Pandemic Boosting Demand for Secondhand Luxury

RAPAPORT... The global market for secondhand hard-luxury goods is benefiting from emerging consumer trends that have intensified during Covid-19, according to Boston Consulting Group (BCG). The category is growing by 8% per year, the management firm said in a recent report.Rising online sales, changing consumer preferences and increased concerns about sustainability are driving demand for the category, especially among younger consumers, BCG explained. Watches account for some 75% of the EUR 21 billion ($24.8 billion) market, with jewelry making up the remaining 25%."These trends were already well underway before the Covid-19 outbreak hit, but the pandemic - and the economic slowdown it created - has accelerated them," the company said.Financial uncertainty caused by the crisis has prompted consumers to consider acquiring pre-owned items as an investment, the group added. Prices are more attractive than for new goods, and the jewelry or watches do not immediately lose value on purchase, it noted.Image: A jewelry store window. (Shutterstock)