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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.
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
Offering a gateway to indulgence without a hefty price tag, India’s pre-owned luxury market is catching the fancy of youth. www.fortuneindia.com |
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:
Why the Surge?
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.