Second Hand Bag Market is set to witness ant

Rupesh
Rupesh 9/15/2022 11:48:03 PM

Second Hand Bag Market is set to witness an Impressive Growth Rate of 6.2% over the forecasted
years of 2022 to 2032 - Future Market
Insights, Inc.

The global second
hand bag market
 is set to witness an impressive growth rate of
6.2% over the forecasted years of 2022 to 2032. The second hand bag market size
is anticipated to reach a valuation of around US$ 10.77 Billion by the end of
year 2032 from the current valuation of US$ 5.9 Billion in 2022. 

Since customers around the world are
turning cost-conscious as it helps them maintain an affordable way of
life, there has been a significant rise in demand for second
hand bags in these years. More than 30% of consumers claim that they
prefer to purchase used goods since their budget can be more readily managed by
it.

Among the main drivers propelling the market are the rise in
disposable income and the rise in demand for designer bags. Sales of second
hand bags are projected to be driven by the demand for upscale purses for
social gatherings and parties. Additionally, the market is growing as a result
of the expanding impact of social media and celebrity fashion.

Reducing carbon emissions and other dangerous elements has
been made easier with the rise in second-hand goods usage. Choosing second hand
bag over new is a clear step toward circular fashion and a practical
technique to increase the usefulness of the product and its market value.

The demand for second hand bags in the Asia Pacific
region has been spurred by the expansion in consumer purchasing power and the
proliferation of online shopping portals.

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.

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.

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

 

To know more:

https://www.futuremarketinsights.com/reports/second-hand-bag-market

 





















































 

Rupesh
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