Description
Countries Covered: USA, France, UK, Germany, China, Japan.
Pages: 166
Publication Date: 15/06/2023
Questions Covered in the Report:
- 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 recommerce platforms operating worldwide?
Key Findings:
Gen Z and Millennials propel the global secondhand online luxury market, accounting for 31% of buyers and 44% of sellers in 2022: new yStats.com report.
yStats.com announces strategic data partnership with FASHIONPHILE, enabling access to select company data for enhanced business insights: “FASHIONPHILE is delighted to participate in the 2023 yStats global luxury online re-commerce report. Our dedicated team takes pride in providing insightful statistics on the luxury e-commerce industry to colleagues and peers, and partnering with yStats has been an excellent platform to do so” said the CMO of FASHIONPHILE, Sophia Tsao.
Younger consumers drive luxury fashion online recommerce
According to yStats.com, the global resale apparel market is projected to almost double by 2026, indicating a rising consumer interest in fashion recommerce. The secondhand luxury market is also experiencing significant growth, with a forecasted market size crossing the EUR 40 billion mark by 2025. Younger generations, including Gen Z and Millennials, are the main drivers of luxury fashion online recommerce, accounting for around one-third of luxury shoppers purchasing and selling secondhand goods.
Luxury brands are jumping onto the resale trend
In the U.S. alone, the number of fashion brands participating in online resale programs has skyrocketed, with the number reaching close to 130 as of February 2023, growing from a single-digit number to a triple-digit one. Furthermore, the most popular luxury brands consumers in the U.S. purchased pre-owned were well-known luxury fashion brands like Louis Vuitton, Gucci, Chanel, Dior, and Prada, of which most saw significantly growing sales on multiple luxury fashion online recommerce platforms.
Top reasons for resale vary greatly by country and region
Global luxury shoppers have different reasons for purchasing fashion secondhand. The main motivations include accessing hard-to-find or discontinued items and saving money. In Europe, the primary driver for recommerce is the reduction of waste, packaging, and plastic, emphasizing sustainability. Additionally, a significant portion of eBay sellers in France and the UK mentioned closet cleaning as a top reason for selling pre-owned fashion. The luxury resale market in China is projected to achieve a Compound Annual Growth Rate (CAGR) of almost 33% between 2020 and 2025. Secondhand luxury goods trading platforms are the most commonly used channels for purchasing pre-owned luxury items in the country. Moreover, eBay sellers in Japan reported a double-digit percentage increase in sales due to the current economy, indicating a growing shift towards recommerce in the Asia-Pacific region.
Ultra-luxury resale platform Fashionphile experienced major growth in sale prices and sale increases
With the growing luxury recommerce demand worldwide, U.S. based ultra-luxury resale site Fashionphile displayed significant increases of sale prices among various products and brands worldwide. Products such as Chanel’s “Small” and “Medium Classic Flap” bag sale prices on Fashionphile saw tremendous growth.
Additionally, the sales volume growth of top luxury brands like Hermes, Chanel and Louis Vuitton all saw a mid-range to high double-digit percentage growth from 2021 to 2022, displaying the rising consumer interest in luxury resale. Not only fashion was of interest, but luxury accessories also increased in popularity and price on Fashionphile. As such, the Tiffany HardWear Link Bracelet experienced an annual growth of almost 300% in 2022, followed by jewelry like the Van Cleef & Arpels Alhambra bracelet and the Cartier LOVE bracelet.
Fashionphile faces intensifying competition from other companies such as The RealReal, ThredUp, and Vestiairecollective.com, among others. Furthermore, Vestiairecollective.com merged with Tradesy, the U.S. recommerce platform further expanding its product catalogue to close to 5 million secondhand items. The RealReal is among the top in the industry, with total revenue of more than EUR 500 million as of 2022, making it among the largest online luxury resale platform. The company also witnessed a rising demand for affordable and trendy luxury bags against the backdrop of rising prices with brands such as Valentino, Prada, and Dior among others seeing a rise in their sales. Additionally, ThredUp along with its partnerships with sustainable companies such as AZEK Company which produces eco-friendly outdoor living products is also an emerging online recommerce marketplace.
Overall, the yStats.com report highlights the growing significance of the global luxury fashion online recommerce, driven by younger consumers and their changing attitudes towards secondhand luxury goods. As the market continues to evolve, competition among leading recommerce platforms intensifies, showcasing the expanding opportunities in the luxury recommerce sector worldwide.
