From junk to trend – the second-hand market for luxury goods is booming
Published: Friday, Sep 13th 2024, 10:30
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The market for second-hand luxury goods is booming - and Switzerland is right in the middle of it. Second-hand luxury is increasingly in demand on platforms such as Ricardo and Tutti.
"Louis Vuitton and Rolex have been among the top 10 search terms on Ricardo for years," a spokeswoman for the Swissmarketplace Group told the news agency AWP. In addition to ricardo.ch, the group also operates tutti.ch.
Women's handbags and watches are particularly popular in the second-hand luxury sector. There are many reasons for buying second-hand luxury goods. In addition to the obvious price advantage over new goods, the uniqueness of vintage products and better availability also play a role.
"Many luxury models have a waiting period in the usual retail sector or certain models are no longer produced," says the spokesperson. There is also a growing need among consumers to consume more sustainably through second-hand purchases.
Focus on safety
However, there is also abuse on online platforms. To ensure the authenticity of the luxury items on offer, Ricardo and Tutti therefore rely on sophisticated internal control systems and work closely with trademark rights holders. "By using internal control systems, the marketplaces are automatically checked on an ongoing basis and irregular offers are removed from the platform if necessary," says the Swissmarketplace Group.
The company is also a member of the Stop Piracy association and participates in the "Too good to be true" campaign of the Swiss Crime Prevention Agency. At the beginning of the year, Ricardo also launched the "Ricardo MoneyGuard" escrow service, which is particularly suitable for used luxury goods. This service is designed to offer greater security when buying and selling by only transferring the amount paid to the seller once the buyer has received and approved the goods.
The international second-hand platform Vinted is also currently expanding its luxury range. Vinted offers an authenticity check for designer items to make purchases as secure as possible. "If the price is too good to be true, you should be careful," warned Cécile Wickmann, head of the Vinted luxury department, in a recent interview with the German press agency DPA.
International trend
However, the trend towards second-hand luxury is not limited to Switzerland. Experts are also observing increasing demand in Germany. "The trade in second-hand luxury goods will increase disproportionately," Christian Wulff from the consulting firm PwC also told DPA. "Among other things, this will reach groups of buyers who cannot or do not want to afford new goods."
According to Thomas Hensel, Professor of Art and Design Theory at Pforzheim University in Baden-Württemberg, social media and streaming platforms in particular are fueling young people's desire to become part of the luxury world. As many cannot afford designer pieces, they are turning to second-hand items. "In addition to the high price, luxury can also be defined by outstanding quality. This also makes it suitable for resale."
Focus on sustainability
The ecological factor also plays a role: "The secondary use of luxury goods extends their life cycle. The product is not thrown into landfill and no new environmental pollution is created," emphasizes Professor Hensel.
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