The luxury resale market size has experienced significant growth recently, expanding from $31.67 billion in 2023 to $34.79 billion in 2024, representing a compound annual growth rate (CAGR) of 9.8%. This historical growth is attributed to increased awareness of online luxury resale platforms, a rise in consumer demand for pre-owned luxury items, heightened awareness of sustainability, greater acceptance of second-hand goods, the influence of fashion-conscious millennials and Gen Z shoppers, a shift towards minimalism, and the impact of social media on fashion trends. The market is projected to continue its rapid expansion, reaching $50.9 billion by 2028 with a CAGR of 10%. This forecasted growth is driven by increasing consumer interest in sustainable fashion, the expansion of online resale platforms, rising disposable incomes, growing middle-class demographics, and better access to rare and limited-edition items. Major trends expected include the integration of AI and technology in retail, advancements in authentication technologies, digital innovation, and further development of online platforms.
Global Luxury Resale Market Key Driver
The expansion of the e-commerce industry is expected to propel the growth of the luxury resale market going forward. E-commerce, involving the buying and selling of goods and services over the internet, benefits from widespread smartphone use and internet access, which offer consumers convenience and diverse product choices. This expansion transforms the luxury resale market by providing global reach, enhancing transparency in pricing and authenticity, and facilitating access to a wide variety of items through advanced technologies and seamless shopping experiences. For instance, in May 2024, the Census Bureau of the Department of Commerce reported that U.S. retail e-commerce sales for the first quarter of 2024 reached $289.2 billion, marking 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.
Get A Free Sample Of The Luxury Resale Market Report
Global Luxury Resale Market Segments
The luxury resale market covered in this report is segmented –
1) By Type: Apparel And Accessories, Watches, Fine Jewelry, Leather Goods, Others
2) By Demographic: Men, Women, Unisex
3) By Distribution: Online Platforms, Brick-and-Mortar Stores, Consignment Stores
By Geography:The regions covered in the luxury resale market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the luxury resale market in 2023.
Major Luxury Resale Industry Players
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
Purchase The Global Luxury Resale Market Report Directly And Get A Swift Delivery
Luxury Resale Market Overview
Luxury resale refers to the buying and selling of authenticated, previously owned high-end goods through specialized boutiques or online platforms. This practice promotes sustainability and offers consumers access to luxury items at reduced prices. Luxury resale is used to purchase and sell pre-owned high-end fashion items, accessories, jewelry, and watches at lower prices, enabling consumers to enjoy luxury goods more affordably and sustainably.
Luxury Resale Global Market Report 2023 provides data on the global luxury resale market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The luxury resale market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
