DUBLIN, Aug. 10, 2023 /PRNewswire/ — 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.
- The RealReal
- Vestiaire Collective
- Idle Fish
- Tokyo1 stop
- Brand Off
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
- Overview of Luxury Fashion Online Recommerce Market, January 2023 (1 of 2)
- Overview of Luxury Fashion Online Recommerce Market, January 2023 (2 of 2)
- Secondhand Market Size, in USD billion, 2022 & 2027f
- Secondhand Luxury Goods Market Size, in EUR billion, 2021 & 2025f
- Share of Resale Making Up Secondhand Product Buyers’ Purchase Basket, in %, 2022e & 2023f
- Share of Secondhand Shoppers That Are Inclined to Buy Products From Brands They Could Not Afford New, in %, 2021
- Share of Luxury Shoppers Who Are the Most Likely to Buy Secondhand Goods, by Generation, in %, 2022
- Share of Luxury Shoppers Who Are the Most Likely to Sell Secondhand Goods, by Generation, in %, 2022
- Drivers of Selling Fashion Items, in % of Secondhand Sellers, 2022
- Barriers to Selling Fashion Items, in % of Secondhand Non-Sellers, 2022
- Share of Respondents Who Discovered a Brand or Bought Secondhand Luxury Item for the First Time, in %, 2022e
- Breakdown of Purchased Secondhand Product Categories, by Number of Articles Purchased, in % of Total Number of Secondhand Purchases Annually, 2022e
- Share of Respondents Who Bought vs Those Who Are Likely to Buy a Pre-Owned Fashion Item in the Future, in %, April 2022
- Reasons for Buying Pre-Owned Fashion, in % of Luxury Shoppers, April 2022
- Reasons for Selling Pre-Owned Luxury Products, in % of Pre-Owned Luxury Sellers, 2021
- Top Changes that Respondents Made to Luxury Fashion Due to the Pandemic, in % of Respondents, April 2022
- Share of Respondents Who Want More Information on Authenticity and Origin of Pre-Owned Items, in %, April 2022
- Share of Luxury Shoppers Who Rate the Following Luxury Brand Features 4 or Above on a Scale of 1 to 5, in %, October 2021
- Share of Luxury Brands That Are Available on the Online Rental Platform “Runway”, in %, 2021
- Adoption of Select Innovation Features by the Top Performing Luxury Fashion Brands, incl. Resale, October 2021
- Share of eBay Buyers Who Have Engaged in Online Recommerce, in %, November 2022
- eBay Users Who Value Sustainability and Environmental Benefits When Shopping Secondhand, by Generation, in % of eBay Users, November 2022
- Share of eBay Sellers Who Stated That the Economy Has Caused an Increase in Their eBay Activity, All Sellers vs Gen Z Sellers, in %, November 2022
- Share of eBay Sellers Who Have Sold on eBay to Make Extra Cash, All Sellers vs Gen Z Sellers, in %, November 2022
- Share of eBay Buyers Who Stated Financial Savings as Reason for Recommerce, All Buyers vs Gen Z Buyers, in %, November 2022
- Share of eBay Sellers Who Believe Selling Pre-Owned Goods Has Become Easier in Recent Years, in %, November 2022
- Secondhand Luxury Watch Market Size, in USD billion, 2022e & 2026f
- Breakdown of Secondhand and Firsthand Luxury Watch Market, in %, 2022e & 2026f
- Share of Watch Resale Market Making Up Total Watch Market, incl. “Luxury Watches”, in %, 2025f
- Share of Online Channels Making Up Total Luxury Watch Resale, in %, 2026f
6. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/acc1k9
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Originally published at https://www.prnewswire.com/news-releases/fashionphile-data-partnership-unveils-promising-projections-for-global-luxury-fashion-online-recommerce-market-in-2023-luxe-brands-embrace-the-resale-trend-301897827.html
Some images courtesy of https://pixabay.com