The used goods market is on the rise across the world. At first, it started in Africa and Asia, but today even North America has a big second-hand product market.
People are buying used clothing and accessories, both in-store and online. Baled purses, jewelry, shirts, and all kinds of other items are being sold more frequently
What’s even more interesting is that the resale of both affordable and luxury used goods are booming. Clothing brands weren’t aware that there is a market for these kinds of bulk used products, and this is why we at Bank & Vogue consider ourselves as one of the pioneers of this business.
How the Numbers Bear Out For Bulk Used Clothing & Used Purses
Today we are connecting buyers and suppliers across the world, carrying out the logistics of bulk used clothing, purses, shoes, belts, toys and other used goods – all in an effort to bring innovative solutions against the crisis of wastefulness.
Modern society is at the peak of consumerism, where people are always craving new clothing products, designs, and exciting brands. However, the whole industry seems to be going in the opposite direction.
For example, the US market for used clothing has grown 20X in the past several years.
If we look at the global numbers, the whole market is expected to reach a value of $50 billion by 2023. It’s important to know that it was worth a total of $11 billion in 2012, which shows you just how fast this market is growing.
Even though there aren’t accurate numbers on the percentage of used purses that are resold, we can assume that there is a large enough market.
Used Luxury Handbags Are a Big Hit
The stigma of buying pre-owned items has been lifted. The numbers don’t lie – there is an increasing demand for second-hand luxury bags, jewelry, and watches. In 2014 the whole market was worth around $17 billion, and what’s really encouraging is that the sales in online stores are booming.
In India, for example, used bags are a big hit. More specifically, used designer handbags are trendy, and there is a big market for these kinds of products.
Consumers from countries that are still developing can finally afford pre-owned and vintage luxury handbags and get the style they always wanted.
The Loop for Used Clothing
The simple fact is that the more times a single clothing item is used, the lower the amount of pollution and waste is created.
Even though big brands have never had interest in used clothing retail, they seem to be turning their eyes towards rental and pre-owned markets. They see that many innovative companies are making money this way, and they want a slice of the cake.
The Future for Used Purses
Used purses area a big part of pre-owned clothing circulation. Given the fact that the whole market is rapidly expanding on a global level, we can only expect higher demand in the future.
No matter if we are talking about baled purses or pre-owned luxury handbags, they will undoubtedly become even more popular.
How Bank & Vogue Plays a Role
We are at the cutting edge of the Circular Economy here at Bank & Vogue. Pioneers in the buying, selling and global logistics of bulk used clothing, purses, shoes, toys and other used goods, we help lower the amount of waste burdening this planet of ours.
If you’re looking to buy or sell bulk used purses or other used goods, contact us today for more information.