The luxury resale market is expanding at an astonishing rate of 12 per cent per year as compared to the primary luxury market’s annual growth rate of 3 per cent. While buying used items is nothing new, the increase in consumer demand for secondhand luxury bags and other goods in recent times is indeed an intriguing phenomenon.
Read on to discover the benefits of shopping pre-loved, and some possible factors behind the rise of the luxury resale market in Singapore and across the globe.
Convenience & Sophistication of Digital Platforms
In the age of e-commerce, consumers are no longer limited to shopping from brick-and-mortar stores. In the past, one had to visit a specific boutique to purchase their desired designer bags and accessories. Today, time and location become non-factors with online luxury resale platforms that can be accessed anywhere and at any time. The increased professionalisation of digital luxury resale platforms means that secondhand bags and other items submitted for sale on trusted online consignment agencies go through rigorous authentication checks and appraisals before being admitted as part of the catalogue.
The transparency and convenience afforded by a refined, online consumer experience for sellers and buyers of pre-loved luxury bags and other branded goods cannot be underestimated.
Accessibility & Affordability of Pre-Loved Goods
Shopping from a curated selection of pre-owned designer bags and other items can also reveal opportunities for purchasing popular, limited edition pieces from past seasons or exclusive brand collaborations that are no longer in production. Such bags do not merely serve as beautiful and functional items for their owners but also as collectibles and investment pieces.
On the other hand, some luxury products might still be in production, but are either sold out in Singapore or produced in such stringent quantities that they become near-impossible to find in boutiques. The Hermès Birkin bag is a classic example of such a coveted luxury item. Many who desire to own this elusive bag have opted to shop for their very own Birkin bag through a secondhand luxury consignment platform like LUX.R.
Buying a pre-owned designer bag will generally cost less than buying a bag directly from a boutique. Therefore, shopping secondhand allows customers to make purchases at more affordable price points suited to different budgets. Certain branded bags are timeless classics that possess great resale value. The quality craftsmanship that goes into creating luxury bags ensures that these pieces will stylistically and physically withstand the test of time.
Shifts in Consumer Mindsets Toward Sustainability
Fashion is one of the most polluting industries on the planet. As of 2021, the fashion industry accounts for approximately 10 per cent of global carbon emissions and nearly 20 per cent of wastewater.
Fast fashion is getting increasingly out of fashion. A rising generation of eco-conscious consumers in Singapore are shunning cheaply made clothes and bags associated with fast fashion in favour of quality pieces that are able to stand the test of time. This attitude, coupled with the global movement towards encouraging more sustainable and ethical consumption, has compelled consumers to search for their desired designer bags on the secondhand market as the answer to playing one’s part in this environmentally precarious age.
Shopping for pre-loved luxury is no longer merely done out of necessity or the desire to save some budget. It is now a deeply purposeful choice that reflects the more conscious and intentional lifestyle many individuals are trying to live. In this context, secondhand shopping can also be seen as a responsible way for affluent shoppers who value a frequent wardrobe turnover to fulfil their desires for luxury items.
Shop Secondhand & Pre-Loved Luxury Bags in Singapore
LUX.R is a trusted consignment agency located in Singapore. We tap on our extensive industry connections to offer our clients a curated selection of pre-owned luxury bags and other designer goods from fashion maisons like Hermès and Chanel. You can find a full catalogue of the luxury bags we currently have on our Carousell platform. Alternatively, if you would like to sell your pre-loved luxury bag through us, feel free to contact us to begin the consignment process.