According to the 2024 resale report of thredUP – the largest online consignment and thrift store, the global “second hand” fashion market is expected to reach $350 billion by 2028. In Asia and Australia, the global second-hand fashion market is expected to reach $350 billion by 2028. The second-hand market is recorded to grow three times faster than the apparel market. Notably, major brands such as Kate Spade, H&M, J. Crew and American Eagle have restarted their resale programs in 2023, meeting the growing demand of believers with savings and longevity goals. Long life cycle of luxury items.
Wealthy consumers are increasingly practical
For a long time now, reusing fashion has no longer caused fear, especially when the sustainable fashion “revolution” is becoming stronger and stronger, reusing old items is even more encouraged. It has even been elevated into a fashion consumer culture.
Japan’s extremely strict laws on counterfeit goods, advances in information technology and a series of other rigorous appraisal processes have built many “measures” to authenticate the source and quality of goods, ensuring Less risk of counterfeit or poor quality products, positioning Japan as a very reliable source of used luxury goods
Among Asian cities, Tokyo has developed a luxury second-hand market beyond its reach, supplying second-hand goods not only to the region but also to many parts of the world. The unique way the Japanese do is to refurbish and resell used items to attract foreign tourists and export their business model to wealthy places such as Shanghai, Hong Kong, Singapore.
Like Tokyo, China’s high-end second-hand market with representatives such as Shanghai, Hong Kong… is also booming, although previously buying used goods from Louis Vuitton, Rolex, Hermès, Prada or Fendi was not approved. wall. Now it’s different, shoppers are becoming more and more practical.
Rolex Explorer I (Ref.114270) is a typical “case”. It sells for around 750,000 Yen to 950,000 Yen in Japan but costs between 6,300 and 8,500 USD in other countries. By launching many great deals, many old luxury items sold in Japan with price differences of up to thousands or tens of thousands of dollars attract people around the world.
At second hand “hypermarkets”, devotees always have unique “discoveries” such as Chanel bags, timeless LVs or glamorous dresses inspired by the 50s… Owning a warehouse The influx of used luxury goods and well-preserved collectibles in recent decades has indeed turned thrift shopping into a novel tourist activity not only in Japan but also elsewhere. they shipped the goods
Auctions and online platforms flatten the shopping space
While a Prada Messenger or Fendi Baguette nylon bag sells for 30% – 40% less on resale platforms than luxury stores, some products are seeing an increasing price gap. further in online sales.
Auction service models in Japan (and copied to other partner countries) are very diverse. Or it allows registered recyclers and independent buying professionals to list items for a listing fee of 550 yen per item, a 5% commission rate for watches, jewelry and handbags, and 10% for clothes when sold successfully.
Sales patterns have emphasized Japan’s prominence as a trusted and preferred destination for high-quality used luxury goods, attracting the attention of international buyers and investors. international
In Japan there are also online auctions specifically for dealers, attracting thousands of registered used dealers. In many events, tens of thousands of branded watches, jewelry, and handbags have been listed, achieving a high auction rate – over 90%. Notably, about 30% of the auction amount comes from overseas buyers, of which nearly half comes from Asia… In addition to trust in quality, sales methods also contribute to positioning Japan. You (and your partners) increase convenience, blurring geographical boundaries of buying and selling.
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