×
80 100
Fashion Jobs
ESTEE LAUDER
Senior Project Manager
Permanent · Queens
MICHAEL KORS
Part Time Sales Supervisor, Jeffersonville Ohio
Permanent · Jeffersonville
ASCENA
g1614 - General Manager-Ann
Permanent · New York
ASCENA
ft Assistant Manager @ Ann Taylor: Town & Country Village
Permanent · Houston
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Columbus
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Marysville
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Louisville
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Sunset Valley
KOHLS
Full-Time Loss Prevention Officer
Permanent · Sacramento
KOHLS
Loss Prevention Manager - Oxmoor, ky
Permanent · Louisville
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Mansfield
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Huntsville
KOHLS
Loss Prevention Associate
Permanent · DeSoto
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Portland
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Livonia
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Woodbury
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Layton
NORDSTROM
Assistant General Manager- Marketplace Cafe- Ross Park
Permanent · Pittsburgh
NORDSTROM
Asset Protection - Agent - Buckhead Station Rack
Permanent · Atlanta
NORDSTROM
Retail Stock - Schererville Rack
Permanent · Schererville
NORDSTROM
Retail Stock & Fulfillment - Phipps Plaza
Permanent · Atlanta
NORDSTROM
Asset Protection Agent - Village Square Rack
Permanent · Northbrook
Published
Oct 16, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Luxury resale market helps brands recruit new fans

Published
Oct 16, 2019

As the second-hand luxury market continues to go from strength from strength, resale platform Vestiaire Collective has teamed up with Boston Consulting Group (BCG) to release a study highlighting three reasons that brands should be leaning into the growing trend.


According to Vestiaire Collective and BCG, luxury brands should be embracing the burgeoning second-hand market - Photo: Vestiaire Collective

 
Entitled “Why Luxury Brands Should Celebrate the Pre-Owned Boom,” the study points out that the second-hand market can function as an effective recruitment mechanism for luxury brands, serving to introduce them to consumers who can’t afford to buy their products on the primary market at the present time but who often maintain brand loyalty as they mature and their spending power increases.
 
Indeed, 62% of those surveyed as part of the study revealed that they bought a brand that they liked for the first time on the second-hand market, with almost the same percentage saying that they would purchase items from the same brand again. More importantly, though, 57% also said that they would either definitely buy or consider buying from the brand first-hand in the future.

While the majority of second-hand buyers (71%) said that they bought items on the pre-owned market that they could not afford first-hand, 70% of sales made on Vestiaire Collective are made by sellers who rarely buy second-hand themselves.

In this way, the pre-owned market also encourages these pre-owned sellers to buy more first-hand. 32% of sellers surveyed by the study said that their main reason for selling was to fund further purchases on the primary market, while 44% claimed that they purchased more expensive luxury items thanks to their resale activities.
 
The third reason highlighted by BCG and Vestiaire Collective for luxury brands to embrace the second-hand boom is the fact that it promotes sustainability in the luxury industry.

Adopting a favorable approach to resale is, therefore, not only a commendable ethical stance, but also makes clear business sense in that it can be seen to boost a brand's eco credentials – especially important at a time when much sought-after millennial and Gen-Z consumers are increasingly concerned with ecological and social issues.
 
The “Why Luxury Brands Should Celebrate the Pre-Owned Boom” study is based on a survey of more than 1,005 Vestiaire Collective users in October 2018, as well as the results of the 2019 BCG x Altagamma survey, which included 12,000 respondents.

Copyright © 2022 FashionNetwork.com All rights reserved.