I was called as an expert on Luxury by British consultants Canvas8 to forecast the most influential trends in consumption over 2017. One of the trends which will shape the future of luxury will be the development of the Second Hand Market. In 2014, Bain&Co estimated the market to be worth EUR16bn, less than 10% of the global personal luxury goods market. Bain&Co calculate a potential 30 times higher with the development of online sales. The new platforms such as InstantLuxe and VestiaireCollective provide consumers security on the authenticity and usage quality of the products purchased, thanks to a team of experts, specialized per product category.
Download Canvas8 report https://www.canvas8.com/content/2017/01/03/expert-outlook-2017.html
If you want to read about the motivations to purchase vintage luxury fashion versus second-hand luxury fashion:
Marie-Cécile Cervellon, Lindsey Carey, Trine Harms, (2012),”Something old, something used: Determinants of women’s purchase of vintage fashion vs second-hand fashion”, International Journal of Retail & Distribution Management, Vol. 40 Iss: 12 pp. 956 – 974
The summary of the paper “Vintage has been a growing trend in clothing recently, leading to major fashion brands launching collections inspired by vintage pieces or luxury haute-couture houses digging into their archives to revive past designs. Yet, as this market develops, little is known about the profile of the consumer and the motivations to purchase vintage. This paper aims to explore the veracity of a number of assumptions relating to vintage consumption, equating it to the consumption of used, previously owned clothes by nostalgic prone, environmentally-friendly or value-conscious consumers. The results show that the main antecedents to vintage consumption are fashion involvement and nostalgia proneness as well as need for uniqueness through the mediation of treasure hunting. In contrast, second-hand consumption is directly driven by frugality. Eco-consciousness plays an indirect role through bargain hunting. In essence, the thrill of the hunt is present for vintage and for second hand consumption. Yet, while vintage consumers shop for a unique piece with history, second-hand consumers shop for a unique piece at a good price. Additionally, the main characteristics of vintage fashion consumers are a higher level of education and higher income whereas age is not directly related to the purchase of vintage pieces.”