Pre-owned category booms, notes Asia Luxury Index
Pre-owned luxury items are becoming more popular, according to the 2016 Asia Luxury Index, compiled by Singapore-based online luxury retailer Reebonz.
Drawing on industry reports and its sales data, the index reveals 30 per cent sales growth in the pre-owned category over the last year, with bags and shoes the most popular items.
While 62 per cent of online transactions on Reebonz involve bags, the index says timepieces and shoes are primed to be the next growth-drivers for luxury in Asia in both the new and pre-owned categories. Spending on timepieces increased by 39 per cent, whereas shoe shopping ballooned by 87 per cent.
Meanwhile, Chanel emerges as the top performer in Asia, with Burberry, Givenchy and Prada trailing close behind in the new luxury products category.
“The group of luxury consumers is evolving and expanding – luxury is no longer just for the select few,” says Reebonz co-founder/CEO Samuel Lin. “With growing affluence and accessibility, more consumers can readily buy luxury goods.”
A key finding from the index is that while there is still a growing demand for luxury goods, consumers are splurging more on higher-value new products. Expenditure growth has increased by 50 per cent while there have been only 37 per cent more transactions.
“People are overlooking popularity for quality and exclusivity these days,” says Reebonz regional GM Benjamin Han.
Blue-chip brands also command the pre-owned luxury category, with Chanel, Hermes and Prada posting strong performances across all product categories.
Online luxury shopping continues to grow in Asia, with Hong Kong and Indonesia charting the biggest growth when it comes to high-end goods. Singapore is still firmly in first place for online shopping.