Viability of social media marketplace for second hand luxury goods

Abstract

Fashion is the popular style in which people present themselves and fashion industry is one of the world’s largest and most fragmented industries which is divided into multiple product segments and categories. The industry is housed in many different types of organization and is widely spread across geographies.Luxury goods are exclusive, expensive, high end products either for personal use or for display these include wallets, watches, shoes, clothes, bags, accessories, family heirlooms, jewellery, collectibles but not limited to these. The luxury fashion industry along with the fashion industry has been on an upward climb for many years. The global personal luxury goods market is expected to grow by 6-8 percent to € 276-281 billion in 2018. According to Bain & Company, the industry is expected to grow 4-5 % per year till 2025 to the market size of €366-390 billion.Luxury industry in India is growing to a great extent with a market of $8.5 billion in 2013, it is expected to hit $14 billion in 2018. Almost all the luxury brands have come to India as the Luxury brand retailers have realised that India is the world’s most vibrant, diverse and challenging markets for brands that want to capture this maret. Indian market is full of complexities and the success of luxury brands depends upon their understanding of the market, by innovating and tweaking their strategies to provide the Indian consumers with the brand experience.