As designer houses continue to raise their prices, a shift is reshaping the way luxury is defined and desired. For the first time since 2009, global sales of new luxury goods are beginning to soften, while the pre-owned market continues to gain traction. But this isn’t merely a reaction to the economy; it’s luxury consumers stepping into the spotlight, writing their own rules about what true luxury means.
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“Luxury is still in demand, but today’s shopper is in control,” says Michael Zahariev, co-founder of Luxity. “Skyrocketing prices, sustainability scandals, and growing scepticism around quality have led consumers to seek out pre-owned as the smarter, more conscious choice.”
This shift represents more than changing shopping habits; it’s a complete reimagining of luxury ownership, where access trumps excess and personal curation becomes the ultimate status symbol.
Style-conscious buyers who know better
This transformation is being led by a diverse coalition of luxury lovers. Yes, collectors and high-net-worth individuals are still chasing rare Birkins and vintage Cartier, but they’re no longer the only ones setting the agenda. A new generation of style-conscious buyers from every background is embracing resale, not for compromise, but for the thrill of discovering something iconic without the traditional markup.
These consumers are rewriting luxury’s geography, too. No longer confined to the polished enclaves of Sandton or the V&A Waterfront, with online sales climbing outside South Africa’s metros, the pre-owned luxury movement has gone nationwide and is intensely personal. Each purchase becomes a statement: I choose what’s right for me, not what’s dictated by seasonal collections.
The conscious choice that never compromises
Behind this main character energy lies a powerful values shift. Millennials and Gen Z are deeply climate-conscious, demanding that their luxury choices reflect their principles as much as their style. “With fast fashion accounting for nearly 10% of global carbon emissions, and a truckload of clothing dumped every second, the case for circular fashion is undeniable,” points out Zahariev.
But this isn’t about sacrifice. Pre-owned pieces aren’t just icons of design; they’re icons of durability that prove luxury’s original promise. “Unlike fast fashion, which fades after a few wears, luxury items are crafted to endure. And when you’re ready to move on, you can resell and reinvest. Over half of our clients already participate in this cycle,” he explains.
This circular approach transforms luxury from a one-time purchase into an ongoing relationship with style is the ultimate main character move.
The authentication imperative
In an era where pre-owned luxury shines as the conscious consumer’s choice, a shadow market of counterfeits has evolved with alarming sophistication. The discerning eye can no longer rely on obvious tells, authentication of goods has become both art and science in equal measure.
The modern counterfeit is engineered to deceive even seasoned collectors. “While ‘superfakes’ don’t command the price point of authentic pieces, they’re calibrated to exist in that tantalising sweet spot – expensive enough to suggest authenticity yet discounted enough to create the illusion of discovering that rare bargain,” Zahariev explains. “The ‘pre-owned’ narrative has unfortunately become their most elegant alibi.”
This reality makes choosing authenticated resellers with rigorous verification processes non-negotiable. “The premium paid isn’t merely for the object itself, but for the unassailable certainty of its authenticity,” he adds.
The business of re-wear
This emphasis on authentication has paradoxically unlocked tremendous value in the pre-owned market. The numbers prove the resale cultural shift has serious momentum, with verified circular fashion emerging as a thriving sector driving real economic growth. Luxity’s recognition as one of South Africa’s Top 50 Growth Champions and three-time placement on the Financial Times list of Africa’s Fastest Growing Companies demonstrates that when consumers take control of their luxury narrative, everyone wins.
In today’s market, sustainability and profitability coexist. They amplify each other, creating a new model where conscious consumption drives business success.
Top picture: Michael Zahariev and Luke Calitz, owners of Luxity.
