Second-Hand: An Expanding Market for 2024

The global second-hand market, valued at over 128 billion euros, is enjoying double-digit annual growth, stimulated by a variety of factors. These are the findings of a recent study conducted by Tripartie in partnership with Wavestone.

For the 2nd year in a row, discover our study on second-hand goods, and get the keys to understanding this booming phenomenon. What are the market dynamics? What are the consumers’ pain points? How can transactions be optimized while minimizing risk?

Second-hand goods have already won over 87% of Europeans’ habits, a global phenomenon amplified by falling purchasing power and the rise of e-commerce, as well as by ecological concerns and the impact of the health crisis. Competition in this fast-growing industry is fierce, with numerous players, both generalists and specialists, both online and in physical stores.

However, this rapid growth can hide a less glamorous reality: fraud, dissatisfaction and disputes are commonplace for many users and can damage the reputation and growth of less prepared platforms.

With this in mind, Tripartie and Wavestone are working together to advise the leaders of start-ups, retailers and large corporates on the best approach to take in order to provide users with an optimal end-to-end transaction experience.

The second-hand market is even more profitable in the luxury sector. By 2024, the luxury second-hand market is estimated to be worth 35 billion euros, with an annual growth rate of 15.50%. This market presents specific challenges such as high average shopping basket sizes, reputational issues and counterfeiting risks.