United States Secondhand Luxury Goods Market

Market Overview:

The United States secondhand luxury goods market size reached US$ 7,518.7 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 15,155.7 Million by 2032, exhibiting a growth rate (CAGR) of 7.9% during 2024-2032.The rising disposable income of individuals, the growing demand for secondhand luxury goods, expanding e-commerce sector, and the growing popularity of social media and influencers, are some of the major factors propelling the market.

Secondhand luxury goods refer to pre-owned or used luxury items bought and sold in the secondary market. They include high-end fashion accessories, clothing, handbags, watches, jewelry, and shoes. They offer an opportunity for buyers to own prestigious brands at reduced prices, often with the assurance of authenticity and quality. Additionally, various online platforms and consignment stores facilitate the buying and selling of these items, providing a marketplace for fashion enthusiasts and collectors. They also extend the lifecycle of luxury items and reduce waste in the fashion industry. As a result, they are gaining significant traction in recent years due to the increasing consumer demand for sustainable and cost-effective luxury shopping experiences.

The market is primarily driven by shifting consumer attitudes due to growing environmental awareness. In addition, many consumers are aware of the environmental impact of fast fashion and disposable culture influencing the market growth. Also, buying secondhand luxury goods allows individuals to enjoy high-quality products at a lower cost while reducing waste and extending the lifespan of luxury items. Moreover, the growing popularity of online platforms offers convenience, easy deliveries, and gateway payment options representing another major growth-inducing factor. These platforms provide a convenient and accessible way for sellers to reach a broader customer base and for buyers to browse and purchase authenticated luxury items with confidence. Furthermore, the rise of social media and influencer culture has contributed to the growth of the market. As influencers and celebrities often showcase their luxury purchases, creating a desire for those items among their followers, which is propelling the market growth across the United States.

United States Secondhand Luxury Goods Market Trends/Drivers:

Expanding e-commerce sector and online platforms

The growth of the market has been closely linked to the expansion of the e-commerce sector and the emergence of online platforms. The convenience and accessibility offered by online platforms have revolutionized the way people buy and sell luxury items. Moreover, dedicated online marketplaces and reselling platforms provide a marketplace for individuals to list and sell their pre-owned luxury goods which significantly expanded the reach of the secondhand market, connecting buyers and sellers from different geographical locations representing another major growth-inducing factor. Furthermore, these platforms often offer authentication services to ensure the genuineness of the products, addressing concerns about counterfeit items. The convenience of browsing through a wide selection of luxury goods, comparing prices, and making secure transactions online has contributed to the growth of the market.

The growing popularity of social media and influencers

Social media and influencers are essential in driving the popularity of the second hand luxury goods. In addition, the rising popularity of these items through influencers on several platforms such as Instagram, YouTube, and TikTok is propelling the market growth. Also, they create aspirational content that generates a desire among their followers to own similar luxury items, thus accelerating the adoption of secondhand luxury goods. Moreover, the widespread adoption of secondhand luxury goods allows individuals to satisfy their desire for luxury without paying the full retail price representing another major growth-inducing factor. Besides this, the increasing disposable income allows consumers to have the financial capacity to purchase luxury items. at a more affordable price point influencing market growth.

United States Secondhand Luxury Goods Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the United States secondhand luxury goods market report, along with forecasts at the country and regional levels from 2024-2032. Our report has categorized the market based on product type, demography and distribution channel.

Breakup by Product Type:

• Handbags
• Jewelry & Watches
• Clothing
• Small Leather Goods
• Footwear
• Accessories
• Others
   

Handbags dominate the market

The report has provided a detailed breakup and analysis of the market based on the product type. This includes handbags, jewelry & watches, clothing, small leather goods, footwear, accessories, and others. According to the report, handbags represented the largest segment.

Handbags hold a unique appeal as a fashion accessory and status symbol. In addition, the escalating demand for luxury handbags from renowned brands has a strong brand reputation and recognition, making them highly desirable among consumers which is influencing the market growth. Also, the resale market allows individuals to access these coveted designer handbags at more affordable prices, attracting a wide range of consumers. Besides this, handbags are relatively durable and retain their value over time, often maintaining their quality and style, making them attractive options for resale which is accelerating the market growth. Additionally, certain limited-edition or iconic handbag designs have even appreciated in value over time, further fueling the demand in the secondhand market. Furthermore, the availability of online platforms and marketplaces dedicated to luxury handbag resale has significantly contributed to their dominance. These platforms provide a convenient and trustworthy environment for buyers and sellers to connect, making it easier to navigate the secondhand market.

