New York, July 24, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Luxury Fashion Online Recommerce Market 2023” – https://www.reportlinker.com/p06478959/?utm_source=GNW
Younger generations, including Gen Z and Millennials, comprise around one-third of luxury shoppers, and they are the main drivers of secondhand luxury purchases and sales.
Top reasons for resale vary greatly by country and region
Recent surveys reveal that globally, a high share of luxury shoppers purchase secondhand fashion due to access to hard-to-find or discontinued pieces and cost savings. In Europe, the number one reason for recommerce is the reduction of waste, packaging, or plastic, emphasizing sustainability. Between 2020 and 2025, China’s luxury resale market is forecasted to experience a CAGR of nearly 33%, with the most used channel being secondhand luxury goods trading platforms.
Luxury brands are jumping onto the resale trend
From 2019 to February 2023, the number of U.S. fashion brands participating in online resale programs increased from single to triple digits. Popular luxury brands like Louis Vuitton, Gucci, Chanel, Dior, and Prada saw significantly growing sales on multiple luxury fashion online recommerce platforms.
Ultra-luxury resale platform Fashionphile experienced major growth in sale prices and sale increases
U.S.-based ultra-luxury resale site Fashionphile experienced significant increases in sale prices and volume for various products and brands worldwide. For instance, Chanel’s “Small” and “Medium Classic Flap” bag sale prices on Fashionphile nearly doubled between 2018 and November 2021 alone. In 2022, luxury accessory sales also soared, with the Tiffany HardWear Link Bracelet experiencing an annual growth of almost 300%, followed by jewelry like the Van Cleef & Arpels Alhambra bracelet and the Cartier LOVE bracelet.
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Read the full report: https://www.reportlinker.com/p06478959/?utm_source=GNW
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