Who Buys New at Full Price Anymore?... Pre-Owned Luxury Goods Open the Wallets of the MZ Generation [Jumeoni Talk]

8 out of 10 Consumers Have Purchased Secondhand Goods
'Pre-Owned Erusha' Now Available on Coupang

Editor's NoteWe are living in an era where a single serving of pork belly costs 20,000 won and a bowl of black bean noodles is 7,500 won. The Consumer Price Index in 2024 stands at 114.18 (2020=100), and in 2025, the burden on consumers' shopping baskets has increased due to the ongoing effects of high inflation. Through the weekly series "Jumeoni Talk" (Week+Money+Talk), we aim to share stories about consumption that are closely tied to our wallets, alongside the ever-changing prices.

Recently, the number of consumers using secondhand transactions has been increasing. Photo by Pixabay

As the emphasis on rational consumption grows, the secondhand market for high-end luxury brands is experiencing rapid growth. Purchasing luxury goods through secondhand channels allows consumers to buy items at prices 20% to 30% lower than retail, and also provides access to rare limited editions or discontinued products, which is seen as a major advantage.

8 out of 10 Consumers Have Purchased Secondhand Goods

According to a survey conducted by the market research firm Embrain Trend Monitor in May, involving 1,000 men and women aged 13 to 59 nationwide regarding "secondhand clothing," 78.0% of respondents said they had experience purchasing secondhand goods. Notably, among those in their 20s, the rate of secondhand purchases within the past year was the highest at 68.0%, followed by 64.0% for teens, 62.0% for those in their 30s, 59.0% for those in their 40s, and 51.0% for those in their 50s. Additionally, 61.7% of all respondents said, "People these days are comfortable with secondhand clothing," while 43.2% said, "Interest in secondhand clothing has increased recently."

In the past, secondhand goods were perceived as old and shabby compared to new products, leading to low preference. However, as the economic downturn has persisted and the trend of practical consumption has continued, perceptions of secondhand transactions have changed. Not only do lower prices appeal to consumers, but the ability to express individuality through rare vintage or limited-edition items has added to the charm, making secondhand trading a new mode of consumption. On top of this, the advantage of "eco-friendly consumption" has established secondhand trading as a form of "sustainable consumption."

Jeon Jueun, a 30-year-old office worker who purchased a dress through the secondhand platform Danggeun, said, "I like that there are more users and a wider variety of platforms, giving me more choices. I am also satisfied that reusing items that would have been thrown away contributes to the environment."

You Can Also Buy Pre-Owned "EruSha" on Coupang

Coupang selling pre-owned luxury goods. Coupang homepage

This trend is fueling growth in the pre-owned luxury market. While the luxury goods industry overall is experiencing sluggishness, the pre-owned luxury resale market is showing steep growth. In the first quarter of this year, the "Boutique (Pre-Owned Luxury)" category on the limited-edition trading platform Cream saw transaction volume surge by 207% compared to the same period last year. The annual transaction volume on the pre-owned luxury platform Gugus also reached 225.5 billion won last year, an increase of about 46% from 154.5 billion won in 2021.

Riding this growth, the retail industry is moving quickly. Starting earlier this month, Coupang began selling pre-owned luxury goods, including the so-called "Big Three" brands-Hermes, Louis Vuitton, and Chanel-as well as watches and accessories from brands such as Piaget and Omega. However, since there is no dedicated category yet, products only appear when searched under "Pre-Owned." For example, the official retail price of the Fendi "Mon Tresor Mini Bucket Bag" ranges from 2.65 to 2.86 million won, but on Coupang, it is available for about 1.81 million won, approximately 30% cheaper than the retail price. In addition, pre-owned Hermes scarves are also being sold in the 400,000 to 600,000 won range.

Gmarket also began offering pre-owned products from popular brands such as Chanel and Louis Vuitton in April by onboarding Gugus. Cream announced plans to further expand its selection of popular luxury brands such as Celine, Prada, and Balenciaga, and to launch a premium watch line featuring brands like Rolex in its watch category.

Meanwhile, the domestic secondhand market is expected to grow even further. The Korea Internet & Security Agency (KISA) reported that the market size increased from 26 trillion won in 2023 to 30 trillion won last year, and is projected to reach 43 trillion won this year. Within this, the share of the fashion segment is expected to grow from 18.1% in 2023 to 24.3% by 2027.