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Second-hand luxury purchases<\/strong> are no longer a taboo among consumers and the market has been growing rapidly in recent years. In 2020, it was worth nearly 28 billion euros worldwide<\/strong>, according to a report by Bain & Company<\/strong>. While this figure is still a far cry from the $250 billion to $295 billion generated by the luxury goods industry each year,<\/strong> the second-hand market is growing four times faster than the new market.<\/p>\n <\/p>\n “For the moment, the second-hand market is mainly European, it has not yet developed much in the Chinese market, for example,<\/em>” explains Jo\u00eblle de Montgolfier<\/strong>, Vice President of Consumer Goods, Retail & Luxury at Bain & Company to BFM Business.<\/p>\n <\/p>\n <\/p>\n In France, this trend is confirmed with the advent of second-hand e-commerce platforms like Vestiaire Collective<\/strong>. The latter is valued at 1.45 billion euros and 25,000 new items are put online every week<\/strong>. And the growth of second hand is not ready to stop since the young generation, sensitive to the ecological dimension and the impacts of their consumption habits, should represent 70% of second hand luxury purchases by 2025<\/strong>.<\/p>\n <\/p>\n “They consume much more than the generations that preceded them. They have new codes and modes of consumption and they will force brands to transform themselves at an accelerated rate<\/em>“, adds Jo\u00eblle de Montgolfier.<\/p>\n <\/p>\n This second-hand dynamism is also confirmed in stores, such as the 7th floor named “7\u00e8me ciel<\/strong><\/em>” at Printemps<\/strong>, offering second-hand pieces from great designers, but also at Galeries Lafayette<\/strong> with a floor dedicated to second-hand and responsible fashion with brands or retailers such as Monogram, Personal Seller<\/strong> or CrushOn<\/strong>.<\/p>\n <\/p>\n <\/p>\nThe second hand carried by the young generation<\/h2>\n
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