The global second hand bag market size is expected to reach a market valuation of US$ 5.9 Billion by the year 2022, accelerating with a CAGR of 6.2% by 2022-2032. The second hand bag market size is anticipated to be valued at about US$ 10.77 Billion by 2032 end.
The demand for second hand bags has significantly increased in recent years due to consumers all over the world becoming more cost-conscious as it helps them maintain an affordable way of life. More than 30% of consumers say they prefer to buy used goods because they can more easily manage their budget that way.
The increase in disposable income and the rising demand for designer bags are two major factors driving the market. The demand for upscale purses for social events and parties is anticipated to drive sales of second-hand bags. The market is also expanding due to the growing influence of social media and celebrity fashion.
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As the use of second-hand goods has increased, it has become simpler to reduce carbon emissions and other harmful substances. Selecting a used bag over a new one is a clear move in the direction of circular fashion as well as a useful trick to boost the product’s utility and market value.
The rise of online shopping portals and the increase in consumer purchasing power have fueled the demand for second-hand bags in the Asia Pacific region.
Key Takeaways from Market Study
- The overall growth of the global second hand bag market is estimated to be around US$ 4.9 Billion over the forecast decade covering the years 2022 to 2032, by following the average CAGR of 6.2%.
- According to material type, leather bags are the most attractive segment with a global share of more than 80% of the total sales of second hand bags.
- Though offline retail stores had a dominance over the global market for second hand items a few years ago, presently online retail stores have turned out to be major sales channel for the said market.
- Demand for second hand bags in North American countries have remained limited over the years that is estimated to be around merely 5% of the global share.
- European countries have witnessed a renewed interest in second hand items in recent years that had taken the second hand bag market share up to 15.2% by the end of year 2021.
- Over the projected period, the second hand bag market in the Asia Pacific region is anticipated to develop at the quickest CAGR.
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Competitive Landscape
Some of the well-known second hand bag market players are Fashionphile, Luxury Garage Sale, Rebag, Vestiaire Collective, Collector Square, Bob’s Watches, StockX, the RealReal, the Outnet, and the Luxury Closet among others.
Prominent companies in the second hand bag industry are using digitalization and targeted marketing practices to boost the demand for second hand bags in selected regions of the world.
Recent Developments in the Global Second Hand Bag Market:
- Farfetch Pre-Owned gives you the same upscale buying experience for second hand bags as it provides for its main website by opening its resale division that was launced in the year 2019.
- Vinokilo is a German company than operated a thrift shop and an offline community before they entered the web market. Along with trade in several used items within its close customers last year it started dealing in pre-owned apparels including second hand bags.
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Second Hand Bag Market by Segmentation
By Raw Material:
- Leather
- Fibre
- Others
By End User:
- Men
- Women
By Sales Channel:
- Specialty Stores
- Multi-brand Stores
- Independent Small Retailers
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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