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Secondhand luxury market to grow by 12%

  

As per a new report from fashion search engine Tagwalk and “contemporary vintage” retailer Byronesque, the luxury secondhand market is estimated to grow 12 percent by 2021, compared to the overall luxury market at 3 percent. And looking even further ahead, by 2024, the secondhand market size is expected to spike 61 percent to a value of $50 billion.

This estimate closely follows the denim industry’s takeover of vintage denims that’s been snowballing over the past few years as sustainability shifts to the forefront. Tommy Hilfiger teamed with vintage retailer Procell last year to offer vintage pieces from its archives. Levi’s and Guess also announced their own vintage resale offerings earlier this year. Resale success, even during pandemic times, indicates a fruitful future for the category.

According to Byronesque, consumers aren’t looking for classic vintage denims. They’re specifically looking for creative pieces, such as Vivienne Westwood’s iconic slashed denim suit from the S/S 1991 show, Alexander McQueen’s bum-baring “bumsters” look from F/W 2000, Margiela’s oversized jeans from F/W 2000 and Helmut Lang’s paint-splattered splash jeans from S/S 1998.

 
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