The second-hand bag market size is projected to be valued at USD 6,327.7 million in 2023 and is expected to rise to USD 11,439.3 million by 2033. The sales of the second-hand bag are expected to register a significant CAGR of 6.10% during the forecast period.
Many customers choose second-hand bags because they are price-conscious, which helps them keep an economical way of life. More than 30% of buyers say they prefer to buy second-hand items because it more easily matches their budget. According to FMI, it has been found that 55% of consumers specifically choose used goods that hold sentimental value for them.
A market study shows that 76 percent of buyers seldom buy used goods, particularly clothing. Consequently, such a high frequency of use and consumption encourages market key players to promote these commodities as used goods.
Studies show that buying and selling second-hand goods helps sellers raise money and improve their financial situation. The adaptability of the market and its participants is another important advantage. Moreover, the market's prices of such items are negotiable since they are not fixed, which increases the demand for second-hand bags in the resale market.
| Attribute | Details |
|---|---|
| Market Estimated Size (2023) | USD 6,327.7 million |
| Market CAGR (2023 to 2033) | 6.10% |
| Market Forecasted Size (2033) | USD 11,439.3 million |
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According to market research and competitive intelligence provider Future Market Insights, the market for second-hand bags captured a CAGR of 5.40% during the historical period.
From 2018 to 2022, the second-hand bag market saw significant expansion driven by various factors. Firstly, consumers were increasingly aware and accepted of sustainability practices. This led to a growing interest in pre-owned items, including bags, to reduce waste and extend the lifespan of products. Additionally, the rise of online marketplaces and dedicated platforms made it easier for sellers to reach a broader audience, resulting in increased sales and market penetration.
Looking ahead to the forecasted period of 2023 to 2033, the market is expected to continue its upward trajectory even faster. Sustainability concerns are projected to become even more prevalent, driving greater adoption of pre-owned items across various consumer segments.
This shift towards eco-conscious choices is likely to propel the market forward. Moreover, the continued expansion of online platforms and marketplaces enhances accessibility and convenience for buyers and sellers. This increased connectivity and ease of transactions may further boost the market's growth potential.
The perception of buying used items has shifted from being stigmatized to being celebrated as a smart and responsible choice. As this mindset becomes more widespread, it may drive more individuals to explore the second-hand bag market, fueling its growth.
The second-hand bag market growth is likely to be supported over the forecast period as a consequence of ongoing attractiveness for several types of accessories. Spending on personal products and accessories and rising fashion consciousness among customers have contributed to the market's growth and expansion immensely.
A second reason why second-hand bags have become more popular is because of their favorable effects on the environment. Many consumers choose used goods as a result of green initiatives and sustainable activities.
The market analysis report indicates that the financial value of used goods is another key benefit of increasing its demand in the global market. More than 50% of customers who buy used items also frequently sell such items on the open market for a greater profit.
Concerns over vendor dependability and limited guarantee over the quality of the items is a key restraints for the higher sales of the second-hand bag in the global market. In the past, many questions have been raised about the market because, according to the second-hand bag market survey done by FMI, a considerable amount of the second-hand bags sold were different from what was promised.
Other problems include poor cleanliness, the use of potentially dangerous components, and the security of the trading over both online and offline sales channel. Moreover, the short life span of retro items and their tendency towards quick usage and consumption can be a key drawback for the overall demand for second-hand bags in the global market.
Black Friday bargains and clearance sales are well-liked in the United States, where women in a particular swarm to buy accessories like brand-new bags at affordable prices. The market players in the North American regional market experience a decrease in sales during these occasions.
Handbags are used by everyone for a variety of functions in their daily lives and are made from a variety of materials, including mesh, leather, nylon, straw, canvas, vegan leather, and jute. However, professionals in the corporate world typically favor leather bags making it the most attractive segment in the global market.
The main component of high-end handbags and accessories is leather which incurs colossal sales of second-hand bags as well. In established and emerging nations, luxury consumer spending is the main driver of the leather second-hand bag business. Many professional women throughout the world are prepared to spend money on leather purses that could set a second-hand bag market future trends in emerging economies.
A few years back, the offline sales channel sector dominated the global market and was responsible for a massive portion of revenue, even more than 82.50%. The shifting preference of consumers to buy used and refurbished goods only from local retailers or institutional shops was a key driver in second-hand market growth and expansion. However, throughout the projection period, the contribution in sales of second-hand bags through this category is anticipated to decline at a constant rate.
