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As the secondhand market flourishes, Prada is eyeing its own entry into the space.

Dec 08 2021

As the secondhand market flourishes, Prada is eyeing its own entry into the space.The market for pre-owned luxury goods has surged over the last few years as young, eco-conscious shoppers look for affordable high-end goods. Now, the market is expected to reach €33 billion ($37.2 billion) this year after seeing a 65% surge from 2017 to 2021 compared to 12% for the new luxury goods market. As more luxury brands offer second-hand goods, Prada says it’s considering its own move into the space next year. YPulse research shows that 70% of 13-39-year-olds in the U.S. have changed some element of their behavior / purchasing habits due to their concerns about the environment, and secondhand shopping habits have already started to transform the retail industry. (Reuters)