"The secondhand market is a bright spot for luxury. The global resale market is growing three times as fast as the firsthand market and is expected to reach as high as $360 billion by 2030 - up from between $210 billion and $220 billion today - according to a report by BCG and Vestiaire Collective released this month. Handbags reliably drive luxury secondhand sales."
"According to the BCG and Vestaire survey, 41% of secondhand sellers offload their pieces to recover residual value, and 62% sell so they can shop more. While a select few handbags can be resold at a price higher than their retail value - marking a true return on investment - most customers, Osborn said, aren't looking for that when they 'invest' in a bag."
"'A classic handbag is a classic handbag is a classic handbag,' Lara Osborn, the SVP of merchandising and fulfillment at luxury secondhand retailer Fashionphile, told Business Insider. She said that bags tend to be more evergreen in style than clothing or shoes, handle wear better, and are generally one-size-fits-all."
The global luxury resale market is expanding rapidly, growing three times faster than the firsthand market and projected to reach as much as $360 billion by 2030, up from $210–$220 billion today. Handbags are a primary driver of secondhand luxury sales, with survey respondents reporting that 40% of their handbags were purchased secondhand compared with 28% of overall closet items. Consumers favor classic handbags that are evergreen, durable, and one-size-fits-all. Buyers increasingly prioritize original packaging and authentication to preserve resale value. Many sellers offload items to recover residual value or to fund new purchases, while a few bags can sell above retail.
Read at Business Insider
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