Second Hand Bag Market is set to witness ant
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