UROP Research Mentor Project Submission Portal: Submission #852

Overall Research Project Description The second-hand luxury goods market is defined as the market for pre-owned high-end products associated with prestigious brands. Second-hand luxury goods encompass many items, including fashion accessories, clothing, handbags, watches, footwear, and jewelry in pre-owned markets (e.g., The RealReal, ThredUp, Farfetch Limited; Impactful Insights, 2023). The second-hand luxury goods market has experienced significant growth in recent years, driven by shifting consumer lifestyles, growing awareness about sustainable shopping practices, and increasing demand. In 2023, the second-hand fashion goods and resale market size was estimated to be worth $34.2 billion (Impactful Insights, 2023). According to the Thredup resale report (2023), the global second-hand market is expected to grow three times faster on average than the global apparel market by 2027. The global second-hand luxury market is projected to reach approximately US$58.30 billion by 2028 (Research and Markets, 2023). It is believed that this consistent growth in the second-hand luxury market is primarily driven by Millennials and Generation Z (Gen-Z).

Despite the growing pre-owned market related to luxury goods among the young generation, there is little research to understand the impact of luxury brand value perception on purchase intention toward second-hand luxury goods in the pre-owned market platforms. Thus, this study aims to examine the influence of perceived luxury brand value on the purchase intentions of young consumers in the pre-owned market platform, exploring underlying factors such as social media marketing, consumer engagement, trust, and attitude.