Secondhand Luxury Growing 5x Quicker Than New Sales
The secondhand luxury market grew more than five times quicker than new sales in 2021, according to data from consultancy Bain & Company.
Between 2017 and 2021, sales in the secondhand luxury goods market rose by 65% to equal €33bn. Over the same period, sales of new luxury goods rose by just 12%.
While the total market saw a 29% decline in 2020, the secondhand market continued to grow strongly when the pandemic first hit. This means more than one-tenth (11.7%) of luxury goods sales were secondhand in 2021.
This comes as luxury brands have to rethink their strategy with a focus on emerging trends like sustainability.
Overall, luxury goods sales reached a new high of €283bn in 2021, with online sales also being key (€62m). Experiential luxury continues to lag behind while luxury car manufacturers are optimistic about the year ahead.
Credit: WARC