The luxury consignment market is taking the world by storm. An increasing number of consumers in Singapore and around the world are buying their designer goods through secondhand luxury consignment agencies. The luxury consignment market is estimated to be worth approximately USD 36 billion as of 2021, with a growth rate of 12% per annum–four times as fast as the primary luxury market.
What Is Luxury Consignment?
Luxury consignment usually refers to a third party platform that connects interested buyers with sellers looking to let go of pre-owned designer pieces such as bags, clothes, watches and accessories. Before the advent of the consignment business model, sellers only had the option of selling their pre-loved pieces directly to pawn shops and thrift stores, or donating them for a better cause. However, with the rise of luxury consignment platforms, sellers (i.e. the consignor) can now offload their pre-loved pieces at such consignment stores (i.e. the consignee) for a minimal commission fee The luxury consignment market has won over many consumers with their accessibility, ease of use, centralised catalogue of goods and enhanced shopping experience. Read on to discover the benefits of selling on consignment.
Earn More with Consignment
Items sold on consignment usually fetch a higher price than if you were to sell your bag directly at vintage or thrift stores for immediate cash payments. This is because consignment platforms have access to a larger audience of potential buyers that are genuinely interested in luxury goods. Among the audience are collectors of brand-specific bags and luxury lovers who are willing to pay high prices for the item they have their eye on. You’ll also be able to tap on the reputation of the consignment agency as many buyers are willing to pay a slight premium in buying from a trusted source, just for the reassurance and peace of mind that their purchase will be genuine.
Save on the Hassle of Finding a Buyer
Not only will you be able to earn a more competitive price, consigning your bag will also save you the hassle of finding a buyer by yourself. By selling on consignment, things like taking quality, high-resolution photos of your item, writing a compelling and accurate item description and listing it on various consumer-to-consumer platforms will be eliminated. Established consignment platforms like LUX.R have a large following of luxury watchers and the means of marketing products on different channels for resale. This means that the time taken to rehome your new bag will likely be shorter and smoother. The consignment agency will handle all follow-up communications with potential buyers regarding any questions or concerns on the purchase, so all you have to do is sit back, relax and wait to be notified once your piece has been sold.
Convenience from Start to End
Most consignment agencies offer concierge service to maximize client’s satisfaction. For example, consignment agencies like LUX.R offer a complimentary home service option wherein customers can choose to have an agent assigned to collect the bags from the comfort of their residences, so that those with a busy schedule can also get to participate in the consignment experience. Once the items have been collected from consignors, LUX.R will market the pieces via its sales channel and handle all transactional matters until a suitable buyer is secured. All the consignors have to do is sit tight and wait for the proceeds to be transferred into their bank accounts.
Singapore’s Preferred Luxury Consignment Agency
If you’re looking to give luxury consignment a try either as a buyer or a seller of pre-loved bags, LUX.R Singapore is here to assist you on this journey. It takes extensive reach and keen market knowledge to find the best new home for your luxury bag in Singapore’s competitive market. We draw on our multi-channel market of luxury goods devotees to make selling and buying with us a fuss-free and expedited process. Check out our FAQs online for more information about selling and buying with LUX.R. You can also reach out to us via WhatsApp at