Secondhand Could Spur Jewelry Sales - Bain

RAPAPORT... Sales of secondhand luxury goods increased in 2019, presenting an opportunity for growth in the jewelry market, according to Bain &Company. Purchases of secondhand goods rose to EUR 26 billion ($28.67 billion) for the year, with previously ownedwatches and jewelry showing a strong performance, Bain noted last week in its globalluxury report.   "We see the secondhand market as a potential avenue forluxury brands to reach a new audience and enlarge their customer base," saidFederica Levato, a partner at Bain. "For many customers, this may be theirfirst luxury purchase, but luxury brands shouldn't see this as a threat, andshould manage it strategically to grasp the full potential of thisopportunity." When it comes to individual categories within the personalluxury sector, shoes and jewelry "stand out as the outperformers," Bain explained. Luxury jewelry sales grew 9% overall to EUR 21 billion ($23.16 billion) in2019, with a boost from high-end jewelry sales, primarily in Japan and China,and growth in men's jewelry purchases. However, watch sales slipped 2% to EUR39 billion ($43 billion) during the year, mostly due to the political situationin Hong Kong, one of the largest markets, Bain noted. Overall global luxury sales increased 4% to approximatelyEUR 1.3 trillion ($1.43 trillion). Image: A store jewelry display. (Shutterstock)