According to IMARC Group's latest report, titled œIndia Secondhand Luxury Goods Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026, the India secondhand luxury goods market is currently witnessing strong growth in 2020. Secondhand luxury goods include high-end and premium products, such as handbags, antique furniture, jewelry, apparel and fashion accessories, that are purchased by a second or later end-user. They are commonly purchased through auctions for charity and private-owned consignment stores. These products are priced significantly lower than the original product, which makes them accessible to a large section of society.
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The market in India is primarily driven by the inflating disposable incomes of the masses. Along with this, the rising brand consciousness and their shifting lifestyle preferences have led to the widespread preference for high-end fashion brands, which is acting as a major growth-inducing factor. Additionally, the increasing investments by key players across the country to upgrade their authentication processes and quality checks for providing safe and reliable goods to end users is also creating a positive outlook for the market. Some of the other factors contributing to the market growth include rapid urbanization and evolving fashion trends in the country. Looking forward, the market is expected to continue its strong growth during the forecast period (2021-2026).
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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We are updating our reports, If you want latest primary and secondary data (2021-2026) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours.
Key highlights of the report:
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