Annual Growth Rate of 10%... Market Expected to Reach 512 Trillion Won by 2030
Trend-Sensitive Young Consumers Actively Engaged in Trading
The global pre-owned luxury goods market has experienced rapid growth, reaching nearly 300 trillion won in scale. As luxury goods prices continue to rise, a growing number of young consumers are turning to the secondhand market in pursuit of both value for money and exclusivity.
Yonhap News reported this on October 18, 2025 (local time), citing a broadcast by CNBC in the United States.
According to CNBC, "A report from the international consulting firm Boston Consulting Group (BCG) states that the global pre-owned fashion and luxury goods market is growing at an annual rate of about 10 percent, which is three times the growth rate of the new products market."
The market, currently estimated at around 210 billion dollars (approximately 299 trillion won), is projected to reach 360 billion dollars (about 512 trillion won) by 2030.
The report, which surveyed 7,800 consumers, found that 78 percent cited "reasonable prices" as the main reason for purchasing pre-owned luxury goods. Additionally, the ability to purchase discontinued models was highlighted as another strength of the secondhand market.
An official from a pre-owned luxury goods trading company explained, "Millennials & Gen Z, who are sensitive to trends but have relatively limited spending power, are actively buying and reselling pre-owned luxury goods, establishing a cycle of consumption."
Meanwhile, a series of price increases by luxury brands is fueling the growth of the secondhand market. The Belgian luxury brand Delvaux raised the prices of some products by up to 15 percent starting October 15. The watch and jewelry sectors have also announced upcoming price hikes.
In addition, Omega plans to raise the prices of all its products by an average of 5 percent in November, while Bvlgari is implementing its third price increase this year. Tiffany & Co., which belongs to the same group, is also likely to implement additional price increases in line with the trend in overseas markets.
Chanel also raised prices in the Korean market in June. The price hike included signature products such as classic bags. This marks the third price increase by Chanel in South Korea this year.
Experts predict that as the scarcity and investment value of luxury goods become more prominent, the expansion of the secondhand market will accelerate further. BCG analyzed, "As young consumers' eco-friendly consumption awareness and resale culture converge, the pre-owned luxury goods market will become an important pillar of the future luxury industry."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
