Secondhand market for luxurious products is fueled by the West

Growth also signals the improvement in living standards

Second-hand markets to reduce waste in landfills

Many of us have a desire to own branded items. It could be a pair of the best sunglasses or the best  bag. However, the desire generally doesn’t convert into realisation, all thanks to paucity of money. 

But as they say, every cloud has a silver lining! Secondhand market in India has boomed in the last few years, helping people lay their hands on the very items they saw were unreachable! 

As per an IMARC group report, the size of the second-hand luxury goods market in India reached USD 555 million or Rs 46 billion approximately in 2022.

At the same time, it predicts that the market  can grow at the rate of 12 per cent during the 2023-2028 term. 

 

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Here are the other highlights of the report: 

The report mentions:

• The secondhand market for luxurious products is fueled by fashion trends from the West.  
• The growth also signals the improvement in living standards. 
• Keeping in mind the environmental concerns, people prefer secondhand products. 
• Most importantly, such markets will see a decline in the amount of waste sent to landfills.

The report also notes that the Indian secondhand market can be categorised into handbags, jewellery and watches, clothing, leather goods, footwear among others. 

It can also be noted that during Covid pandemic, the secondhand market literally thrived while others suffered.