The global second hand bag market is set to witness an impressive growth rate of 6.2% over the forecasted years of 2022 to 2032. The second hand bag market size is anticipated to reach a valuation of around US$ 10.77 Billion by the end of year 2032 from the current valuation of US$ 5.9 Billion in 2022.
Since customers around the world are turning cost-conscious as it helps them maintain an affordable way of life, there has been a significant rise in demand for second hand bags in these years. More than 30% of consumers claim that they prefer to purchase used goods since their budget can be more readily managed by it.
Among the main drivers propelling the market are the rise in disposable income and the rise in demand for designer bags. Sales of second hand bags are projected to be driven by the demand for upscale purses for social gatherings and parties. Additionally, the market is growing as a result of the expanding impact of social media and celebrity fashion.
Reducing carbon emissions and other dangerous elements has been made easier with the rise in second-hand goods usage. Choosing second hand bag over new is a clear step toward circular fashion and a practical technique to increase the usefulness of the product and its market value.
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The demand for second hand bags in the Asia Pacific region has been spurred by the expansion in consumer purchasing power and the proliferation of online shopping portals.
Key Takeaways from Market Study
- The overall growth of the global second hand bag market is estimated to be around US$ 4.9 Billion over the forecast decade covering the years 2022 to 2032, by following the average CAGR of 6.2%.
- According to material type, leather bags are the most attractive segment with a global share of more than 80% of the total sales of second hand bags.
- Though offline retail stores had a dominance over the global market for second hand items a few years ago, presently online retail stores have turned out to be major sales channel for the said market.
- Demand for second hand bags in North American countries have remained limited over the years that is estimated to be around merely 5% of the global share.
- European countries have witnessed a renewed interest in second hand items in recent years that had taken the second hand bag market share up to 15.2% by the end of year 2021.
- Over the projected period, the second hand bag market in the Asia Pacific region is anticipated to develop at the quickest CAGR.
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Competitive Landscape
Some of the well-known second hand bag market players are Fashionphile, Luxury Garage Sale, Rebag, Vestiaire Collective, Collector Square, Bob’s Watches, StockX, the RealReal, the Outnet, and the Luxury Closet among others.
Prominent companies in the second hand bag industry are using digitalization and targeted marketing practices to boost the demand for second hand bags in selected regions of the world.
Recent Developments in the Global Second Hand Bag Market:
- Farfetch Pre-Owned gives you the same upscale buying experience for second hand bags as it provides for its main website by opening its resale division that was launced in the year 2019.
- Vinokilo is a German company than operated a thrift shop and an offline community before they entered the web market. Along with trade in several used items within its close customers last year it started dealing in pre-owned apparels including second hand bags.
Second Hand Bag Market by Segmentation
By Raw Material:
- Leather
- Fibre
- Others
By End User:
- Men
- Women
By Sales Channel:
- Specialty Stores
- Multi-brand Stores
- Independent Small Retailers
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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