According to the latest report by IMARC Group “Europe Secondhand Luxury Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The Europe secondhand luxury goods market reached a value of US$ 15.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 24.8 Billion by 2027, exhibiting a CAGR of 8.7% during 2022-2027.

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. 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.

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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