, artworks, footwear, apparel, and fashion accessories. The luxury goods are usually durable with extended warranty life. As a result, the re-selling of premium and expensive goods provides economic benefits to the seller. Furthermore, it minimizes the dependency on high-quality raw materials to produce new products, thereby reducing waste production levels. These goods are generally sold at charity events, auctions, bazaar-style fundraisers, privately-owned consignment shops, etc.
Market Trends:
In Europe, the improving consumer living standards supported by their increasing disposable income levels have enabled the millennial and urbanized population to opt for high-end fashion accessories at lower prices. Additionally, the emergence of secondhand luxury goods on online platforms, along with the diminishing stigma of using pre-owned luxury goods, have further augmented the market growth across European countries. Several online resale sites are forming strategic alliances with various luxury brands to market pre-owned luxury products. Furthermore, the rising demand for limited capsule collections and fashion drops has created scarcity for premium luxury items, thereby catalyzing the market for secondhand luxury goods in the region.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Competitive Landscape
The competitive landscape of the industry has also been examined with some of the key players being
- Fendi (LVMH Moet Hennessy Louis Vuitton)
- Vestiaire Collective
- Harrods Limited
- Cartier International (Compagnie Financiere Richemont SA)
- Chrono24
- Collector Square
- Rewind Vintage Affairs
- Audemars Piguet
- Chronext AG.
Europe Secondhand Luxury Goods Market 2021-2026 Analysis and Segmentation:
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The report has segmented the market on the basis of Product Type, Demography, Demography, Distribution Channel and Country.
Breakup by Product Type:
- Jewelry and Watches
- Handbags
- Clothing
- Small Leather Goods
- Footwear
- Accessories
- Others
Breakup by Demography:
- Men
- Women
- Unisex
Breakup by Distribution Channel:
- Offline
- Online
Breakup by Country:
- France
- Italy
- United Kingdom
- Germany
- Russia
- Spain
- Others
For more information about this report visit: https://www.imarcgroup.com/europe-secondhand-luxury-goods-market
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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