Why second-hand luxury goods are becoming increasingly popular
At Miller, second-hand luxury jewelry has been our core business for over 30 years. Since 1989, we have been offering second-hand luxury jewelry and rare vintage pieces to our Parisian and international customers via our website. In recent months, we have seen a rise in the second-hand market . In addition to specific markets such as Vinted, some prestigious houses are formalizing a "resale" network, such as Valentino .
Valentino Vintage: the old in the spotlight
It is well known that fashion is made up of sometimes new trends, but also the return of old trends . With the popularity of vintage and applications like Vinted specializing in the purchase and sale of second-hand fashion items, some designers are jumping on the bandwagon. This is how, at the end of October, the Valentino house launched Valentino Vintage. It is an official network for the sale of second-hand ready-to-wear pieces from the house.
Jean-Paul Gaultier and Gucci have already stepped into the breach
Valentino is not really a pioneer in this area. Gucci and Jean-Paul Gaultier already offer the purchase or sale of second-hand designer clothing. Gucci on a specific platform called Vault, Jean-Paul Gaultier via a specific "second-hand" section of his new online store.
But in truth it is rather the multi-brand operators who have led the charge in this area. For example, companies like Farfetch.
How can we explain the success of second-hand luxury products?
The second-hand market has always existed, as evidenced by Miller’s pre-owned and vintage luxury jewelry that has been finding buyers for decades. However, it could be overlooked by some buyers. While it seems perfectly normal to buy a used apartment or vehicle, the hurdle was difficult to cross for certain products, such as clothing or a necklace. That is changing, probably thanks to the following factors:
1. Younger generations are more open to second-hand goods
The interest of the younger generations in the second-hand market is probably one of the reasons that explains its success. While the conservatism of the older generations could dissuade them from turning to something that is not new, the current generation does not have this taboo.
2. Second-hand luxury goods allow you to display a more original look
For a few years now, customization has been a trend that has affected all sectors, from automobiles to jewelry to decoration. When you buy a piece from the latest ready-to-wear collection of a brand X, you risk coming across someone who is wearing the same thing as you. With vintage , this risk is greatly reduced to become virtually zero. The opportunity allows you to bet on originality, to equip yourself with a unique and personal style.
3. Vintage is in fashion
While the return to grace of old-fashioned fashion began much longer ago, the taste for vintage has continued to grow throughout this millennium to become a major fashion trend today. This is evidenced by the success of applications and sites such as Vestiaire Collective, Vinted, Videdressing, Entremains, Etsy, etc.
4. Second-hand luxury goods are eco-friendly
Respect for the environment, sustainable development, social responsibility… Companies are increasingly taking into account parameters other than purely economic ones when they operate. This is particularly due to the new demands of consumers in this area. Yes, they want quality products at low prices. But not at the cost of exploiting the workforce of a developing country or destroying an ecosystem on the other side of the planet. From this perspective, the popularity of vintage jewelry and second-hand luxury products is easily explained. After all, what could be more ecological than a second-hand product? It is even cleaner than recycling , since only the transport of the item has an impact on the environment.
5. Second-hand goods allow you to add value to things you no longer use
For people who are experiencing economic difficulties, the second-hand market allows you to valorize things that you no longer wear . That said, you don't need to have a complicated end of the month to want to make room in your closets by getting rid of things that are gathering dust for hard cash. This new market allows you to stimulate the economy on its scale.
