Pre-owned luxury market

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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.

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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.

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“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)