Second-Hand Luxury Goods Market to Reach $98.29 Billion by 2031, Driven by Sustainable Fashion, Technology, and Luxury Brands' Entry.

The global second-hand luxury goods market is expected to reach USD 98.29 billion in 2031, growing at a CAGR of 9.48% from 2021-2024. The market is driven by consumer behavior towards sustainable fashion, technology, and the entry of established luxury brands. Online platforms like The RealReal and Vestiaire Collective have streamlined the process, while physical retail adapts with high-end consignment stores and pop-up shops. Economic factors and social media influence also contribute to market demand.

The global second-hand luxury goods market is poised for significant growth, projected to reach USD 98.29 billion in 2031, growing at a CAGR of 9.48% from 2021 to 2024 [1]. This robust expansion is driven by a shift in consumer behavior towards sustainable fashion, the increasing influence of technology, and the entry of established luxury brands into the resale market.

One key factor driving this growth is the increasing preference for sustainability among consumers. As environmental concerns grow, consumers are turning to second-hand luxury goods as a more eco-friendly alternative to new purchases. Online platforms like The RealReal and Vestiaire Collective have streamlined the process, making it easier for consumers to buy and sell high-end items. The RealReal, for instance, reported a 14% increase in consignment revenue in the second quarter of 2025, demonstrating the growing demand for second-hand luxury goods [1].

Technology also plays a pivotal role in the growth of the second-hand luxury market. The digital transformation of the luxury industry has made it easier for consumers to access and purchase second-hand goods online. Digital platforms offer personalized shopping experiences, virtual trials, and frictionless omnichannel buying, which are increasingly attractive to younger, tech-savvy consumers [2]. Furthermore, the use of blockchain and NFTs for digital ownership and authenticity certification is gaining traction, adding another layer of appeal to the second-hand luxury market.

The entry of established luxury brands into the resale market is another significant driver of growth. Brands like Gucci and Louis Vuitton have started their own consignment programs, recognizing the potential of the second-hand market to reach a broader audience and reduce waste. These initiatives not only enhance brand appeal but also contribute to the overall growth of the market.

Economic factors and social media influence also contribute to the demand for second-hand luxury goods. Economic uncertainty, such as the impact of tariffs and inflation, has led consumers to seek out more affordable luxury options. Social media platforms have also played a significant role in popularizing second-hand luxury goods, with influencers and celebrities often showcasing their second-hand purchases, thereby influencing consumer behavior.

In conclusion, the second-hand luxury goods market is experiencing a significant boom, driven by consumer preferences for sustainability, technological advancements, and the entry of established luxury brands. As these trends continue, the market is expected to grow, offering investors and financial professionals a promising opportunity.

References:
[1] https://www.pymnts.com/earnings/2025/economic-anxiety-fuels-secondhand-luxury-boom-for-the-realreal/
[2] https://www.businesswire.com/news/home/20250807587243/en/Luxury-Goods-Market-Overview-and-Forecast-2025-2033-Rising-Incomes-Digital-Shift-Experiential-Demand-and-Sustainable-Personalized-Trends-Bolster-Growth---ResearchAndMarkets.com