Gen Z Prefer Shopping Second Hand Louis Vuitton, Chanel and Hermes
“The fact that they can score luxury for less and that too without making an adverse impact on the environment, makes second hand luxury handbags and accessories coveted by generation Z.” said Raghavendera the founder of My Luxury Bargain. Brands like Louis Vuitton, Chanel and Hermes are most coveted, while Gucci, Fendi, and Burberry are also desired by generation Z.
My Luxury Bargain's "Report on Luxury Resale" 2017 report tells us the brands that are bestselling, the age group as well as the gender of shoppers that buy from the website and marketplace trends.
Amongst the most selling brands like Louis Vuitton, Gucci, and Fendi, the marketplace found that Hermes and Goyard receive a high amount of interest from online shoppers. Men too have shown a great deal of interest in wallets and accessories from Hermes and Goyard.
As per the report, the popularity of trending brands, like Louis Vuitton and Chanel, in the second hand marketplace has not met any competition from upcoming luxury brands like Chloe or Lavin. On the other hand, Burberry, as well as Saint Laurent have witnessed a drop in the number of shoppers enquiring about handbags or accessories from these brands.
Delights in ConsignmentMy Luxury Bargain claims that the market segment that relies on consigning high-end handbags and accessories is witnessing a period of substantial growth. The concept of “Collaborative Consumption” and that of the “Sharing Economy” are now understood well by the Generation Z. It is also interesting to note that data released by Fung Global Retail & Technology, a retail think tank, claims that the entire resale industry is expected to grow from $18 Billion in 2016 to $33 Billion in 2021.
As per Raghavendera, exciting times lie ahead in the second-hand luxury market space and the Generation Z becomes an important market segment for online portals to capture. His website is now two years old and has recently launched in South Africa. All items listed on the website come with a certificate of authenticity.
Moreover, the website provides a unique service wherein potential buyers can negotiate price of the item that they are interested in with its seller. The website has an assortment of vintage and limited edition handbags and is certainly the best place to shop second hand Louis Vuitton bags in South Africa.