As part of its commitment to fostering knowledge sharing and industry growth, yStats.com is offering a complimentary short version of the report to interested parties, besides the possibility to purchase the full report. This free edition will grant access to valuable insights and trends shaping the luxury recommerce landscape.
1. Management Summary
2. Global
- 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
3. USA
- Overview of Luxury Fashion Online Recommerce Market, February 2023
- Resale Apparel Market Size, in USD billion, and Year-on-Year Change, in %, 2021-2027f
- Fashion Online Resale Marketplace Sales, in USD billion, and Year-on-Year Change, in %, 2021e-2025f
- Average Fashion Digital Resale Marketplace Sales per Buyer, in USD, and Year-on-Year Change, in %, 2022f-2025f
- Share of Resale Making Up Total Luxury Market, in %, 2021
- Share of Secondhand Sales Originating From Online Resale, in %, 2024f
- Share of Luxury Shoppers Buying Pre-Owned Luxury Goods, in %, August 2021
- Share of Luxury Shoppers Who Purchase Pre-Owned Luxury at Least Once a Month, by Gender, in %, August 2021
- Share of Luxury Shoppers Who Purchase Pre-Owned Luxury Online, by Gender, in %, August 2021
- Share of Respondents Who Have Bought Secondhand Apparel, in %, December 2022
- Share of Respondents Buying Same or More Secondhand Apparel Items, in %, April 2022
- Share of Adults Who Spent a Higher Proportion of Their Apparel Budget on Secondhand, in %, 2022
- Share of Adults Who Have Bought or Are Open to Buying Secondhand in the Future, in % of Adults, 2020 & 2021
- Share of Adults Who Have Bought or Are Open to Buying Secondhand Apparel in the Future, All Adults vs Gen Z, in %, December 2022
- Breakdown of Experience With Purchasing Clothing From Online Secondhand Stores, by Age, in % of Adults, October 2022
- Share of Gen Z Who Would Pay More for Apparel They Know They Can Resell, in %, January 2022
- Share of Gen Z Who Consider the Resale Value of Apparel Before Purchasing, in %, 2021 & 2022
- Share of Respondents Who Are Less Likely to Buy an Apparel Item if It Does Not Have a Good Resale Value, All Adults vs Gen Z, in %, December 2022
- Share of Secondhand Apparel Making Up an Average Adult’s Closet, in %, 2022 & 2032f
- Share of Respondents Who Will Consider Buying More Secondhand Apparel if Prices Keep Rising, in %, April 2022
- Reasons to Buy Pre-Owned Luxury, in % of Luxury Shoppers, August 2021
- Share of Gen Z Who Choose Secondhand to Afford Higher-End Brands, in %, December 2022
- Share of Gen Z Who Refuse to Buy From Non-Sustainable Brands and Retailers, in %, 2021 & 2022
- Main Features That Are Considered Important During Secondhand Luxury Purchase, in % of Luxury Shoppers, October 2022
- Share of Luxury Shoppers Whose Main Concern When Purchasing Pre-Owned Luxury Goods is Authenticity, in %, August 2021
- Share of Respondents Preferring Brand-Operated Resale Over Third-Party Platforms, in %, July 2021
- Share of Adults Finding Secondhand Shopping Easier Than Five Years Ago Due to the Emergence of Technology and Online Marketplaces, in %, January 2022
- Share of Adults Who Find That Secondhand Has Become More Accessible, in %, December 2022
- Share of Adults Who Look for Secondhand Apparel in the First Place When Shopping for Apparel in General, in %, January 2022
- Share of Gen Z Who Look for an Item Secondhand Before Purchasing It New, in %, 2021 & 2022
- Share of First-Time Secondhand Shoppers Who Plan to Spend the Same Amount or More on Secondhand in the Next 5 years, in %, January 2022
- Share of Shoppers Who Plan to Spend More or Less Money in the Next 5 Years, by Category, in % of Shoppers, 2020 & 2021
- Share of Secondhand Shoppers Who Plan to Buy, Shop or Sell More or Less Secondhand in the Next Year, in %, October 2022
