According to a recent report published by Fast.MR,
titled, Global Second-Hand
Luxury Goods Market 2018: Market Size, Trends, Opportunity, Forecast
2018-2024, the global second-hand luxury goods market accounted for USD
25,667.6 Million in 2018 and is estimated to reach USD 54,582.7 Million by
2024. Moreover, it is anticipated to flourish at a CAGR of 14.0% during the
forecast period i.e. 2019-2024.
The global second-hand luxury goods market has
been segmented based on product type, demography, and distribution channel.
Based on the product type, this market has been segmented into clothing,
footwear, bags, jewelry, watches, and accessories. The second-hand luxury watches
segment accounted for the highest market share in 2018 and is anticipated to
continue its dominance during the forecast period. Buying and owning
second-hand luxury watches is more of a common thing these days as consumers
are hesitating to spend a premium for watches. Also, there is also a very
strong demand for vintage watches, scarce models, one-of-a-kind designs and
watches with a special history. Stores that are offering second-hand luxury
watches are assuring their product’s authenticity and are offering these
watches at a great discounted price. Such cost benefits of purchasing
second-hand luxury watches are likely to boost the growth of this segment in
the upcoming years.
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In the distribution channel segment, the offline store's
segment captured a significant share of the overall market in 2018. In addition
to that, the market value of the global second-hand luxury goods market for the
offline stores' segment is expected to rise at a CAGR of 12.4% over the
projected period.
Affordable High-End Fashion
The second-hand luxury goods are the ideal choice for
high-end fashion as they offer luxury goods at a lesser price. Further, the
high costs of rent & education are adding uncertainty to the job market;
these are the significant reasons, which make consumers save money and reduce
their frequency of purchases. In addition to this, the U.S. is one of the most
attractive countries in the North America region for luxury brands, which makes
it a strategic center for companies to enter the regional market.
Growing Numbers of Start-ups
The increasing number of start-ups in the field of
second-hand luxury goods is opening a gateway opportunity for the market to
grow in the upcoming years. In addition to this, the U.S., United Kingdom,
Germany, France, Italy, and other countries are the most attractive countries
in the field of second-hand luxury goods, which is indulging many start-up companies
in entering the market. Further, this factor is likely to impact the growth of
the second-hand luxury goods market over the upcoming years.
Regional Outlook:
In terms of geography, the second-hand luxury goods market
is segregated into North America, Europe, Asia Pacific, Latin America, and
Middle East & Africa. Europe accounted for the major share of the global
second-hand luxury goods market. Moreover, Asia Pacific second-hand luxury
goods market is expected to showcase lucrative growth in the upcoming years.
The U.S., Germany, the United Kingdom, China, and Japan are some of the major
countries witnessing the augmenting demand for second-hand luxury goods market.
Competitive Landscape:
The report also covers detailed competitive analysis of
major market players of the global second-hand luxury goods market, such as The
RealReal, Inc., The Luxury Closet, Vestiaire Collective, Fashion Phile,
Tradesy, LXRandCo, Style Tribute, Yoogis Closet, REBELLE, Sou Inc. and other
key & niche players. The second-hand luxury goods market is witnessing a
wide range of industry activities such as product launch, partnership,
acquisition, and expansion across the globe.
Get Complete Report with Full TOC of “Second-Hand Luxury
Goods Market” -https://www.fastmr.com/report/67/second-hand-luxury-goods-market
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