Brand Management

Awareness of Secondhand Luxury Consumption Among Indian Consumers: A Qualitative Study

Article Details

Pub. Date	:	Dec, 2023
Product Name	:	The IUP Journal of Brand Management
Product Type	:	Article
Product Code	:	IJBRM021223
Author Name	:	Hemantha Y
Availability	:	YES
Subject/Domain	:	Marketing
Download Format	:	PDF Format
No. of Pages	:	11

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Abstract

Secondhand luxury or resale of luxury goods has been gaining prominence across the world, allowing global fashion companies to adopt newer business models. The paper presents the various facts and concepts related to secondhand luxury by reviewing the pertinent literature. It provides a conceptual understanding of the secondhand luxury market, along with resale models adopted by a few luxury fashion companies. Besides, it addresses the purchase patterns of consumers through a qualitative survey, which comprised shopping patterns dimensions. The study highlights the marketing strategies, factors influencing secondhand luxury consumption, and sustainability issues related to the industry.

Introduction

With the secondhand luxury sector gaining prominence across the world, it is paving the way for new business transformation. Various market reports indicate that there is significant growth in secondhand luxury consumption through online platforms. In this fast-growing market, consumers purchase and sell pre-owned luxury products that include fashion and lifestyle accessories such as leather bags, etc. Luxury retailers are leveraging this opportunity to attract customers and expand their business (Ducasse et al., 2021). This is called resale market or secondhand market online. For example, Reflaunt is practicing Raas-Resale as a service, which is a resale platform for luxury brands and retailers, where circular fashion and resale are integrated in their business models. Their major customers are brands such as Balenciaga and Saks Off 5th. Besides, Reflaunt offers resale services for Net-A-Porter, Harvey Nichols, and The Outnet, among others (Forbes Report, 2023).

Secondhand purchases take place due to factors such as economic, exhilaration and experimentation, as compared to brand new firsthand luxury (Guiot and Roux, 2010). Secondhand luxury market has been growing rapidly since the last decade and is considered as better alternative to traditional purchasing. However, few studies have focused on the motives behind why people choose secondhand luxury products over brand new ones. This study seeks to understand the perspectives of luxury companies and the