Secondhand luxury growing 5x quicker than new sales | WARC | The Feed
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Secondhand luxury growing 5x quicker than new sales
The secondhand luxury market grew more than five times quicker than new sales in 2021, according to data from consultancy Bain & Company.
Why it matters
This comes as luxury brands have to rethink their strategy post-pandemic with a focus on emerging trends that are important to consumers, like sustainability. The secondhand market, which is often more environmentally friendly, now accounts for 12% of all luxury goods sales.
Takeaways
- Between 2017 and 2021, sales in the secondhand luxury goods market rose by 65% to equal €33bn.
- Over the same period, sales of new luxury goods rose by just 12%.
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