The global second-hand fashion and luxury goods market is witnessing rapid expansion, growing three times faster than the market for new products, with an annual average growth rate of 10%. According to a report by the Boston Consulting Group (BCG) for resale platform Vestiaire Collective, the market is projected to reach US $ 360 billion by 2030, up from nearly US $ 220 billion at present. The study further revealed that pre-owned items now make up almost one-third of users’ wardrobes on the platform.
The survey, based on responses from 7,800 users across 70 countries, found that price remains the primary motivation for 80% of respondents purchasing second-hand. Other key drivers include the variety and uniqueness of products (55%), the thrill of finding rare items (50%), and environmental consciousness (40%).
The report also explored seller behaviour on Vestiaire Collective, showing that 66% of sellers part with items to declutter their wardrobes and free up space. Other motivations included earning money (41%), funding future purchases (44%), and buying new items (18%).
Felix Krueger, Associate Director at BCG and co-author of the report, stated that second-hand fashion had “evolved from an experiment into a market that brands can no longer afford to overlook.” He added that many companies now view it as “a key channel for attracting new customers,” noting that Generation Z and other resale-native consumers are “driving this accelerating trend.”
The study also underscored differences between the European and US markets. Among Generation Z consumers, second-hand pieces account for 32% of wardrobes, while 45% of handbags are pre-owned. This proportion rises to 66% in the US, compared with 37% in Europe. Moreover, US buyers show greater focus on affordability, with 87% citing price as a key factor in purchasing pre-owned fashion, compared with 76% of European respondents.
