Luxury Goods Resale Market: Current Analysis and Forecast (2024-2032)

Report Description

Luxury Goods Resale Market Size & Forecast

The Luxury Goods Resale Market was valued at approximately ~USD 34 Billion in 2023 and is expected to grow at a strong CAGR of around 9% during the forecast period (2024-2032). Owing to the rising demand for second-hand luxury products.

Luxury Goods Resale Market Analysis

The luxury goods resale market has grown significantly recently, driven by increasing consumer interest in luxury products. Increased consumer focus on fashion and trends has boosted demand for luxury goods resales. Also, the growing preference for thrifting among youngsters has influenced the luxury goods resale market. Company collaborations, acquisitions, and innovative product launches also drive the industry’s growth.

For instance, in August 2023, London-based luxury resale platform Sign of the Times acquired certain assets of Cudoni, which collapsed into administration.

For instance, in December 2021, FARFETCH Limited, the leading global platform for the luxury fashion industry, acquired resale platform LUXCLUSIF for an undisclosed sum. The acquisition includes LUXCLUSIF’s technology platform, and the Luxclusif team will join the FARFETCH group. This will allow FARFETCH to significantly accelerate its resale capabilities through the development of key technology and service features such as automated pricing, as well as faster geographic and category expansion of its resale service, FARFETCH Second Life.

Luxury Goods Resale Market Trends

This section discusses the key market trends that are influencing the various segments of the luxury goods resale market, as identified by our team of research experts.

Unisex Segment Transforming Industry

The increased popularity of reselling unisex products and accessories in the luxury market is a shift in customer’s changing attitudes toward uniform clothing. This is a trend that has been brought about by the need for gender sensitivity, environmental conservation, and accommodative fashion trends. This has led to luxury resale platforms adopting this approach by expanding their inventory and stocking unisex products ranging from apparel to accessories to capture as many clients as possible. Amidst changing values in gender equality and fashion trends, the unisex segment presents an opportunity to expand both in the secondary and primary luxury markets. This way, the unisex category got the much-needed boost in the market in the year 2023.

North America is Expected to Grow with Significant CAGR During Forecast Period

Within North America, the U.S. holds a major share of the market. The region’s rapid urbanization, rising investments in the consumer goods industry, the growing demand for second-hand luxury products owing to the rising demand for these products, innovative marketing strategies, company acquisitions, and the presence of several market players are the major factors boosting the market’s growth in the country.

In November 2023, S.-based Fashionphile, the leading resale e-commerce platform in pre-owned, ultra-luxury accessories, acquired the inventory, intellectual property assets, including domains, and other intangible assets of LXR Luxury Products International Inc., Groupe Global LXR Inc., and LXR Canada Inc. which are the operating subsidiaries of LXRandCO, Inc., the Montreal-based omnichannel retailer of authenticated, pre-owned luxury accessories. Earlier this month, the Subject Companies filed a notice of intention to propose the Bankruptcy and Insolvency Act (Canada).

In March 2022, Vestiaire Collective SA, the leading global online marketplace for desirable pre-loved fashion, acquired Tradesy, Inc., the US pioneer in the fashion resale industry.

Luxury Goods Resale Industry Overview

The luxury goods resale market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new type launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Yoogi’s Closet, Inc.; Vestiaire Collective; Luxepolis.com; The Luxury Closet; Fashionphile Group, LLC; The RealReal, Inc.; Timepiece360; GARDEROBE PRE-LOVED LUXURY FASHION; FARFETCH UK Limited; ThredUp Inc.

In April 2024, CAROUSELL acquired luxury bag reseller LuxLexicon in a bid to expand its presence in the luxury segment.

In December 2023, Coupang Inc., South Korea’s leading e-commerce platform, acquired Farfetch Holdings, a London-based online retailer for luxury goods, in a USD 500 million deal aimed at bolstering its clothing business, considered its weak spot.

Luxury Goods Resale Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, type portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global luxury goods resale market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Luxury Goods Resale Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global luxury goods resale market were the three major steps undertaken to create and analyze the adoption of luxury goods resale in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global luxury goods resale market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the luxury goods resale market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the luxury goods resale market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as product category, end-user, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the luxury goods resale market. Further, we conducted factor analysis using dependent and independent variables such as product category, end-user, and regions of the luxury goods resale market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and launches in the luxury goods resale market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global luxury goods resale market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the luxury goods resale market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global luxury goods resale market in terms of types offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global luxury goods resale market. Data was split into several segments and sub-segments after studying various parameters and trends in the areas of the product category, end-user, and regions in the global luxury goods resale market.

The main objective of the Global Luxury Goods Resale Market Study

The current & future market trends of the global luxury goods resale market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the luxury goods resale market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the product category, end-user, and regions.
• Define and analysis of the regulatory framework for the luxury goods resale
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the luxury goods resale market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the luxury goods resale market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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