The second-hand bag market is expected to reach a valuation of
DUBAI, United Arab Emirates, Aug. 24, 2022 (GLOBE NEWSWIRE) — The global second-hand handbag market is expected to experience an impressive growth rate of 6.2% over the forecast years from 2022 to 2032. The size of the The second-hand handbag market is expected to reach a valuation of approximately US$10.77 billion by the end of 2032 compared to the current valuation of US$5.9 billion in 2022.
Since customers around the world are cost conscious as it helps them to maintain an affordable lifestyle, the demand for used bags has increased significantly in recent years. More than 30% of consumers say they prefer to buy second-hand goods because their budget can be more easily managed by them.
Some of the key market drivers include rising disposable income and rising demand for designer bags. Second-hand bag sales are expected to be driven by demand for high-end handbags for social gatherings and parties. Additionally, the market is growing owing to the growing impact of social media and celebrity fashion.
Reducing emissions of carbon and other hazardous elements has been aided by the increased use of second-hand goods. Choosing a used bag over a brand new one is a clear step towards circular fashion and a practical technique to increase product utility and market value.
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The demand for second-hand bags in the Asia-Pacific region has been driven by expanding consumer purchasing power and the proliferation of online shopping portals.
Key insights from market research
- The overall growth of overall second hand bag market is estimated to be around US$4.9 billion over the forecast decade covering the years 2022 to 2032, following the average CAGR of 6.2%.
- According to the type of material, leather bags are the most attractive segment with an overall share of more than 80% of the total sale of used bags.
- Although offline retail stores dominated the global used goods market a few years ago, currently online retail stores have emerged as the main sales channel for the said market.
- Used bags request in North American countries have remained limited over the years, estimated at only around 5% of the global share.
- European countries have seen a surge in interest in second-hand items in recent years, which had increased the market share of second-hand bags to 15.2% by the end of 2021.
- Over the projected period, the second-hand bag market in the Asia-Pacific region is expected to grow at the fastest CAGR.
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Some of the best 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.
Leading companies in the second hand bag industry are using digitization and targeted marketing practices to drive demand for used bags in certain regions of the world.
Recent developments around the world Used bag Market:
- Farfetch Pre-Owned brings you the same premium shopping experience for pre-owned bags as its main website by opening its resale division which launched in 2019.
- Vinokilo is a German company that operated a thrift store and an offline community before entering the web market. Along with trading in several second-hand items among his close customers last year, he started selling second-hand clothes, including second-hand bags.
Second-hand bags market by segmentation
By raw material:
Per end user:
By sales channel:
- Specialty stores
- Multi-brand stores
- Small independent retailers
- Online retailers
- Other sales channel
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Market Context
3.1. Market dynamics
3.2. Scenario forecast
3.2.1. Demand in the optimistic scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in the conservative scenario
3.3. Opportunity Map Analysis
3.4. Product life cycle analysis
3.5. Supply chain analysis
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