Over recent years, the sale of pre-loved secondhand luxury goods has increased rapidly in and beyond Singapore. In 2021, the global secondhand luxury market was valued at US$32.61 billion, with its rapid growth projected to continue such that it reaches US$51.77 billion by 2026.
Today’s luxury world extends far outside traditional luxury boutiques and retailers, to consignment resellers, online secondhand marketplaces and more. Those seeking to sell their preloved Hermès and Chanel bags can now easily partner up with reputable resellers and consignment companies such as LUX.R to give their secondhand bags a breath of new life — and at a hefty profit, no less.
But what exactly is driving the rise in demand for secondhand luxury bags and accessories in Singapore?
Increasing Middle-Class Purchasing Power
Singapore’s middle-class population has grown in terms of both size and average purchasing power. With branded designer bags such as the Hermès Kelly and Birkin being synonymous with status and wealth, many Singaporeans are turning to reputable resellers of secondhand luxury bags for relatively affordable symbols of affluence.
As most luxury goods feature unparalleled quality in terms of both the materials used and the craftsmanship behind its production, many secondhand luxury bags from consignment companies and resellers are in near-mint condition with little to no defects whatsoever. Their being put on the secondhand luxury market is more often than not due to their previous owner’s lack of use for it rather than an inherent flaw in the luxury goods themselves.
As such, the bridge between owners willing to sell and buyers eager to own is critically captured by secondhand luxury markets that are continually fueled by increasing prosperity levels and heightening demand for opulence in and beyond Singapore’s growing middle-class.
Better Authentication Methods
Another reason for the rampant rise in demand for secondhand luxury in Singapore is the availability of better authentication methods as well as the increased wariness of counterfeits and the likes. Though you can authenticate a preloved Hermès bag yourself — or any branded designer bag, for that matter — it can be tricky to do so without the proper training and product knowledge. However, there is now an abundance of expert professionals and reputable consignment luxury bag resellers that help consumers of the secondhand luxury market verify the authenticity of preloved luxury goods before listing them for sale.
With the added assurance that the luxury bags and accessories they are getting are indeed authentic, consumers can now indulge in secondhand luxury consumption without fear of getting cheated or making an unwise purchase.
Bigger Firsthand Retail Market
Of course, there would be little room for growth and volume in the secondhand luxury market if the firsthand retail market for luxury goods remains as-is. The firsthand retail market for luxury bags and accessories have grown alongside rising income levels in Singapore and the world as a whole, with the entry of male consumers into luxury bag markets and a steady rise in overall demand due to increased social media coverage, escalating internet users, and soaring urban populations all across the globe.
With new branded designer bags being introduced one after the other, the firsthand luxury retail scene acts as a conducive forefront for the cumulative buildup of the secondhand luxury market, as those who covet the latest designs move on from their previous purchases and resell or consign them to subsidise — or, at times, completely cover — their new buys with the returns.
The Move Towards Sustainable Fashion
Lastly, the soaring popularity of secondhand luxury bags and accessories is also a result of the movement towards sustainable fashion in Singapore. In a bid to reduce waste and prolong lifespans of soft luxury goods, many Singapore consumers are now turning to secondhand luxury markets for both buying and reselling options.
Secondhand luxury is a fundamental solution to the enormous environmental challenges often entailed by high-fashion and luxury goods, with the extension of luxury bag lifecycles through consignment and resale being a viable route to significant carbon emission reduction — of 30% to 90% — in the fashion industry.
Shop Secondhand Luxury with LUX.R
LUX.R is Singapore’s leading reputable reseller for all things luxury. Shop pre-loved branded designer bags from Hermès, Chanel, and more at our beautiful boutique at Far East Plaza. Alternatively, you can visit our Singapore Carousell Page for the latest updates on our selected secondhand pieces.