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Luxury Resale Market Size, Business Growth Updates, Trends, Industry Report And Forecast To 2033
Luxury Resale Market
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According to The Business Research Company's, The luxury resale market size has grown strongly in recent years. It will grow from $31.67 billion in 2023 to $34.79 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to increase in awareness of online luxury resale platforms, growth in consumer demand for pre-owned luxury items, growth in consumer awareness of sustainability, increase in acceptance of second-hand goods, rise of fashion-conscious millennial and Gen Z shoppers, shift towards minimalism, and the influence of social media on fashion trends.
The luxury resale market size is expected to see rapid growth in the next few years. It will grow to $50.9 billion in 2028 at a compound annual growth rate (CAGR) of 10%. The growth in the forecast period can be attributed to increasing consumer interest in sustainable fashion, growing online resale platforms, rising disposable incomes, expanding middle-class demographics, and rise in access to rare and limited-edition items. Major trends in the forecast period include integration of AI and technology in retail, advancements in authentication technologies, digital innovation, and advancements in online platforms.
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Market Drivers and Trends:
The expansion of e-commerce industry is expected to propel the growth of the luxury resale market going forward. E-commerce refers to the buying and selling of goods and services over the internet. E-commerce expansion is driven by the widespread use of smartphones and internet access, offering consumers convenience and diverse product choices. E-commerce transforms the luxury resale market by enabling global reach, enhancing transparency in pricing and authenticity verification, and providing convenient access to a diverse selection of items through advanced technologies and seamless shopping experiences. For instance, in May 2024, according to the Census Bureau of the Department of Commerce, a US-based government agency, U.S. retail e-commerce sales for the first quarter of 2024 reached $289.2 billion. This marks a 2.1% increase from the fourth quarter of 2023. Therefore, the expansion of the e-commerce industry is driving the growth of the luxury resale market.
Major companies operating in the luxury resale market are developing mobile apps that use artificial intelligence (AI) and human experts to enhance user experience and ensure the authenticity and quality of luxury goods traded on their platforms. AI algorithms are used to authenticate luxury items based on detailed image analysis and comparison with known authentic items. This comparison helps to ensure the genuineness of products sold on the platform, enhancing trust and credibility among buyers. For instance, in March 2024, Sellier Knightsbridge, a UK-based luxury resale platform, launched the Sellier Selected app. This innovative platform aims to be the premier marketplace for rare pre-owned luxury handbags and accessories, blending AI technology with expert human curation to ensure a highly curated selection. It accumulates the process where customers submit their items, and later AI technology assesses various metrics, including price, condition, color, brand, and current market trading prices, to assign a desirability score to the item.
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Major Key Players of the Market:
Coupang Inc., YOOX Net-a-Porter Group S.p.A., The RealReal Inc., Poshmark Inc., ThredUp Inc., StockX LLC, The Row, 1stdibs.Com Inc., Vestiaire Collective, Depop Limited, Rebag, Fashionphile Group LLC, Luxepolis Retail Services Pvt Ltd, Grailed Inc., Luxury Closet Inc., Luxury Garage Sale LLC, The Closet Inc., LePrix Inc., Collector Square, Garderobe Pre Loved Luxury Fashion, Timepiece 360 Ltd., Yoogi's Closet Inc., Couture Designer Resale Boutique, Luxury Promise Ltd, Cudoni
Luxury Resale Market 2024 Key Insights:
• The luxury resale market size is expected to see rapid growth in the next few years. It will grow to $50.9 billion in 2028 at a compound annual growth rate (CAGR) of 10%.
• E-commerce Expansion Driving Growth in the Luxury Resale Market
• Innovative Use of AI in Luxury Resale Apps
• Europe was the largest region in the luxury resale market in 2023
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