Second-hand luxury: a booming market
For several years, the luxury market has continued to grow to the point of being worth nearly 25 billion euros today.
In the Bain & Compagny report, there is an increase of 12% each year. This is explained by the fact that on the one hand not many people wish to acquire these luxury products at reasonable prices and on the other hand, the usual luxury customers who want to part with some of their products purchased new.
Second-hand luxury platforms
Faced with an ever-increasing demand for luxury, many startups have emerged and are considered today as real success stories. We are thinking, for example, of Vestiaire Collective, Vide dressing, Bam Luxury Store, Monogram, etc. these are websites that market luxury items such as bags, watches, clothes, shoes…
Luxury enthusiasts do not have thousands of euros to afford new ones or wish to find very particular models, the big brands are therefore very attracted by the good deals offered by these platforms. In addition, faced with the health crisis, there is a tendency not to spend thousands of euros and turn instead to second-hand luxury.
The second-hand luxury market in France
France is one of the countries in the world where fashion is successful despite the crisis. With the presence of almost all the big luxury houses, the second hand is on the rise. Thus, we estimate a market of 7 billion euros in 2020 for the second-hand market in France.
The enthusiasm is such that 60% of consumers have acquired their first luxury product second-hand. In any case, this is what a study by BCG in partnership with Vestiaire Collective reveals.
It is not surprising that Vestiaire Collective was able to glean a fundraising of 40 million euros in 2019 to expand into other markets. In addition, the international brand Vinted, which also offers second-hand luxury, registers nearly 23,000 new subscribers every day and its valuation is now increased to 1 billion euros.
Luxury houses adapt to second-hand luxury
With such figures, the major luxury brands could not remain indifferent. They who still considered the second hand as degrading for their image begin to adapt to have their share of the cake.
The example came from the Gucci and Burberry brands, they have partnership agreements with the well-known TheRealReal platform in the USA with more than 18 million members. They can therefore now send their unsold luxury items or those with slight minor defects to the site for resale.
It is certain that many other houses will follow this trend. For the time being, it could be that according to ThredUp, sales of luxury second-hand goods are likely to surpass sales of fast fashion boutiques by 2028.
If you plan to wear a luxury product and you do not have a substantial budget, then the second-hand luxury market remains an opportunity to find good deals at low prices.
Bam Luxury Store is here for you. Sell and buy luxury second hand.
