In 2020, market experts estimated that the secondhand luxury fashion industry represented $30 to $40 billion in value worldwide. Secondhand luxury fashion refers to the market in which high-end premium fashion items are purchased and sold by the second or later end user. Originally purchased in boutiques owned by high-end fashion houses, these goods are flogged for sale in luxury consignment stores and platforms worldwide. Items such as pre-owned Hermès Birkin or Kelly bags fetch high premiums on the secondhand luxury fashion marketplace.
But what drives this massive demand and ensuing trend for products that you can buy secondhand? Read on to discover more about the reasons why secondhand luxury fashion is on the up and up.
1. Runway Presence
One of the big reasons secondhand luxury fashion is currently on trend is mass media influence. Now more than ever, images and videos of upcycled and vintage goods adorn the feeds of social media users worldwide. The mounting presence of pre-loved products is even more evident in places where luxury fashion takes precedence and centre stage.
Spurred on by recent appearances of upcycled goods on the runway, secondhand luxury fashion has benefited heavily from the idea of vintage appeal. Luxury brands such as Prada spearheaded the introduction of vintage designs into high fashion, adding recycled materials in designs. Coupled with the fact that there are now secondhand platforms such as luxury consignment stores that connect directly with consumers and provide a more tailored shopping experience, the secondhand luxury fashion is highly appealing.
2. Sustainable Fashion Is En Vogue
The secondhand luxury fashion trend has won the hearts of many with its innate desire to be environmentally savvy. Sustainable fashion continues to grow as consumers make more conscious choices, shying away from fast fashion in light of green values.
Adopting a more circular fashion model, which advocates for keeping products and materials in use as long as possible, consumers actively choose secondhand luxury fashion over brand new options to do their part in the fight against climate change. With the siren call of sustainability pulsating across the globe, secondhand luxury fashion inevitably continues to rise in popularity and be on-trend.
3. The Rise of Millenial and Gen Z Consumers
The new wave of Millennial and Gen Z consumers continues to influence how fashion trends are formed and sustained. Young shoppers power the growth of the secondhand market, and in Asian countries like China, secondhand luxury is seeing the most growth. Emboldened by their values and voting with their wallets, pre-loved goods have shot up in popularity to become not just a fashion statement but a cultural trend for the younger generation. Elsewhere closer to home, the prevalence of online luxury consignment stores and the increasing presence of the sustainability movement amongst the younger demographic will likely create a perfect storm that will see secondhand luxury fashion being here to stay.
4. Affordable Luxury
“Affordable Luxury” might sound like an oxymoron, but in this instance, we’re referring to the idea of how pre-loved luxury goods can be a lot more accessible. Traditionally, purchasing luxury items straight out of a boutique would often cost an arm and a leg.
These days, used Hermès bags in luxury consignment stores make owning luxury fashion more realistic. Think pieces on why and how secondhand luxury fashion provides the most value are a dime a dozen, and chief among these, affordability reigns supreme. As the younger generation set their sights on Hermès and Chanel bags, luxury consignment stores provide a unique value proposition that fills the niche between affordable and luxury.
Shop Secondhand Luxury at LUX.R & Be On Trend
All in all, it looks like secondhand luxury is a trend that isn’t going away anytime soon. Whether you have a pre-owned Hermès bag that needs a new home, or you’re considering jumping on the secondhand luxury trend, contact us online at LUX.R today.