According to the Boston Consulting Group and Altagamma, the secondhand market will grow from 25 billion dollars in 2018 to 36 billion dollars in 2021.
Secondhand will grow more than luxury. The market for these items will grow 12% per year, according to Boston Consulting Group and Altagamma. Secondhand will develop faster than luxury, which will grow 9% per year.
The report by Boston Consulting Group and Altagamma in collaboration with Vestiare Collective is based on a survey of more than 1,000 Vestiare Collective clients and 12,000 surveyed for a BCG and Altagamma survey.
“Millennials and Gen Z are disrupting the market and placing greater importance on the social and environmental impact of their purchases than previous generations,” according to data of the report collected by WWD.
The report states that the behavior of 59% of secondhand luxury buyers is influenced by ecological considerations. On the other hand, 17% of secondhand buyers do it because they consider it a “sustainable behavior.”
According to Boston Consulting Group and Altagamma, the secondhand market will grow from 25 billion dollars in 2018 to 36 billion dollars in 2021. Currently, the fourth part of secondhand purchases takes place online.