2025 Secondhand Luxury Market Consumption Trends: From ‘Bargain Hunting’ to ‘Investment’

In 2025, the secondhand fashion and luxury goods market has officially shed its label as a ‘niche trend,’ becoming a core growth engine in the global fashion industry that cannot be ignored. According to the report “Resale’s Next Chapter” jointly released by Boston Consulting Group (BCG) and the global high-end secondhand fashion platform Vestiaire Collective, the global secondhand fashion and luxury goods market has reached a scale of $210-220 billion, with a stable annual growth rate of 10%, more than three times the growth rate of the primary market. Meanwhile, the “2025 Clair Report” released by another high-end luxury resale platform, Rebag, confirms this trend from the perspectives of brands and individual items—top brands like Hermès and Goyard have once again reached new highs in value retention rates, while retro trends and investment-oriented consumption continue to heat up. This market transformation brought about by the circular economy is redefining the value logic and market landscape of fashion luxury goods.

The growth is driven by the dual motivations of both buyers and sellers. For buyers, “value for money” remains the core attraction.

Over half of consumers believe that the secondhand channel gives them the opportunity to access high-end brands they originally couldn’t afford, rather than settling for affordable primary market alternatives; nearly half of buyers frankly state that purchasing secondhand is to avoid the full retail price of new items. Beyond price advantages, uniqueness and the thrill of the hunt are equally indispensable—55% of buyers value the uniqueness of secondhand goods, 54% appreciate the rich variety of choices, and 49% enjoy the interaction and excitement during the “treasure hunt” process.
The motivation on the seller’s side comes from the combination of practical needs and financial goals. 66% of interviewees cited “wardrobe decluttering” as the main reason for selling secondhand luxury items, making closet management a fashion lifestyle; 44% of sellers hope to raise funds for future secondhand purchases through resale, 41% aim to earn extra income, and 18% use the proceeds from resale to buy new primary market items.

It is also worth noting that online channels have become the main force for secondhand transactions. BCG survey data shows that 55% of secondhand luxury purchases are completed through multi-brand online resale platforms like Vestiaire Collective, The RealReal, and Vinted, showing a more pronounced increase compared to previous years.

In the 2025 secondhand luxury market, the structural characteristics of consumer groups are becoming increasingly distinct. Among them, Generation Z is undoubtedly the most influential new force.
BCG data shows that secondhand items account for as much as 32% of Generation Z’s wardrobes, far exceeding the overall average. Compared to other generational consumer groups, Generation Z’s secondhand consumption carries a distinct emotional and creative belonging. Although value for money remains a primary driver (mentioned by 74% of interviewees), they place greater emphasis on style expression, exploration experience, and personalized experimentation. Generation Z is more likely to choose secondhand consumption for reasons like “the thrill of the hunt,” “finding limited edition or sold-out items,” and “enhancing personal style.” More importantly, most Generation Z individuals view the secondhand channel as an important brand discovery platform: about 80% of Generation Z interviewees stated that they first discovered or tried a certain brand through secondhand purchases, significantly higher than the overall average of 66%, highlighting the brand cultivation value of the secondhand market for younger consumer groups.

Regional differences similarly shape market patterns. American consumers lead the world in their acceptance of secondhand luxury goods, with secondhand items accounting for 32% of their wardrobes, especially in the handbag category, where the secondhand share is as high as 66%, far exceeding the 39% in European markets. The secondhand consumption in the U.S. market is more transactional and value-oriented: 87% of American interviewees listed value for money as a purchasing reason; more Americans believe that the secondhand channel allows them to own brands they originally couldn’t afford and are more inclined to choose secondhand luxury goods rather than affordable primary market substitutes. The European market, however, places greater emphasis on “wardrobe refinement.” In countries like Italy and Germany, over 70% of interviewees cited “wardrobe decluttering” as the core reason for resale. In terms of sustainable concepts, Europe is also at the forefront—33% of European consumers stated they have adopted more sustainable fashion consumption behaviors, while this proportion is 28% in the U.S., reflecting that under economic pressure, American consumers are more inclined to prioritize immediate value, while European consumers pay more attention to sustainable development.

In the 2025 secondhand luxury market, the measure of brand value is shifting from “market popularity” to “value retention capability.” Rebag’s 2025 Clair Report, through tracking the resale performance of over 500,000 luxury items, found that the value retention rates of classic models from top-tier brands have reached new highs. Hermès handbags continue to lead, with an average resale value of 120% of the original retail price; Goyard follows closely with 95%. This phenomenon indicates that the secondhand market is increasingly recognizing the investment value of luxury goods with scarcity and heritage. For affluent consumers, the secondhand channel’s core attraction lies in acquiring rare or sold-out top luxury items, which often maintain or even exceed their original price upon resale, becoming a form of “value-preserving consumption.”