DUBLIN--(BUSINESS WIRE)--The "Global Luxury Fashion Online Recommerce Market 2023" report has been added to ResearchAndMarkets.com's offering.
This report shares insights into the developments of the overall e-commerce market worldwide and provides an overview of consumer attitudes towards these services and recent metrics of the leading e-commerce platforms.
Along with its data partnership with online luxury e-commerce platform, Fashionphile, the report also reveals that younger generations are still the main drivers for e-commerce market growth.
Younger consumers drive luxury fashion online e-commerce
The global resale apparel market is projected to almost double between 2022 and 2026, displaying a growing consumer interest in luxury fashion e-commerce. Younger generations, including Gen Z and Millennials, comprise around one-third of luxury shoppers, and they are the main drivers of secondhand luxury purchases and sales.
Top reasons for resale vary greatly by country and region
Recent surveys reveal that globally, a high share of luxury shoppers purchase secondhand fashion due to access to hard-to-find or discontinued pieces and cost savings.
In Europe, the number one reason for commerce is the reduction of waste, packaging, or plastic, emphasizing sustainability. Between 2020 and 2025, China's luxury resale market is forecasted to experience a CAGR of nearly 33%, with the most used channel being secondhand luxury goods trading platforms.
Luxury brands are jumping onto the resale trend
From 2019 to February 2023, the number of U.S. fashion brands participating in online resale programs increased from single to triple digits. Popular luxury brands like Louis Vuitton, Gucci, Chanel, Dior, and Prada saw significantly growing sales on multiple luxury fashion online e-commerce platforms.
Ultra-luxury resale platform Fashionphile experienced major growth in sale prices and sale increases
U.S.-based ultra-luxury resale site Fashionphile experienced significant increases in sale prices and volume for various products and brands worldwide.
For instance, Chanel's "Small" and "Medium Classic Flap" bag sale prices on Fashionphile nearly doubled between 2018 and November 2021 alone. In 2022, luxury accessory sales also soared, with the Tiffany HardWear Link Bracelet experiencing an annual growth of almost 300%, followed by jewellery like the Van Cleef & Arpels Alhambra bracelet and the Cartier LOVE bracelet.
Companies Mentioned
- The RealReal
- Fashionphile
- Vestiaire Collective
- ThredUp
- Idle Fish
- eBay
- OfferUp
- Vinted
- Rubylane
- Spreadshirt
- Tokyo1 stop
- ZZER
- Reclo
- Brand Off
- Brandear
- Plum
- Feiyu
- Ponhu
Key Questions Answered:
- How is the size of the global secondhand luxury market projected to grow through 2025?
- What are the key factors driving the purchase of pre-owned luxury items?
- What are the primary motivations for selling pre-owned luxury goods?
- What are the attitudes of online shoppers towards general secondhand shopping and specifically secondhand luxury items?
- Which luxury product categories are the most popular for secondhand purchases and sales?
- What are some of the major online e-commerce platforms operating worldwide?
Key Topics Covered:
1. Management Summary
2. Global
3. USA
4. Europe
5. Asia-Pacific
6. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/8qzno2
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