Why second-hand jewelry is gaining popularity
With the exception of collector's items, second-hand jewelry could be viewed with disdain by a section of the population until recently. The tide is turning, due to a change in mentality, the wishes of younger generations and the development of an eco-responsible sense on the part of consumers. Here's why second-hand jewelry is increasingly sought after.
The attraction to jewelry is not drying up
Luxury is a growth sector due to the emergence of wealthy classes in Asia, in particular. But in this sector, it is jewelry that is experiencing the most significant growth, which is also constantly accelerating. While we used to tend to wear our beautiful necklace or luxury ring for special occasions, the younger generations are changing habits. Now, luxury jewelry is worn every day , it is no longer intended to be kept safe in a safe most of the time.
This booming jewelry market represents a real boon for new entrants. Indeed, jewelry is a very fragmented sector. Major luxury brands represent around 20% of global jewelry sales. There is therefore a lot of room for small creators, young designers who want to make a place for themselves in the sun. The desire to acquire a unique or personalized piece of jewelry is in particular a factor that works in their favor. It is not surprising, in this respect, that fashion brands are launching jewelry lines.
Second-hand jewelry: the reasons for their success
In recent years, we have seen the emergence of a new trend: the rise of the second-hand market in the fashion and jewelry sectors . While buying second-hand products such as cars or televisions was commonplace, purchasing things such as clothes or jewelry was frowned upon because of the personal nature of these objects. It was seen as reserved for those who could not afford to buy new.
This taboo is beginning to fall thanks to the fashion for vintage and rare pieces. Young people are making fun of these prejudices and are not hesitating to turn to the second-hand market for a ring from a major brand, a bracelet, etc. This can be seen in particular with Vinted for clothes.
A market worth more than 20 billion euros
Second-hand jewelry represents a global market of more than 20 billion euros . It is estimated that it will experience an annual growth of around 15%. While second-hand jewelry allows you to save money, this is not the primary factor that attracts customers to this sector. The originality of the jewelry as well as its availability are the priority for buyers.
Second-hand jewelry online: the future
While second-hand jewelry is increasingly in demand, transactions are still mainly concluded in the old-fashioned way. While Maison Miller has long made it possible to buy second-hand jewelry online , or to reserve it online, this is more of an exception to the rule. Most operators in this sector do not invest in e-commerce. This is a gap that needs to be filled in order to allow the second-hand market to continue to grow.
Historically, the luxury sector has always lagged behind when it comes to online sales . Given the average basket price of such a purchase, people are naturally more wary. But as trust is established, online commerce is increasingly weighing heavily on the luxury sector. The pandemic forced houses to turn to the digital experience, which was conclusive. E-commerce will therefore be the engine of growth in luxury sales in general and second-hand jewelry in particular.
Advantages over new
Second-hand jewelry has many advantages over new jewelry. Here's why young and old alike are convinced:
- Originality and rarity : for those who want to stand out, this type of jewelry is ideal
- Attractive prices : With the exception of collectible pieces, vintage jewelry is more affordable than new pieces.
- Eco-responsible purchasing : by purchasing a second-hand piece of jewelry, we avoid the pollution caused by mining the necessary metals and manufacturing the jewelry.