The market has also been further divided into tote bags, clutches, satchels, and other categories based on items. The market was dominated by the tote bag category in 2021, and it had a leading share of more than 75% during the survey period.
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As per the second-hand bag market statistics, by acquiring a share of 16.30% in the previous years, the European market holds positive hope in the coming years.
In recent times, the rising population and immigration in several European countries have presented a huge challenge for the government to provide daily-use items at affordable prices. Such times have enhanced the market for reusable items, including the sales of second-hand bags in the regional market.
With just a revenue share of more than 9.40%, North America's second-hand bag market remained limited in 2022.
Given that consumers in the North America area have a high level of discretionary income, the demand for any type of second-hand item has remained marginal. Moreover, the fashion industry's growing influence over a larger audience is predicted to have a demotivating impact on the market opportunities in the region.
The market for leather items is also anticipated to increase in developing nations like Thailand, Egypt, the United Arab Emirates, Saudi Arabia, and India as disposable income rises. The development of internet shopping and the rising investment in economical products in the Asia Pacific region are both contributing to the demand for second-hand bags.
Budget restrictions are a necessary condition for the increased demand for second-hand bags and other goods. Businesses are preparing for fierce industry rivalry as the idea develops mainstream. On the other hand, customers are also becoming more aware of the advantages of using sustainable business methods. Sensing this opportunity existing market players are upscaling their recycling, reuse, and upcycling materials by collecting used bags. And over 70% of individuals worldwide, according to recent research, utilize second-hand goods.
The second-hand bag market has shown consistent and stable growth rates despite different trade and security issues. The business has also witnessed a lot of social media campaigns and online articles in favor of utilizing used products, promoting the sector, and bringing attention to the benefits on both an ecological and economic level.
One among such players is Vinokilo, which is a German business. Before entering the online market, they operated a second-hand store and an offline community. The business has been gradually expanding while being profitable without having received any outside venture funding yet, which makes it rather unusual in the current digital world.
Handbags have recently risen in popularity as one of the most coveted personal items all around the world. For instance, the purchases of handbags increased significantly in the Asia Pacific by almost 261% from previously recorded in the years 2019 to 2020, according to information provided by Net-a-Porter in May 2020. The availability, prominence, and attractiveness of different second-hand handbags have increased their wide acceptance and potent performance.
A few rivals have arisen, even though existing firms have benefited from this expanding second-hand bag market trend. For instance, by launching its resale section in 2019, Farfetch Pre-Owned offers you the same luxury shopping experience for purchasing second-hand bags as it does for its main site.
The development of technology has also facilitated commerce in the market by simplifying bargaining and transactions. Retailers can connect with customers effortlessly and across regional boundaries thanks to online retail channels or e-commerce platforms. Due to the digitization of services, younger customers are increasingly favoring online buying.
The improvements also make it possible to increase purchasing power and increase customer awareness of used goods which is also further augmenting the global second-hand bag market. To serve a wider range of customers, new businesses or start-ups in the industry are continually enhancing their client databases and online shops. Over the predicted years, these elements are expected to propel the second-hand bag market over the internet.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.10% from 2023 to 2033 |
| Base Year of Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and Volume in Units and F-CAGR from 203 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | Raw Material, End User, Sales Channel, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | Fashionphile; Luxury Garage Sale; Rebag; Vestiaire Collective; Collector Square; Bob’s Watches; StockX; The RealReal; The Outnet; The Luxury Closet |
| Customization & Pricing | Available upon Request |
The industry is valued at USD 6,327.7 million in 2023.
Fashionphile, Luxury Garage Sale, and Rebagare are key market players.
The key consumer of the second-hand bag market is the fashion industry.
The industry is estimated to reach USD 11,439.3 million by 2033.
The second-hand bag market CAGR for 2033 is 6.10%.
| Industry Size in 2024 | USD 17,329.90 million |
|---|---|
| Industry Size by 2034 | USD 36,368.10 million |
| Industry CAGR (2024 to 2034) | 7.70% |
| Market Value for 2024 | USD 43.49 billion |
|---|---|
| Projected Market Value for 2034 | USD 125.18 billion |
| CAGR (2024 to 2034) | 11.1% |
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Second-hand Bag Market
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