- Share of Luxury Shoppers Who State That They Will Shop More for Pre-Owned Luxury as COVID-19 Subsides, in %, August 2021
- Resale Product Categories Adults Planned to Purchase as Holiday Gifts, in % of Adults, September 2022
- Top 3 Pre-Owned Luxury Categories Purchased Online, in % of Luxury Shoppers, August 2021
- Pre-Owned Luxury/Premium Fashion Categories Likely to Be Purchased in the Next 2 Years, in % of Luxury/Premium Shoppers, 2021
- Share of Luxury Shoppers Who Sell Pre-Owned Luxury Online, by Gender, in %, August 2021
- Share of Luxury Shoppers Selling on Resale Sites Who Resold at Least One Luxury Accessory for More Than They Originally Bought, in %, October 2022
- Breakdown of Luxury Shoppers Who Bought and Sold a Secondhand Luxury Accessory Online, in %, October 2022
- Share of eBay Sellers Who Sold Secondhand Goods to Earn Extra Income, in %, November 2022
- Share of eBay Sellers Who Sold Secondhand Goods Due to Lost Household Income, in %, November 2022
- Breakdown of Actions that Luxury Shoppers Will Take if Authentication Details of Secondhand Luxury Accessories Are Available, in % of Luxury Shoppers, October 2022
- Share of Luxury Shoppers Who Showed Willingness to Exchange Luxury Accessories for Other Luxury Accessories, in %, October 2022
- Locations Used to Buy Luxury Goods, in % of Luxury Shoppers, 2022e
- Digital Platforms Used for Secondhand Shopping, in % of Adults, October 2022
- Share of Fashion Retail Customers Who Participate in Resale, in %, 2021 & 2022
- Number of Fashion Brands Participating in Online Resale Programs, 2019-2022 & February 2023
- Share of Fashion Retailers for Whom Offering Resale Options is Becoming Table Stakes, in %, 2021 & 2022
- Top 10 Online Fashion Resale Brands, by Number of Resale Shop Listings, January 2023
- Share of Retail Executives Who Understand the Resale Landscape Better Than 3 Years Ago, in %, January 2022
- Share of “Fashionable Professional”* Consumers Who Have Bought a Secondhand Luxury Watch in the Past 24 Months, in %, October 2022
4. Europe
4.1. Regional
- Overview of Luxury Fashion Online Recommerce Market, January 2023
- Recommerce Market Size, in EUR billion, 2021 & 2025f
- Fashion Recommerce Market Size, in EUR billion, 2021 & 2025f
- Share of Recommerce Market Making Up Total B2C E-Commerce Market, in %, 2022e & 2027f
- Share of Fashion Recommerce Market Making Up Total Fashion B2C E-Commerce Market, in %, 2021 & 2025f
- First-Time Resellers, in millions, 2020 & 2021
- Top 7 Online Recommerce Cross-Border Fashion Marketplaces, by Parent Company, Company, Country of Origin, and Sector, 2022e
- Top 6 Online Recommerce Cross-Border “Classified” Mass Merchants Marketplaces, excluding cars, by Parent Company, Company, Country of Origin, and Sector, 2022e
- Share of eBay Sellers in Select Countries Who Cited “Cleaning out Closets” as the Main Reason to Sell Pre-Owned Items, in %, November 2022
- Share of Respondents Who Have Purchased or Sold Items Secondhand, in %, October 2022
- Share of Respondents Who Would Participate in Recommerce More if They Could Earn Money for Their Participation, in %, October 2022
- Top 3 Reasons for Recommerce, in % of Respondents, October 2022
4.2. France
- Share of eBay Buyers Purchasing vs Sellers Selling Secondhand or Refurbished Items, in %, November 2022
- Share of eBay Sellers Stating “Cleaning Out Closets” as Top Reason for Selling Pre-Loved Clothes, in %, November 2022
4.3. UK
- Share of Resale Apparel Making Up Average Citizen’s Wardrobe, in %, 2027f & 2031f
- Frequency of Secondhand Shopping, in % of Sign of the Times Shoppers, 2022
- Secondhand Purchase Preferences, in % of Sign of the Times Shoppers, 2022
- Share of Sign of the Times Shoppers Who Have Sold Their Items via Secondhand Resellers, in %, 2022
- Share of Respondents Admitting to Taking Better Care of Products They Purchase Thanks to the Resale Market, in %, 2022
