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Pandemic Boosting Demand for Secondhand Luxury
Oct 12, 2020 10:20 AM
By Rapaport News
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RAPAPORT... The global market for secondhand hard-luxury goods is benefiting from emerging consumer trends that have intensified during Covid-19, according to Boston Consulting Group (BCG). The category is growing by 8% per year, the management firm said in a recent report.
Rising online sales, changing consumer preferences and increased concerns about sustainability are driving demand for the category, especially among younger consumers, BCG explained. Watches account for some 75% of the EUR 21 billion ($24.8 billion) market, with jewelry making up the remaining 25%.
“These trends were already well underway before the Covid-19 outbreak hit, but the pandemic — and the economic slowdown it created — has accelerated them,” the company said.
Financial uncertainty caused by the crisis has prompted consumers to consider acquiring pre-owned items as an investment, the group added. Prices are more attractive than for new goods, and the jewelry or watches do not immediately lose value on purchase, it noted.
Image: A jewelry store window. (Shutterstock)
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Tags:
BCG, Boston Consulting Group, COVID-19, Jewelry, pandemic, Pre-Owned, Rapaport News, secondhand, Secondhand Luxury, sustainability, watches
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