Global Luxury Resale Market Size, Share, Demands, Key Players, Covid-19 Impact Analysis and Forecasts to 2026

The global luxury resale market in 2021 was valued at US$32.61 billion and is likely to reach US$51.77 billion by 2026. In the past few years, the sale of the pre-owned luxury goods has been increasingly very rapidly, and the stigma associated with the consumption of the second-hand luxury has been disappearing. Luxury resale refers to the buying and selling of the previously owned luxury goods. Luxury goods are products that are expensive and of high quality. However, globally, the demand for luxury resale has been growing as these are affordable and has both online as well as offline platforms for the commercialization of second-hand goods. The luxury resale market is projected to grow at a CAGR of 9.68% during the forecast period of 2022-2026.

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Market Segmentation Analysis:

By Product: The report splits the global luxury resale market into three different segments based on the type of product: apparel luxury, hard luxury, and others. Apparel luxury resale segment held more than 73% share in luxury resale market in 2021 and is the fastest growing segment due to growing acceptability of second-hand apparel from consumers.

By Distribution Channel: The market report has segmented the global luxury and hard luxury resale markets into two segments on the basis of distribution channel: offline and online. In both the markets, the fastest growing category is online, with a CAGR of roughly 19% for the period 2022-2026, owing to larger influence of digitalization on consumer's selection of luxury resale brands and merchandise.

By Gender: On the basis of gender, the market has been segmented into two namely male and female. Male segment held the major share in the market. With more brands selling second-hand luxury apparels and watches at a discounted pricing with great offers on the ecommerce platforms, the demand from males for luxurious resale items have increased in recent years.

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By Region: According to this report, the global market can be divided into four major regions, on the basis of geographical areas: Europe (France, UK, Italy, Germany, and Rest of Europe), North America (The US, Mexico and Canada), China, and Rest of World. The European luxury resale market enjoyed the largest share of almost half of the total of the global market share in 2021, primarily owing to widespread presence of several luxury retail brands ranging from fashion apparel to cosmetics. On the other hand, the China hard luxury resale market is the emerging region in the global market, growing at a CAGR of 12.5% due to the surge in the demand for pre-owned hard luxury items such as watches.

Global Luxury Resale Market Dynamics:

Growth Drivers: The growing number of millennials is a major driver of the market, owing to the consumers’ behaviour that view luxury products as a mark of status and boosts a person's self-worth. Millennials are drawn to purchase second-hand luxury items, due to their affordable pricing. Further, the luxury resale market is expected to increase due to increasing middle class population and spending, soaring urban population, escalating internet users, etc. in recent years.

Challenges: Despite the strong growth witnessed by the e-commerce sector in the past few years, the luxury resale market is challenged by its exposure to the risk of online fraud. Additionally, other factors like, lack of trust in buying second-hand luxury, lack of awareness, etc. are some challenges to the market.

Trends: The luxury resale websites have been employing various techniques to authenticate the products, such as collaboration among resale platforms and luxury brands, etc., which are likely to boost the market demand in coming years. More trends in the market are believed to grow the luxury resale market during the forecasted period, which may include surge in the luxury goods e-commerce sales, increasing thrifters’ demand for pre-owned luxury, and growing popularity of second-hand soft luxury.

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Impact Analysis of COVID-19 and Way Forward:

The COVID-19 pandemic had a mixed impact on the global luxury resale market. As a result of the pandemic, slight decline in demand for luxury resale items was observed. The impact of prolonged lockdown had created a sudden gap in supply and demand of the secondhand luxury industry. The COVID-19 created awareness about eco-friendly methodology and usage of pre-owned luxury products was redefined. In the coming years, the market is predicted to grow at a faster rate and recover to the pre-COVID marks. With the increased understanding of the benefits of online platform of the industry, large number of large luxury brands are partnering with resale online platforms, and changing in marketing techniques by offering rebates over exchanging old luxury items over the new items, which would provide a boom in the industry.

Competitive Landscape and Recent Developments:

Historically, the global luxury resale market has been fragmented and dominated by small local boutiques with little consumer reach. However, due to the impact of COVID-19, the market witnesses the growing online luxury resale sites which have completely changed the luxury resale market and the market move towards consolidation. Recently, many online resale platforms have seen collaborating with luxury brands to ensure authentication of the products sold online. While, offline stores such as boutiques are closing or adopting hybrid models where they are showcasing their products and its information online so that customers are aware about the products and running their shops as exhibition, and storing purpose.

The key players of the luxury resale market are:

The RealReal, Inc.
ThredUp, Inc.
Farfetch Ltd.
Compagnie Financiere Richemont SA (YOOX Net-a-Porter Group)
Vestiaire Collective
Poshmark Inc.
Everlane Inc.
OfferUp, Inc. (Letgo Inc.)
Trendly, Inc. (Rebag)
Cudoni
TechStyle Fashion Group (JustFab Inc.)
Kynetic (Rue La La)

Many luxury labels are finally recognizing that embracing resale of luxury goods trends offers a commercial potential. Previously, these labels fought and policed resale of their items, but lately they welcome it by working with e-resale platforms to market their pre-owned products. For instance, The RealReal has collaborated with Burberry, Stella McCartney, and, most recently, Gucci in 2020. In the meanwhile, Vestiaire Collective launched its "Brand Approved" buyback programme with Alexander McQueen in February 2021. The initiative works by granting store credit for the brand's current collection in return for past-season products, which are then examined and resold online via Alexander McQueen boutiques.

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Scope of the Report:

The report titled “Global Luxury Resale Market: Analysis By Product, By Distribution Channel, By Gender, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2026”, includes:
-- An in-depth analysis of the global luxury market by product, by distribution channel, by gender, by region, etc.
-- The regional analysis of the luxury and hard luxury resale market, including the following regions:

Europe (France, UK, Italy, Germany, and Rest of Europe)
North America (The US, Mexico and Canada)
China
Rest of World
-- Comprehensive information about emerging markets. This report analyses the market for various segments across geographies.
-- Provides an analysis of the COVID-19 impact on the global luxury resale market, with post COVID impact analysis.
-- Assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall luxury resale market has also been forecasted for the period 2022-2026, taking into consideration the previous growth patterns, the growth drivers, and the current and future trends.
-- Evaluation of the potential role of luxury resale to improve the market status.
-- Identification of new technological developments, R&D activities, and collaborations among e- resale platforms with luxury companies occurring in the luxury resale market
-- In-depth profiling of the key players, including the assessment of the business overview, market strategies, regional and business segments of the leading players in the market.
-- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
-- The in-depth analysis provides an insight into the market, underlining the growth rate and opportunities offered in the business.

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