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24 January 2022
Secondhand luxury growing 5x quicker than new sales
SustainabilityEnvironmental & social issuesPurchase behaviour
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.