Secondhand goods sales in Europe are expected to be worth USD 71,903.2 million in 2024 and USD 1,57,460.3 million by 2034. The secondhand goods demand in Europe to record a CAGR of 8.2% from 2024 to 2034.
Growth in the secondhand goods industry is anticipated in Europe over the projection period due to various factors, like consumers’ awareness of the significance of sustainable consumption and fast fashion’s effects on the environment.
Growth Drivers of the Secondhand Goods Industry in Europe
- The growth of the luxury goods market propels the sales of secondhand goods in Europe. The secondhand luxury goods industry is trendy in Europe, as consumers are looking for ways to purchase luxury goods at a fraction of the price of new items.
- In the future, the industry in Europe is expected to expand due to the increasing popularity of circular fashion and the rental market’s growth.
Stumbling Blocks of the Europe Secondhand Goods Sector
The European industry for secondhand goods can be impacted by changes to regulations, particularly those that pertain to consumer protection, product safety, and environmental standards. Tight constraints could make it more expensive for European secondhand goods companies to comply.
The European industry for secondhand products has shifted increasingly toward the Internet, and only some areas of society can have similar access to digital media. The digital divide potentially restricts the growth and spread of the online market.
Mapping the Future of Germany’s Secondhand Goods Sector
- Germany’s secondhand goods industry is booming owing to consumer preferences that place a high value on quality, durability, and sustainable culture.
- Online platforms that provide easy access to a large selection of used goods have significantly reshaped the industry in the country.
Evolving Canvas of the United Kingdom’s Secondhand Industry
- In the United Kingdom, the circular economy is gaining traction as people become aware of the environmental advantages of buying and selling used goods, which help people lead sustainable lifestyles.
- The United Kingdom’s secondhand shopping industry is fueled by thriftiness and a desire for unique finds, and a well-established network of vintage and charity stores bolsters it.
Key Takeaways from the Europe Market Study for Secondhand Goods
- The online marketplace segment is anticipated to evolve at a robust CAGR of 12.6% during the projected period.
- The apparel/fashion sector is anticipated to expand at a robust CAGR of 5.7% during the forecast period.
- Germany secondhand goods industry to develop at a CAGR of 6.3% through 2034.
- Belgium secondhand goods sales are expected to accelerate a CAGR of 5.9% between 2024 and 2034.
- The demand for secondhand goods in the United Kingdom is expected to grow at a rate of 7.2 from 2024 to 2034.
- The Italy secondhand goods industry is to record a CAGR of 9.7% through 2034.
- Finland’s secondhand goods demand to exhibit a CAGR of 6.1% from 2024 to 2034.
Competitive Landscape
The Europe secondhand goods industry is expanding because several secondhand goods providers are fostering innovation by implementing authentication technologies to ensure the legitimacy of the products.
Important secondhand goods manufacturers are adopting blockchain technology to guarantee provenance verification and transparent record-keeping. The innovations show the dedication of influential European market players of secondhand goods to offering reliable and environmentally friendly solutions that satisfy the growing industry for pre-owned luxury products.
Key Players:
- eBay
- Amazon Marketplace
- Depop
- Vestiaire
- Collective
- Vinted
- ASOS Marketplace
- CeX
- Back Market
- Gumtree
- Preloved
- MusicMagpie
- Feelunique
- Lookfantastic
- Decathlon
- Pets at Home
- Oxfam
- Etsy
- Farfetch Second Life
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Recent Developments
- ASOS’s first incubator program, ‘scaleUP,’ was introduced in 2023. It addresses obstacles that ethnic minority-owned brands encounter when they try to break into the fashion industry, encouraging accessibility and inclusivity.
- One of the few unicorns to receive this esteemed certification is Back Market, which specializes in reconditioned electronics. Back Market announced its B Corporation certification in 2023.
About Future Market Insights (FMI)
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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