As Seen in CNBC: Coronavirus and luxury retail: Shopping for used Hermes, Cartier in COVID era
September 19, 2020
According to CNBC, the market for secondhand fashion was growing rapidly prior to the COVID-19 pandemic.
Despite the current economic climate, used apparel and accessories start-ups are continuing to rebuild business models to ensure they continue thriving, giving people the opportunity to make money from their used luxury apparel. Rather than letting them sit in a closet, more and more people in recent years were beginning to view the high-end, luxury items in their wardrobe as valuable, tradable assets.
According to the article, “Luxury apparel and accessories consignment grew to a $24 billion market before Covid, and has been projected to reach $51 billion by 2023, driven largely — but not exclusively — by millennials and Gen Z.” Although 18- to 37-year-olds are adopting secondhand apparel faster than older generations, Boomers and Gen X’ers are now also starting to enter this segment of the market, as Boomers, in particular, declutter their closets and look for ways to extract value from the clothing, handbags, and other accessories they’ve owned for years. With more people looking for additional income due to the impact of the pandemic, this trend will likely continue as more people are willing to empty out their closets.
To view the full article by CNBC, click here.
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