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India’s pre-owned luxury market is experiencing a remarkable surge, captivating not only the affluent in major cities but also young enthusiasts in smaller towns.

Puneet Dudeja, Director, Business Development, WGSN and Principal, Technopak discusses factors propelling India's pre-owned luxury market

India’s pre-owned luxury market is experiencing a remarkable surge, captivating not only the affluent in major cities but also young enthusiasts in smaller towns. This trend, fueled by sustainability consciousness and a desire for exclusivity, is reshaping the luxury landscape. In this article by Fortune India, Puneet Dudeja, director, business development at WGSN offers his insights while delving into the fascinating world of pre-loved luxury goods.

Puneet affirms: “India’s pre-loved luxury market is attracting young people, not just rich folks in big cities but also those in smaller towns. This market was worth $555 million in 2022 and is expected to grow at 12% every year until 2028, reaching a size of $1 billion. Handbags are the hottest category as consumers seize the opportunity to acquire premium brands such as Hermès and Louis Vuitton at accessible price points. The allure of these items lies not just in their aesthetic appeal but also in their investment potential, as they often retain or appreciate over time People, mainly young adults in smaller cities, care about the environment and want high-quality things.”

READ THE COMPLETE ARTICLE AT: https://www.fortuneindia.com/long-reads/pre-loved-luxury-biz-gains-momentum/117019

What Is Pre-Loved Luxury? Pre-loved luxury items encompass a wide range of premium-branded products, including couture clothing, ready-to-wear fashion, footwear, jewelry, designer bags, and watches. These treasures find new life through special e-commerce platforms, brick-and-mortar stores, and even WhatsApp shopping. For discerning buyers, collectors, and first-time luxury enthusiasts, pre-loved luxury offers an enticing gateway to indulgence without the hefty price tag.

The Growing Market:

  • In 2022, India’s pre-loved luxury market was valued at a substantial $555 million.
  • Projections indicate that this market will expand at an impressive annual rate of 12% until 2028, ultimately reaching a staggering $1 billion.

Why the Surge?

  • Sustainability: As conversations around wasteful fashion gain momentum, consumers are increasingly drawn to pre-loved luxury. Resale websites provide a greener alternative, allowing shoppers to embrace style without compromising the planet.
  • Creative Expression: Vintage resellers and luxury resale outlets offer unique pieces that allow for individuality and creative styling. Celebrities, too, are turning to pre-loved fashion to make impactful statements.
  • Brand Ambassadors: Stylists are dressing brand ambassadors in archival, pre-loved luxury pieces. This approach not only honors the brand’s heritage but also showcases versatility and depth.
  • The Future Ahead: With India’s expanding middle and upper classes, the luxury market is poised for exponential growth. India’s luxury market is projected to multiply to 3.5 times its current size by 2030, driven by younger customers seeking exclusivity and quality.

 

Pre-loved luxury isn’t just about owning a piece of fashion history; it’s a conscious choice that aligns with sustainability and personal style. As more Indians embrace this trend, the allure of vintage and pre-owned luxury continues to captivate hearts and wardrobes alike.

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