Recently there has been a worldwide increase in the preloved luxury market. This stems from the philosophy of sustainability and alternative fashion consumption. With a rise in fast fashion and its correlation to the extreme amount of pollution and environmental destruction, many individuals are seeking an alternative solution to fashion. Luxury brands have expressed their vision of an ecological approach to life, and with many of their pieces being limited, mass production isn’t something they desire, as exclusivity is part of their culture.
What is Preloved Luxury?
Preloved luxury is similar to any secondhand market, however, focusing solely on luxury designer goods. This means giving items that may be sitting in your closet for years, a second life with someone else. With a high demand in the luxury market, many people are more than willing to buy your pre-owned Chanel Classic Flap or Louis Vuitton crossbody bag along with many other luxury goods. And with retail prices at an all-time high, many of these goods may actually make you profit!
Because many luxury goods are handcrafted by artisans, these items do not fall apart as easily as a bag purchased from H&M or other fast-fashion retailers. This means the luxury goods purchased are a long-term investment that won’t go out of style. This idea is very important to consider as it represents the idea of smart consumption and sustainability. Investing in a classic designer bag you can wear for years to come and potentially make money off of is a great way to stay environmentally conscious.
Another huge concern however with the Preloved market is the circulation of fake bags. It is always important to keep in mind when buying preloved to buy from a reputable source. At Luxe Du Jour we take pride in our 100% authentic policy or your money back. This is because the production of fake bags not only can lead to scamming an individual, but it also is not a sustainable option. These bags, like the fast fashion industry, are made in sweatshops and or in very poor conditions, and are not crafted to last.
The Rise of Preloved
In 2015 the preloved luxury market was worth US$ 17 Billion. In 2018 it was worth US$ 22 Billion Dollars, and 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”.
With sustainability trending and people’s attitudes changing by taking more initiative to change their carbon footprint, buying pre-loved just makes sense. As mentioned before fast fashion consumption is contributing to extreme amounts of waste and pollution. The pre-loved market helps to minimize that by recycling already made items back into the market. This helps the protection of our natural resources and other environmental problems. Now the move towards sustainability and a greener world does influence these statistics, but there are other factors to consider for the sudden rise.
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. As well as with the millennial and urbanized generation preferring lower-priced high-end fashion accessories.
Online platforms also play a key role in the expansion of the luxury market. With more access available due to the internet, the accessibility and easiness to purchase pre-loved have become readily available. This contributed to the rapid market growth in resale sites and the diminishing stigma of purchasing preloved luxury items.
The final reason for the rise is the scarcity of new luxury items. With Luxury brands limiting their releases, the demand for their items goes up. This means consumers will be browsing the preloved market to purchase that exclusive item that is sold out, or unavailable to purchase new. Items such as the sought out Hermes Birkin or Hermes Kelly are almost impossible to get new. This means pre-owned Hermes is a big commodity in the preloved market, as clients can purchase these bags without waiting years.