More and more Romanians buy used luxury objects, even if a single clock is sold for 700,000 lei. The PRE-WND luxury luxury market is increasingly attractive for young generations, Millennials and Gen Z, according to experts.
More and more Romanians buy used luxury items
The global market for pre-Owned luxury products has undergone an impressive expansion in recent years due to a complex of factors, which include from digitization and interest in alternative investments, to changes in consumers' behavior. With a projected value of $ 60.55 billion by 2029 (from $ 34.39 billion in 2023) and with a compound annual growth rate (CAGR) about 10% between 2024 and 2029, according to Business Wire, this segment is increasingly attractive to young generations, Millennials and Gen. e-commerce platforms, are considered intelligent and, not least, sustainable-a criterion that young generations take into account.
“The interest in the pre-OWNED luxury products has increased significantly in Romania, supported by an increasingly informed audience, connected to international trends and open to intelligent consumption alternatives,” says Cosmin Popovici, CEO Magnor. “Romanians show an increased interest for top brands, but at the same time they are looking for advantageous alternatives that offer them the best value for money.”he added.
Increased interest in luxury watches and bags
On the Romanian profile market, the interest is focused in particular on watches and bags. Men are oriented towards sports-elegant watches, choosing the prestige associated with consecrated brands, while women prefer designer bags. In addition to the classic Hermès, Chanel and Louis Vuitton, they gain popularity and pieces signed by Dior, Prada or Saint Laurent, appreciated for their contemporary aesthetics. Currently, the most sought after pre-Owned products on the local market include: Rolex watches (Submariner, Datejust), Patek Philippe, Omega (SpeedMaster, Printster), along with Hermès Birkin (dimensions 25 and 30) and Kelly and Chanel Classic Flap.
“Hermès and Chanel bags, especially iconic models, are not just style choices-are considered stable active, with a proven history of value appreciation. The prices of these models have increased constantly in recent years, both in retail and on the pre-Loved market, which makes them easy to trading and extremely desired.”explains the executive director of the company.
“Special editions, creative collaborations and a fresh aesthetics” – Gen Z preferences
On the Romanian market for pre—hand luxury products, as in the international one, young generations (gen and millennials) are a real engine of development. “These generations seek transparency and sustainability. They are open to the idea of pre-Loved, which they consider to be an intelligent way of access to luxury brands. Gen Z, in particular, is attracted to renowned brands, but not necessarily in the classic form-they seek design statement, special editions, creative collaborations and a fresh aesthetics,” says the specialist.
Rare, exclusive pieces, in great search
Another trend that is getting stronger is the preference for parts in limited editions. Although classic models remain popular, there is an increasing interest for rare parts, special watches or exclusive collaborations, such as Louis Vuitton X Yayoi Kusama. Also, the Rolex models that have come out of production, such as Milgauss or GMT-Master “Coke” and “Pepsi” are increasingly sought after by the customers of the Romanian company.
A remarkable piece recently marketed by Magnor is Rolex Daytona Platinum Ice, ref. 116506 – the first daytona model made entirely of platinum, launched to celebrate 50 years since the appearance of this emblematic model. With an “Ice Blue” dial specific to platinum pieces and a brown cerachrom, this watch is considered one of the rarest and refined daytona series.