Breakup by Demography:

• Women
• Men
• Unisex
   

Women hold the largest share of the market

A detailed breakup and analysis of the market based on the demography has also been provided in the report. This includes women, men, and unisex. According to the report, women accounted for the largest market share.

Women are dominating the demand for these luxury goods, including fashion items, accessories, and high-end handbags. Women are more interested in fashion and luxury brands, making them more likely to invest in high-quality and prestigious items. Additionally, the rise of online platforms and marketplaces specializing in secondhand luxury goods has made it easier for women to buy and sell these items, further fueling the market. Besides this, women are spending more on purchasing pre-owned luxury items to embrace a more sustainable lifestyle, reducing waste and contributing to the circular economy. Furthermore, the accessibility of information and resources related to the authenticity and value of luxury goods has also empowered women to confidently participate in the market propelling the market growth. Also, online communities and forums dedicated to luxury fashion provide knowledge and guidance, allowing women to make informed purchases.

Breakup by Distribution Channel:

• Offline
• Online
   

Offline exhibits the largest share of the market

A detailed breakup and analysis of the market based on the demography has also been provided in the report. This includes offline and online. According to the report, offline accounted for the largest market share.

Offline distribution channels encompass physical retail stores, consignment shops, luxury boutiques, and auction houses specializing in secondhand luxury goods. These brick-and-mortar establishments provide a tangible shopping experience, allowing customers to inspect and authenticate items before making a purchase. Also, customers have the opportunity to interact with knowledgeable staff who can offer personalized advice and guidance regarding the goods, propelling the market growth. Furthermore, offline channels provide a sense of exclusivity and luxury ambiance that aligns with the premium nature of luxury goods. Many customers value the in-store experience, which includes the ability to try on items, feel the quality, and enjoy a more immersive shopping environment.

Besides this, online platforms and marketplaces are gaining popularity, particularly with the rise of e-commerce and online channel growing rapidly with a wider selection, convenience, and accessibility. Apart from this, the market is witnessing a blend of offline and online channels as retailers adapt to changing consumer preferences and the growing importance of digital platforms in the luxury industry.

Breakup by Region:

• Northeast
• Midwest
• South
• West
   

The report has also provided a comprehensive analysis of all the major regional markets, which include the Northeast, Midwest, South, and West.

The Northeast region is known for its thriving luxury market in cities such as New York City and Boston which are renowned for their luxury shopping destinations and affluent residents are influencing the market growth. It is also driven by high-income individuals and a strong demand for luxury brands across the region. Besides this, the Midwest region has a notable presence in the secondhand luxury goods market in cities such as Chicago and Detroit with affluent populations that appreciate luxury items are accelerating the market growth.

Along with this, the Southern region, encompassing states such as Florida, Texas, and Georgia, has a significant presence in the luxury market in cities including Miami, Houston, and Atlanta which are known for their luxury retail scenes and attract affluent residents and tourists are propelling the market growth. It is also driven by the combination of high-income individuals, expanding tourism activities, and vibrant luxury culture. The Western region, including states such as California, Nevada, and Washington, is another prominent market for secondhand luxury goods market. In addition, cities such as Los Angeles, San Francisco, and Las Vegas are renowned for their luxury shopping districts and affluent residents for their strong luxury consumer base in this region.

Competitive Landscape:

Key players in the market employ various strategies to strengthen their position and maintain a competitive edge. They are curating a carefully selected inventory of secondhand luxury goods by prioritizing quality over quantity and handpicking items that meet their high standards. They are also offering a curated selection of sought-after brands, limited edition items, and rare finds, attracting buyers and strengthening their market position. Besides this, they are collaborating with luxury brands and fashion influencers to form partnerships with established luxury brands, allowing them to access exclusive merchandise and offer unique collaborations enhancing their reputation and attracting customers looking for prestigious and authentic luxury goods. They are also providing exceptional customer service and a personalized experience to the consumers, offer knowledgeable and responsive customer support, and assist buyers with inquiries, product information, and after-sales service.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided.

United States Secondhand Luxury Goods Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the United States secondhand luxury goods market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the United States secondhand luxury goods market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the United States secondhand luxury goods industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.