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Global luxury resale market reaches US$39.23 billion in FY23 amid higher demand

The global luxury resale market has reached an estimated value of US$39.23 billion in FY23 as the back of younger consumers becoming more interested in buying pre-owned luxury goods, a growing middle-class population, and the increasing number of internet users, according to a recent study.

Research and Markets said in its study that online resale has been identified as the fastest-growing category of distribution channels as digitisation influences consumer’s choices.

It also noted a significant growth in the male segment market as more brands sell second-hand luxury apparel and watches for men at discounted rates on e-commerce platforms.

Europe has the largest share of the luxury resale market as the region serves as home to several luxury retail brands, while China’s hard luxury resale market is an emerging region with a high compound annual growth rate due to a growing demand for pre-owned luxury items such as watches.

The other two major luxury resale markets are North America and the rest of the world.

While the luxury resale market faces challenges such as the lack of trust in purchasing second-hand luxury items and e-commerce fraud, Research and Markets still expects it to continue to grow and recover from a slight decline during the Covid-19 pandemic, as brands partner with resale platforms and offer rebates for swapping old luxury items for new ones.

The report identified the surge in e-commerce sales of luxury goods, higher thrifters’ demand, second-hand soft luxury popularity, and the involvement of product authentication techniques as trends in the industry.

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