RAPAPORT... Sales of secondhand luxury goods increased in 2019, presenting an opportunity for growth in the jewelry market, according to Bain &
Company.
Purchases of secondhand goods rose to EUR 26 billion ($28.67 billion) for the year, with previously owned
watches and jewelry showing a strong performance, Bain noted last week in its global
luxury report.
“We see the secondhand market as a potential avenue for
luxury brands to reach a new audience and enlarge their customer base,” said
Federica Levato, a partner at Bain. “For many customers, this may be their
first luxury purchase, but luxury brands shouldn’t see this as a threat, and
should manage it strategically to grasp the full potential of this
opportunity.”
When it comes to individual categories within the personal
luxury sector, shoes and jewelry “stand out as the outperformers,” Bain explained. Luxury jewelry sales grew 9% overall to EUR 21 billion ($23.16 billion) in
2019, with a boost from high-end jewelry sales, primarily in Japan and China,
and growth in men’s jewelry purchases. However, watch sales slipped 2% to EUR
39 billion ($43 billion) during the year, mostly due to the political situation
in Hong Kong, one of the largest markets, Bain noted.
Overall global luxury sales increased 4% to approximately
EUR 1.3 trillion ($1.43 trillion).
Image: A store jewelry display. (Shutterstock)
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