Size of the Second-Hand Bag Market is Predicted to Reach US$ 11,439.3 Million by 2033 | FMI

The second-hand bag market is expected to grow significantly, with a projected value of US$ 6,327.7 million in 2023, and is likely to reach US$ 11,439.3 million by 2033. The sales of second-hand bags are expected to have a notable compound annual growth rate of 6.10% during the forecast period.

More than 30% of buyers prefer second-hand items because they align better with their budget. Additionally, a market study reveals that 76% of buyers rarely purchase used goods, especially clothing, which presents an opportunity for key players in the market to promote these items.

The ongoing appeal for various accessories, increased spending on personal products, and growing consumer fashion consciousness contribute significantly to the market’s expansion. Furthermore, the environmental benefits associated with second-hand bags, aligning with green initiatives and sustainability efforts, have also contributed to their popularity.

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The financial value of used goods is another significant factor driving demand, as over 50% of customers who buy used items frequently sell them for a higher profit.

However, the market also faces challenges. Concerns over vendor reliability and limited guarantees regarding item quality hinder higher sales. Previous market surveys have shown discrepancies between promised and delivered products, raising questions about the market’s trustworthiness.

Other challenges include issues of cleanliness, potentially hazardous components, and security concerns related to online and offline sales channels.

Leather second-hand bags are projected to hold a significant market share of 58.40% in 2022. Leather bags are favored by professionals in the corporate world, making them the most attractive segment in the global second-hand bag market.

In terms of sales channels, the offline sector previously dominated the global market, accounting for over 82.50% of revenue. However, the preference for purchasing used and refurbished goods from local retailers or institutional shops is projected to decline steadily throughout the forecast period.

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Among different bag categories, tote bags held a substantial market share of over 75% in 2021, indicating their dominance in the market.

In the European market, the market holds positive potential, with a share of 16.30% in recent years. The rising population and immigration in several European countries have increased the demand for affordable daily-use items, including second-hand bags.

In contrast, the second-hand bag market in North America remained limited, accounting for a revenue share of just over 9.40% in 2022. The region’s high discretionary income among consumers and the strong influence of the fashion industry have contributed to the marginal demand for second-hand items, including bags.

Competitive Landscape

The market’s leading competitors are progressively focusing on integrating handbags with Internet of Things (IoT) technologies. This may enhance the product’s experience because the technology enables notification notifications to the user’s smartphone and a warning signal for smartphone loss prevention.

VKY Original announced the debut of its unique line-up of traditional luxury handbags, including messenger and tote bags, all with a trademark concealed secret lining, in November 2019.

LVMH, a French apparel and handbag company, announced the acquisition of Tiffany & Co. for US$ 16.2 billion in November 2019.