Global Luxury Fashion Online Recommerce Market 2023

Description

"Through increasing consumer demand and current economic developments, luxury recommerce is rising in popularity": new yStats.com report.

Younger consumers drive luxury fashion online recommerce

The global resale apparel market is projected to almost double between 2022 and 2026, displaying a growing consumer interest in luxury fashion recommerce. 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 recommerce 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 recommerce 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 jewelry like the Van Cleef & Arpels Alhambra bracelet and the Cartier LOVE bracelet.

Product Code: 1620

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
4.2. France
4.3. UK
4.4. Germany

5. Asia-Pacific

5.1. Regional
5.2. China
5.3. Japan

6. Company Profiles

6.1. The RealReal
6.2. Fashionphile
6.3. Vestiaire Collective
6.4. ThredUp
6.5. Idle Fish