- Share of eBay Sellers Stating “Cleaning Out Closets” as Top Reason for Selling Pre-Loved Clothes, in %, November 2022
4.4. Germany
- Preferred Categories When Buying Secondhand, in % of Respondents, 2022
- Top Things Respondents Do Once They Discard Their Clothes, incl. “Selling via Secondhand Channels”, in % of Internet Users, 2022
- Preferred Channels Used for Buying Secondhand Items, in % of Respondents, 2022
- Factors That Are Important When Buying Secondhand Items, in % of Respondents, 2022
5. Asia-Pacific
5.1. Regional
- Share of Shoppers Purchasing Secondhand Items, by Category, in % of Shoppers, May 2021
- Share of Shoppers Who Will Continue to Purchase Secondhand Items in the Next 12 Months, by Category, in %, May 2021
- Share of Shoppers Purchasing Secondhand Items More Often Than Usual, by Category, in %, May 2021
5.2. China
- Overview of Luxury Fashion Online Recommerce Market, January 2023 (1 of 2)
- Overview of Luxury Fashion Online Recommerce Market, January 2023 (2 of 2)
- Luxury Resale Market Size, in USD billion, 2020 & 2025f
- Top Secondhand Luxury Goods Purchase Channels, in % of Consumers, March 2021
- Share of Resale Making up Total Luxury Market, in %, 2021
5.3. Japan
- Share of Respondents Who Had Already Purchased Reused Products, in %, December 2022
- Share of Resale Making up Total Luxury Market, in %, 2021
- Share of eBay Sellers Who Reported Their Sales to Have Increases Due to the Economy, in % of eBay Sellers, November 2022
6. Company Profiles
6.1. The RealReal
- Facts about TheRealReal.com, June 2023 (1 of 2)
- Facts about TheRealReal.com, June 2023 (2 of 2)
- Share of The RealReal Shoppers Buying the Louis Vuitton “Monogram Multipli-Cité Tote” in Fair Condition Being New The RealReal Shoppers, in %, 2022
- Year-on-Year Sales Growth of Selected Pre-owned Luxury Handbags on the RealReal, in %, Q4 2022
- Share of Chanel, Louis Vuitton, Gucci, Hermès and Prada Making Up the Fair Condition Market, on the RealReal, in %, 2022
6.2. Fashionphile
- Facts about Fashionphile.com, June 2023
- Breakdown of Fashionphile’s First-Time Shoppers, by Generation , in %, 2022
- Chanel’s “Small Classic Flap” Bag Sale Price on Fashionphile, in USD thousand, 2018, 2019, 2020, January 2021, July 2021, November 2021
- Chanel’s “Medium Classic Flap” Bag Sale Price on Fashionphile, in USD thousand, 2018, 2019, 2020, January 2021, July 2021, November 2021
- Chanel’s “Jumbo Classic Flap” Bag Sale Price on Fashionphile, in USD thousand, 2018, 2019, 2020, January 2021, July 2021, November 2021
- Year-on-Year Sales Growth of Louis Vuitton “Speedy 25 Bags” on Fashionphile, in %, 2021
- Year-on-Year Sales Volume Growth of Top 3 Luxury Brands on Fashionphile, in %, 2022
- Hermes “Birkin” & “Kelly” Bag Value Growth on Fashionphile, Year-on-Year, in %, 2020 & 2021
- Year-on-Year Sales Volume Growth of Top 4 Luxury Jewelry Items on Fashionphile, in %, 2022
- Year-on-Year Sales Volume Growth of Top 2 Jewelry Trends on Fashionphile, in %, 2022
- Year-on-Year Sale Price Growth of Top 3 Luxury Watch Brands on Fashionphile, in %, 2022
- Year-on-Year Sale Price Growth of Cartier White Gold & Yellow Gold “LOVE Bracelet” on Fashionphile, in %, 2021
- Year-on-Year Sale Price Growth of Tiffany Necklaces “Oval Tag Choker” & “Heart Tag Toggle” on Fashionphile, in %, 2021
- Bag-Materials Used for Chanel Bags Sold on Fashionphile, in % of Total Chanel Sales, 2021
- Share of Hermes Items Sold on Fashionphile That Were Made of Taurillon Clemence, in % of Total Hermes Sales, 2021
- Share of Louis Vuitton Bags Sold on Fashionphile That Were Made of Coated Canvas, in % of Total Hermes Sales, 2021
6.3. Vestiaire Collective
- Facts about Vestiairecollective.com, June 2023
6.4. ThredUp
- Facts about ThredUp.com, June 2023
6.5. Idle Fish
- Facts about Goofish.com, June 2023
