Projected to reach US$ 6,327.7 million in 2023, the second-hand bag market is set for substantial growth, with an anticipated increase to US$ 11,439.3 million by 2033. This upward trajectory suggests a notable compound annual growth rate (CAGR) of 6.10% throughout the forecast period. As consumers increasingly embrace sustainability and affordability, the demand for pre-owned bags continues to rise steadily. With a focus on both fashion and eco-consciousness, second-hand bags offer a compelling choice for savvy shoppers seeking quality, style, and value, driving the expansion of this dynamic market segment.
Over thirty percent of consumers say they prefer used goods because they fit their budgets better. Furthermore, a market survey indicates that 76% of consumers hardly ever buy used goods, particularly apparel, which offers a chance for major industry participants to advertise these products.
The market’s growth is mostly driven by the continued demand for different accessories, rising personal product expenditure, and rising consumer fashion consciousness. Moreover, second-hand bags’ positive environmental effects, which complement sustainability and green programmes, have added to their appeal.
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The financial value of used goods is another significant factor driving demand, as over 50% of customers who buy used items frequently sell them for a higher profit.
However, the market also faces challenges. Concerns over vendor reliability and limited guarantees regarding item quality hinder higher sales. Previous market surveys have shown discrepancies between promised and delivered products, raising questions about the market’s trustworthiness.
Other challenges include issues of cleanliness, potentially hazardous components, and security concerns related to online and offline sales channels.
Leather second-hand bags are projected to hold a significant market share of 58.40% in 2022. Leather bags are favored by professionals in the corporate world, making them the most attractive segment in the global second-hand bag market.
In terms of sales channels, the offline sector previously dominated the global market, accounting for over 82.50% of revenue. However, the preference for purchasing used and refurbished goods from local retailers or institutional shops is projected to decline steadily throughout the forecast period.
Among different bag categories, tote bags held a substantial market share of over 75% in 2021, indicating their dominance in the market.
In the European market, the market holds positive potential, with a share of 16.30% in recent years. The rising population and immigration in several European countries have increased the demand for affordable daily-use items, including second-hand bags.
In contrast, the second-hand bag market in North America remained limited, accounting for a revenue share of just over 9.40% in 2022. The region’s high discretionary income among consumers and the strong influence of the fashion industry have contributed to the marginal demand for second-hand items, including bags.
Competitive Landscape
The market’s leading competitors are progressively focusing on integrating handbags with Internet of Things (IoT) technologies. This may enhance the product’s experience because the technology enables notification notifications to the user’s smartphone and a warning signal for smartphone loss prevention.
- VKY Original announced the debut of its unique line-up of traditional luxury handbags, including messenger and tote bags, all with a trademark concealed secret lining, in November 2019.
- LVMH, a French apparel and handbag company, announced the acquisition of Tiffany & Co. for US$ 16.2 billion in November 2019.
Key Players:
- Fashionphile
- Luxury Garage Sale
- Rebag
- Vestiaire Collective
- Collector Square
- Bob’s Watches
- StockX
- The RealReal
- The Outnet
- The Luxury Closet
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Key Segments Covered in the Market Report
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
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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