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Data: Luxury second-hand market figures trail behind 2020 peak

Louis Vuitton bag

The second-hand luxury market has seen a drop in customers from its 2020 peak, despite more shoppers opting to buy pre-loved items as a result of the ongoing cost-of-living crisis.

According to 2023 RXUK’s Global Luxury Sector report, the second-hand luxury market peaked at 17% in 2020, up from 8% pre-pandemic.

However, last year the figure normalised at around 5%, up from just 3% in 2021.

The decrease in second-hand luxury customers follows customers having “more time to shop around” and “look for more treats for themselves” during the peak of the pandemic in 2020, the report stated.

Click here to download RXUK’s Global Luxury Sector report

It also attributed the drop to the re-opening of stores and travel restrictions being dropped, which resulted in luxury shoppers returning to making first-hand purchases from the brands themselves.

Adidas and Nike items were among the most popular items on second-hand ‘luxury’ sites in Europe, with Louis Vuitton, Gucci and Chanel also being ranked in the top 10.

However, much of the trade in second-hand luxury items took place on eBay, which accounted for 69% of secondhand luxury online sales in the US.

This follows the ecommerce giant recently announcing its pre-loved partnership with ITV2’s Love Island.

At the time, eBay UK CMO Eve Williams, who was recently promoted to general manager, said the company was excited to be announced as the show’s pre-loved fashion partner and “flip the conversation” around fashion.

“As one of the original homes of pre-loved, we believe that by joining forces with this incredibly influential programme, we’ll inspire the nation to think differently and make more conscious choices when it comes to their wardrobes,” she added.

Image credit: Shutterstock

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