From Musty to Must-Have: The Journey of Pre-Owned Luxury
In her book Wintering, Kathrine May describes the wolfish hunger urging us to possess things we do not need. In a world where one trend chases the next and society makes us believe abundance is a substitute for excellence, we are all consumed by this occasional appetite. Is there a way to slow down, select our possessions more carefully, curate a selection of pieces and give oneself peace of mind?
Past and present of pre-owned
Second-hand stores are the last spot where you might expect to find answers. Those musty-smelling stores showcasing the contents of grandma’s closet or utter rubbish no one wants. There used to be a lot of prejudices around buying second-hand. It used to be reserved for free spirits and those who could not afford to buy new. Gone are those days. According to Deloitte, the pre-owned market will comprise around half of the luxury market by 2030.
Those stuffy stores have become stylish online and offline spaces offering carefully selected luxury items. Second-hand turned into pre-owned; pre-owned into pre-loved. This image revamp started online with platforms where individuals would sell their used luxury items that underwent a quality check before going on sale. Authentication remained an issue back then, with buyers having little security about the authenticity of the pieces they wished to purchase. Nowadays, brands actively support pre-owned businesses by implementing certification programs, with some players using blockchain technology to guarantee authenticity. Global luxury retailers start to invest by partnering up with auction houses or acquiring pure online players. Meanwhile, online players have started opening up brick-and-mortar spaces.
Evolving consumer mindset
Market tendencies reflect change in consumers’ mindset centered around long-term investment. Consumers' evolving identity is also apparent in their appreciation for the time and narrative of a luxury piece. They transition into collectors with an interest in owning a piece of history. The watch industry is a prime example of a domain profiting from this shifting mindset.
Most pre-owned luxury buyers are Millennials and Gen Y, closely followed by Gen Z. To them, pre-owned is a smart and sustainable way to buy into luxury. Let alone the instant availability for those less patient consumer cohorts. From high-end leather goods to fashion to watches and jewellery, younger generations do not only see the opportunity to snag a deal but also to honor the brands they love and to do so in a sustainable way. Luxury brands and retailers could use this to bond with an entry-buyer segment that still today seems hard to decode.
Transformative power?
Our question remains: could pre-owned possibly be an antidote to the wolfish consumer hunger? Maybe not. Yet, it is a way to slow down, adopt a more conscious approach to buying and ensure that the things we own, do not own us. Curating a selection of luxury pieces rich in history is a beautiful way to cherish the craftsmanship and heritage of the brands we love.