Luxury Resale Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Luxury Resale Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
— The Business Research Company
LANDON, GREATER LANDON, UNITED KINGDOM, September 23, 2024 /EINPresswire.com/ — The luxury resale market has experienced robust growth in recent years, expanding from $31.67 billion in 2023 to $34.79 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to increase in awareness of online luxury resale platforms, growth in consumer demand for pre-owned luxury items, growth in consumer awareness of sustainability, increase in acceptance of second-hand goods, rise of fashion-conscious millennial and Gen Z shoppers, shift towards minimalism, and the influence of social media on fashion trends.
What Is The Estimated Market Size Of The Global Luxury Resale Market And Its Annual Growth Rate?
The luxury resale market is projected to continue its strong growth, reaching $50.9 billion in 2028 at a compound annual growth rate (CAGR) of 10%. The growth in the forecast period can be attributed to increasing consumer interest in sustainable fashion, growing online resale platforms, rising disposable incomes, expanding middle-class demographics, and rise in access to rare and limited-edition items.
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Growth Driver of The Luxury Resale Market
The expansion of e-commerce industry is expected to propel the growth of the luxury resale market going forward. E-commerce refers to the buying and selling of goods and services over the internet. E-commerce expansion is driven by the widespread use of smartphones and internet access, offering consumers convenience and diverse product choices. E-commerce transforms the luxury resale market by enabling global reach, enhancing transparency in pricing and authenticity verification, and providing convenient access to a diverse selection of items through advanced technologies and seamless shopping experiences.
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Which Market Players Are Driving The Luxury Resale Market Growth?
Key players in the luxury resale market include Coupang Inc., YOOX Net-a-Porter Group S.p.A., The RealReal Inc., Poshmark Inc., ThredUp Inc., StockX LLC, The Row, 1stdibs.Com Inc., Vestiaire Collective, Depop Limited, Rebag, Fashionphile Group LLC, Luxepolis Retail Services Pvt Ltd, Grailed Inc., Luxury Closet Inc., Luxury Garage Sale LLC, The Closet Inc., LePrix Inc., Collector Square, Garderobe Pre Loved Luxury Fashion, Timepiece 360 Ltd., Yoogi’s Closet Inc., Couture Designer Resale Boutique, Luxury Promise Ltd, Cudoni.
What Are The Key Trends That Influence Luxury Resale Market Share Analysis?
Major companies operating in the luxury resale market are developing mobile apps that use artificial intelligence (AI) and human experts to enhance user experience and ensure the authenticity and quality of luxury goods traded on their platforms. AI algorithms are used to authenticate luxury items based on detailed image analysis and comparison with known authentic items. This comparison helps to ensure the genuineness of products sold on the platform, enhancing trust and credibility among buyers.
How Is The Global Luxury Resale Market Segmented?
1) By Type: Apparel And Accessories, Watches, Fine Jewelry, Leather Goods, Others
2) By Demographic: Men, Women, Unisex
3) By Distribution: Online Platforms, Brick-and-Mortar Stores, Consignment Stores
Geographical Insights: Europe Leading The Luxury Resale Market
Europe was the largest region in the luxury resale market in 2023. The regions covered in the luxury resale market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Luxury Resale Market Definition
Luxury resale refers to the buying and selling of authenticated, previously owned high-end goods through specialized boutiques or online platforms. This practice promotes sustainability and offers consumers access to luxury items at reduced prices. Luxury resale is used to purchase and sell pre-owned high-end fashion items, accessories, jewelry, and watches at lower prices, enabling consumers to enjoy luxury goods more affordably and sustainably.
Luxury Resale Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global luxury resale market report covering trends, opportunities, strategies, and more
The Luxury Resale Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on luxury resale market size, luxury resale market drivers and trends, luxury resale market major players, luxury resale competitors’ revenues, luxury resale market positioning, and luxury resale market growth across geographies. The luxury resale market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Originally published at https://www.einpresswire.com/article/745050649/global-luxury-resale-market-overview-and-statistics-for-2024-2033
