The Unstoppable Rise of Pre-Owned
Pre-owned is growing and is increasingly seen as a conscious choice
Pre-owned luxury is exploding, growing approximately three times faster than the primary luxury market globally. The Covid-19 effect looks to be accelerating this, as consumers seek to maximize value for money, avoid waste, shop sustainably and leverage the resale market to fund new luxury purchases.
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Shopping pre-owned is a sustainable act, as its environmental impact is much lower than shopping new
On average, purchasing a pre-owned item saves 1kg of waste, 3,040 liters of water and 22kg of CO2.
The growth in pre-owned shopping on FARFETCH from 2019 to 2020 is massive
FARFETCH is a pioneer in pre-owned luxury, having partnered with its first pre-owned boutique in 2010.
52% of FARFETCH customers surveyed have bought or sold pre-owned luxury items in the 12 months to Sept 20
I do feel like buying pre-owned is more sustainable, since one of the key tenets of conservation is to use things that last longer. It even helps redeem items made unsustainably by giving them a second life — no need to discard something just because it was produced unsustainably. That only compounds the waste.
Joshua Davis, Private Client customer, Atlanta, USA
Searches for pre-owned terms have risen steadily, but peaked during the initial Covid-19 restrictions in the spring
Pre-owned categories
Pre-owned bags dominate, accounting for 63% of sales, but increasingly jewelry and watches provide a place to invest
Covid-19 has increased demand for investment pieces that potentially hold or increase their value
Investment brands with the most cachet are those getting the attention
Pre-Owned Louis Vuitton
28%
Pre-Owned Chanel
19%
Pre-Owned Hermès
17%
Pre-Owned Rolex
6%
My go-to is always vintage and pre-owned. Personally, I have been a vintage and resale lover and collector for years. There is something interesting and unique about incorporating a pre-loved piece into a look, not to mention the environmental benefits.
Kristin Smith, Private Client customer, Los Angeles, USA
But other pre-owned categories also generated big-ticket sales
Highest value pre-owned items sold per category
Watches
Jewelry
Clothing
Customers are prepared to spend big on pre-owned more generally
Most pre-owned items bought by a single customer
183 items
The largest single pre-owned basket
29 items
Customers who bought pre-owned items spent three times more on average than those who bought non-pre-owned items
3x more ASP
The stay-at-home factor
Throughout the pandemic’s lockdown periods, pre-owned, lifestyle items have sold well. 2020 sales were three times those of 2019
Louis Vuitton Petanque Veuve Clicquot Champagne holder
The ultimate luxury combination of classic French outdoor game with a holder for the classic French drink.
Hermès dog-print playing cards (set of 2)
Play Cribbage, Gin Rummy or Poker in style with cards printed with the brand's favorite hunting dog motif.
Louis Vuitton DouDou teddy bear
A teddy bear like no other, crafted in leather and subtley but distinctly branded by the French house.
The Nineties
The 1990s is a key period for pre-owned customers, reflecting trends seen across current in-season fashion
17% of pre-owned items sold in 2020 originated in the 1990s or early 2000s
The Margiela years at Hermès are a continuous source of inspiration. There is something so simple yet powerful about his collections for the maison. Truly timeless. Other 90s icons I love are Jil Sander and Calvin Klein. I spend hours searching the internet for vintage pieces... I made a promise to myself to try and find a garment secondhand first, before buying something new. After all, opting for secondhand clothes and therefore extending the lifespan of a product is the most sustainable form of consumption.
Stephanie Broek, fashion writer and consultant, Amsterdam, Netherlands
FARFETCH wholly believes that circular fashion represents a significant slice of luxury’s future. This view has been cemented by recent moves from luxury group Kering and others to back circularity-focused businesses.
There is a clear affinity between luxury and circularity. The quality associated with luxury fashion inherently gives it a lifespan that can extend across multiple generations. Its aspirational aspect and the cyclical nature of fashion also mean pre-owned pieces retain their desirability over time. As a result, FARFETCH has set a 2030 goal to drive more sales of circular, low-waste products or enable uses of our circular services, than sales of products made in traditional, linear ways.