PARIS, France — Consumers may be shopping less during the pandemic, but investors are betting that there will still be plenty of demand for luxury goods — used ones, anyway. All Rights Reserved. Encouraging consumers to join the circular economy and adopt a more conscious approach to fashion consumption, the platform is unique due to its highly engaged community, its rare desirable inventory, and high level of trust it has built due to its authenticity and quality control process. Our diverse, global teams bring deep industry and functional expertise and a range of perspectives to spark change. It is dedicated to promoting the circular fashion movement as an alternative to the wasteful and harmful practices of the fast-fashion industry. Find out more about how we use your information in our Privacy Policy and Cookie Policy. Looking beyond general preferences, the report also identifies six consumer segments, each with distinct attitudes and behaviors, representing the various ways in which participants engage with the secondhand market. Buy! TechCrunch is part of Verizon Media. If you would like to join us, have a look on our career opportunities below! Sell! This shift has been further accelerated by the pandemic, with 70% of respondents in 2020 saying they feel compelled to shop for preowned goods in an effort to become more sustainable, compared with 62% in 2018. Launched in Paris in October 2009, Vestiairecollective.com has over 10 million members worldwide with offices in Paris, London, New York, Milan, Berlin, and Hong Kong. 100% of the items are curated and manually controlled by our experts! The survey also reveals shoppers' wants: to own fewer, better pieces; to reduce overconsumption; and to take better care of what's in their closets. In Vestiaire Collective’s case, the baton was handed over to Max Bittner, formerly the founder and CEO of Lazada Group, in January last year. Luxury resale store, find pre-owned fashion on Vestiaire Collective. Vestiaire Collective x BCG: The Consumer Behind Fashion’s Growing Secondhand Market The resale market is currently estimated to be worth $30 to $40 billion… VestiaireCollective.com, the best of pre-owned fashion at 30 to 70% off original retail price. Based on a survey carried out in June 2020 to 7000 Vestiaire Collective members located in 6 countries (The US, France, Spain, Italy, Germany and the UK). Customer Segmentation Is Key to Understanding Engagement in the Secondhand Market. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. The presence of a thriving preowned market encourages all three goals. Over 70,000 new items are submitted by its community of sellers every week, which enables buyers to search amongst highly coveted and sold out fashion pieces @vestiaireco. The resale market is currently estimated to be worth $30 to $40 billion, with the market predicted to grow by a CAGR of 15% to 20% globally over the next 5 years, and even higher in developed markets, which could see a 100% YoY growth. Vestiaire Collective raises €59 million to increase footprint in Asia. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. Vestiaire Collective has posted consistent strong growth over the past 4 years. By Tamison O'Connor April 20, 2020 23:01. LinkedIn. To learn more about the growing secondhand market—and the wide-ranging motivations of its participants—download the full report at vestiairecollective.com or bcg.com. The global secondhand market is predicted to grow by a CAGR of 15% to 20%, Secondhand consumption is largely driven by consumers' desires for affordability, selection availability, and sustainability, Customer segmentation is key to understanding secondhand commerce. Combined, these developments are leading to a share of secondhand clothing in people's closets that is predicted to grow from 21% in 2020 to 27% in 2023. BCG was the pioneer in business strategy when it was founded in 1963. Vestiaire Collective, the leading global community platform for desirable preowned fashion, and Boston Consulting Group (BCG) have partnered for the second year running to study the evolving dynamics of the global resale market. A Thriving Secondhand Market Drives Sustainable Consumption. To succeed, organizations must blend digital and human capabilities. A, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Vestiaire Collective is the leading global platform for desirable pre-owned fashion. Although affordability, selection availability, and item uniqueness have contributed to the growing popularity of the secondhand market, the survey reveals that consumers' mounting environmental concerns are also contributing to the secondhand market's growth. , the best of pre-owned fashion on vestiaire Collective is the leading global platform for desirable pre-owned at. Would like to join us, have a look on our career opportunities below, must! Visiting your Privacy Controls human capabilities capture their greatest opportunities platform for pre-owned. And internet connection, including your IP address, Browsing and search activity using. 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