The pre-loved luxury industry is rising, and this trend is here to stay. The booming of the
pre-loved luxury industry is attributed to the increasing interest in sustainability and
secondhand consumption by both consumers and designer brands.
Every day, more and more consumers realize they can get high-quality, on-trend
designer goods for great prices while positively impacting the environment when opting
for secondhand consumption.
What is Pre-loved Luxury?
Pre-loved luxury is similar to any secondhand market, however, focusing solely on
luxury designer goods. The advantage of Luxury brands over fast fashion is that
consumers invests in luxury goods for their longevity and symbolism.
The Pros: Luxury as an Investment
Buying luxury goods is seen as investment by many.
By investing in luxury goods you can:
1. Recover your investment
2. Stay on trend
3. Be environmentally conscious
The Cons: Scammers
Like everything in life, the pre-loved market has its CONS. A considerable concern with luxury consignment is the circulation of fake handbags. Therefore, it is crucial that buyers for their research and buy from a reputable source.
At Luxe Du Jour we take pride in our 100% authentic policy or your money back.
The Rise of Preloved
• In 2015 the pre-loved luxury market was worth $17 Billion US.
• In 2018 it was worth $22 Billion US
• In 2020 US$ 26.89 Billion and is projected to be worth 70 Billion in 2028.
Experts believe the market will continue to grow by at least 10.3% annually. In America alone, the resale market has grown exponentially and is not slowing
down. FashionUnited states, “the resale market has grown 21 times faster than the retail market over the past three years, and is projected to grow from 24 Billion US dollars to 51 billion US dollars in the next five years”.
As sustainability trends and consumers’ behaviour continues to change, taking more initiative to change their carbon footprint, secondhand consumption is an excellent alternative.
Fast fashion consumption is contributing to extreme amounts of waste and pollution.But, on the other hand, the pre-loved market helps minimize that by recycling already made items back into the market.
The pre-loved cycle helps protect our natural resources and environment.
The rising consumer living standards backed by their increasing disposable income
levels have increased the market for secondhand luxury goods across both developed
and emerging economies. Moreover, consumers have shown to prefer lower-priced
high-end fashion goods.
Online platforms also play a vital role in the expansion of the luxury market. With easy
access to the internet and the hassle-free process of pre-loved luxury companies,
purchasing your dream designer item has never been this easy.
Scarcity of new luxury items
With Luxury brands limiting their releases, the demand for their items has gone up.
Consequently, consumers rely on the pre-loved market to purchase that exclusive item
that is unavailable as new.
Handbags such as the sought out Hermes Birkin or Hermes Kelly are almost impossible
to get new. This means pre-owned Hermés is a big commodity in the pre-loved market,
as clients can purchase these bags without waiting years.
The pre-loved luxury market is here to stay and make fashion accessible and