Luxury Resale Market Report 2024

The luxury resale market size has grown strongly in recent years. It will grow from $31.67 billion in 2023 to $34.79 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth during the historic period can be attributed to increased awareness of online luxury resale platforms, rising consumer demand for pre-owned luxury items, heightened awareness of sustainability, growing acceptance of second-hand goods, the rise of fashion-conscious millennial and Gen Z shoppers, a shift toward minimalism, and the influence of social media on fashion trends.

The luxury resale market size is expected to see rapid growth in the next few years. It will grow to $50.9 billion in 2028 at a compound annual growth rate (CAGR) of 10%. The growth anticipated in the forecast period can be attributed to increasing consumer interest in sustainable fashion, the expansion of online resale platforms, rising disposable incomes, a growing middle-class demographic, and improved access to rare and limited-edition items. Major trends expected during this period include the integration of AI and technology in retail, advancements in authentication technologies, digital innovation, and improvements in online platforms.

The growth of the e-commerce industry is expected to drive the expansion of the luxury resale market. E-commerce involves buying and selling goods and services online, and its expansion is fueled by the widespread use of smartphones and internet access, which offer consumers convenience and a broad range of product options. E-commerce is transforming the luxury resale market by providing global reach, improving transparency in pricing and authenticity verification, and offering easy access to a diverse range of items through advanced technologies and seamless shopping experiences. For example, in May 2024, the Census Bureau of the Department of Commerce reported that U.S. retail e-commerce sales for the first quarter of 2024 totaled $289.2 billion, a 2.1% increase from the fourth quarter of 2023. Hence, the growth of the e-commerce industry is propelling the luxury resale market.

Key players in the luxury resale market are developing mobile apps that combine artificial intelligence (AI) and human expertise to improve user experience and ensure the authenticity and quality of luxury goods on their platforms. AI algorithms authenticate luxury items by analyzing detailed images and comparing them with known authentic items, which helps confirm product genuineness and builds trust with buyers. For example, in March 2024, Sellier Knightsbridge, a UK-based luxury resale platform, introduced the Sellier Selected app. This app aims to be a leading marketplace for rare pre-owned luxury handbags and accessories, combining AI technology with expert human curation to offer a highly curated selection. Customers submit their items, and the app uses AI to evaluate metrics such as price, condition, color, brand, and current market trends to assign a desirability score to each item.

In August 2023, Sign of the Times, a UK-based luxury resale platform, acquired Cudoni for an undisclosed amount. This acquisition positions Sign of the Times as one of the largest luxury resellers in the UK, allowing it to expand its database and client base while continuing to offer a trusted, curated, and personalized pre-loved luxury shopping experience. Cudoni is a UK-based e-commerce company specializing in the buying and reselling of luxury goods.

Major companies operating in the luxury resale market are Coupang Inc., YOOX Net-a-Porter Group S.p.A., The RealReal Inc., Poshmark Inc., ThredUp Inc., StockX LLC, The Row, 1stdibs.Com Inc., Vestiaire Collective, Depop Limited, Rebag, Fashionphile Group LLC, Luxepolis Retail Services Pvt Ltd, Grailed Inc., Luxury Closet Inc., Luxury Garage Sale LLC, The Closet Inc., LePrix Inc., Collector Square, Garderobe Pre Loved Luxury Fashion, Timepiece 360 Ltd., Yoogi’s Closet Inc., Couture Designer Resale Boutique, Luxury Promise Ltd, Cudoni.

Europe was the largest region in the luxury resale market in 2023. The regions covered in the luxury resale market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the luxury resale market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Luxury resale involves the buying and selling of authenticated, pre-owned high-end goods through specialized boutiques or online platforms. This practice supports sustainability and provides consumers with access to luxury items at reduced prices. It allows for the purchase and sale of pre-owned high-end fashion items, accessories, jewelry, and watches, making luxury goods more affordable and eco-friendly.

The main categories in the luxury resale market include apparel and accessories, watches, fine jewelry, and leather goods. Apparel encompasses all types of clothing items, while accessories are items that complement or enhance outfits. The market serves various demographics, including men, women, and unisex, and is distributed through online platforms, brick-and-mortar stores, and consignment shops.

The luxury resale market research report is one of a series of new reports that provides luxury resale market statistics, including the luxury resale industry global market size, regional shares, competitors with luxury resale market share, detailed luxury resale market segments, market trends, and opportunities, and any further data you may need to thrive in the luxury resale industry. These luxury resale market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The luxury resale market consists of revenues earned by entities by providing services such as authentication of goods, valuation services, consignment management, online and physical marketplace platforms, marketing and promotion, and customer service. The market value includes the value of related goods sold by the service provider or included within the service offering. The luxury resale market also includes sales of handbags, purses, shoes, clothes, footwear. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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