Demand for pre loved luxury bags
Luxury owners of today are becoming increasingly fashion savvy, economically independent, cash-smart and ecologically conscious.
With the prestigious appearance and high cost of brand new luxury bag, there is always a strong demand for buyers to find ways to owned these bags at the lowest price they possibly can.
In recent times, going for pre owned luxury bags is becoming increasingly popular. From a recent published journal, a survey in the journal shows that pre owned luxury buyers generally believes that the timeless style and high quality designer goods should not have to cost a fortune.
Luxury bag and watches owners also generally tend to get tired and bored of their luxury bags every 3 – 5 years. This increases the demand for looking out for the next luxury bag to own! Most do so by trading in their existing bags without bursting their wallets or credits in the process.
Luxury bags life-cycle
Luxury bags are among those exceptional goods that might have an extended life-cycle. Instead of being purchased new and disposed off, luxury bags can usually be sold off for at least 50-70% of their initial purchase price. ( highly dependent on the brand and model). Not forgetting that the better condition the bags are in, the higher value they can be fetched for in the resale market.
Supply & Demand of pre owned bags
The continual purchase of fresh new luxury bags off the fashion runway is highly essential to the preservation of a balanced pre owned luxury bags market.
Starting a luxury pre owned online business in 2 Easy Steps
1. Luxury fashion research & analysis
Check out existing popular pre owned/ pre loved luxury bags and shoes websites. Understand the trends of what luxury bags and shoes are highly sort after this season. Know the right colors, bags styles, size for the right season. If you want to be in this business you have to be in the know!
2. Pre owned Luxury Business model
There are 2 main business model you can consider as you start your very own online pre loved luxury business.
Business Model 1: One to one pre owned luxury trading
One to one buying and selling (Difficulty level: Low) Look around online (ebay, gumtree, forums) for luxury owners looking to sell off their bags or shoes. Purchase them for a low price. Try to bargain to get a deal. Once bought, take the purchased bag, have it a good clean up. Take nice and beautiful pictures and re – sell them off back online (ebay, gumtree, facebook or luxury forms). Your income source would simply be the difference between what you bought and sell it for.
Business Model 2: Online pre owned marketplace
Setup an online website marketplace for customers to buy and sell pre owned luxury bags and shoes (Difficulty level : Medium). This business model would not require you to hold onto the physical bags. However the difficult part would be the marketing portion of bringing both buyers and sellers to buy from or list on your site.
Your income source for this this business model can possibly come from charging owners a small fee for each items posted online in the market place. Or provide free posting but charging for add-ons like a small fee for bags listing to appear on top. Or there can be a pricing plan kind of approach whereby listing for 5 days are free but for a longer duration say 30 days are chargeable. Not forgetting selling available ad spaces can be another stream of income.
There are tons of online classifieds ready to use software and scripts available. If you are tech savvy, consider using wordpress as the platform and purchase a classified listing theme or plugin. Another widely used online platform for buying and selling is the flynax classifieds script.
Not so tech savvy? Get in touch with tech savvy friend to help you setup the website or hire a developer.
Reselling and recycling of second hand or pre owned luxury bags has been around for a little while now, but there is no harm taking a bite into this share of the profit pie in your local community today!