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INDUSTRY TREND

STORE 5a
Your Destination For
Pre-owned Luxury

Pre-owned luxury market

 

The resale of pre-owned luxury goods is forecasted to increase turnover from $25 billion we saw back in 2018 to $36 billion come 2021. This means that the resale of second-hand luxury goods will represent around 9% of the overall luxury market.

 

Sustainability - The Circular Economy

 

Sustainability is another area that is a key driver for luxury brands. Driven by millennials, this is now something of a universal issue spanning all ages, continents and brands.

 

 

Social Commerce on the Rise

 

Instagram remains the focus for brands investing in social commerce. Year-over-year adoption of Instagram Shopping has jumped from 12 to 42 percent. 21% of brands have integrated a Facebook Shop tab on their pages, however many fail to actually add a meaningful number of SKUs.

 

“generational headwind”

younger buyers (Generation Z and Millennials) are significantly more willing than Generation X and older to purchase pre-owned products. brands must be increasingly reliant on values-based marketing both in the U.S. and abroad, in order to target and reach these consumers." (Mckinsey.com)

BRAND VALUE AND IDENTITY

STORE 5a aims to position itself as the top destination/industry leader for pre-owned luxury. It aims to evoke customers' feelings of excitement and confidence by accessing the top designer brands - the "feel good" factor

 

  • Authenticity and Quality

  • Passion and Empowerment

  • Sustainability: A destination where customers join the community to make a positive impact by shopping and selling with us

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© 2024 by BRIDGET ZHANG. 

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