According to a study by Bain & Company, the second-hand market would be worth nearly 28 billion euros in 2020, representing a growth rate four times faster than for new products.
Second-hand luxury purchases are no longer a taboo among consumers and the market has been growing rapidly in recent years. In 2020, it was worth nearly 28 billion euros worldwide, according to a report by Bain & Company. While this figure is still a far cry from the $250 billion to $295 billion generated by the luxury goods industry each year, the second-hand market is growing four times faster than the new market.
“For the moment, the second-hand market is mainly European, it has not yet developed much in the Chinese market, for example,” explains Joëlle de Montgolfier, Vice President of Consumer Goods, Retail & Luxury at Bain & Company to BFM Business.
The second hand carried by the young generation
In France, this trend is confirmed with the advent of second-hand e-commerce platforms like Vestiaire Collective. The latter is valued at 1.45 billion euros and 25,000 new items are put online every week. And the growth of second hand is not ready to stop since the young generation, sensitive to the ecological dimension and the impacts of their consumption habits, should represent 70% of second hand luxury purchases by 2025.
“They consume much more than the generations that preceded them. They have new codes and modes of consumption and they will force brands to transform themselves at an accelerated rate“, adds Joëlle de Montgolfier.
This second-hand dynamism is also confirmed in stores, such as the 7th floor named “7ème ciel” at Printemps, offering second-hand pieces from great designers, but also at Galeries Lafayette with a floor dedicated to second-hand and responsible fashion with brands or retailers such as Monogram, Personal Seller or CrushOn.
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Featured photo : © Printemps/ Romain Ricard
