Global Luxury Resale Market Overview:
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.
- Growing Sophistication and Consolidation of the Luxury Resale Market
- Increase in Online Luxury Resellers are Driving the Luxury Resale Market
- The Circular Economy is Another Driver of the Luxury Resale Growth, Fuelled by Younger Affluent Generations and Their Desire for More Sustainability
- Lack of Awareness of Online Luxury Resellers in Developing Nations
- Growing High Net Worth Individuals (HNWI) Population
- Lack of Trust in Buying Second-hand Luxury
- Increase in E-Commerce Frauds
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.
Some of the key players profiled in the report are 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). Additionally, following companies can also be profiled that are part of our coverage like Luxury Garage Sale (United States) and Collector Square (France). Analyst at AMA Research see United States Vendors to retain maximum share of Global Luxury Resale market by 2027. Considering Market by Distribution Channel, the sub-segment i.e. Online will boost the Luxury Resale market. Considering Market by Gender, the sub-segment i.e. Men will boost the Luxury Resale market.
Latest Market Insights:
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.
What Can be Explored with the Luxury Resale Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Luxury Resale Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Luxury Resale
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Luxury Resale market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Luxury Resale market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners, Third Party Vendors and End-use industries.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.
Frequently Asked Questions (FAQ):1. What is the growth rate predicted for the Global Luxury Resale Market?
The Luxury Resale market is expected to see a CAGR of % during projected year 2021 to 2027.
2. Who are the top performing companies in Luxury Resale Market?
Top performing companies in the Global Luxury Resale market are 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), to name a few.
3. What trending factors would impact Luxury Resale Market growth most?
"The Popularity of Limited Capsule Collections and Fashion Drops
" is seen as one of major influencing trends for Luxury Resale Market during projected period 2021-2027.