Bridging old and new: a comparison of the perceived value of firsthand and secondhand luxury among Millennials and Gen Z

Purpose The purpose of this study is to explore Millennials and Gen Z consumers’ perceptions of secondhand luxury and shed light on the nuanced perceptions of firsthand and secondhand luxury. It investigates how secondhand luxury can provide meaningful access to high-end products without diminishing the perceived value of luxury brands. Design/methodology/approach Adopting an interpretive approach, this research conducted fifteen semi-directed interviews with Millennials and Gen Z luxury consumers who have experience buying both firsthand and secondhand luxury items. The research builds on the existing framework of perceived luxury value and introduces new components relevant to secondhand luxury. Findings The findings reveal that Millennials and Gen Z consumers view secondhand luxury as a valuable alternative, offering ethical and relational values often absent in traditional luxury. This study highlights significant differences in perceived value between firsthand and secondhand luxury, suggesting that brands must adopt distinct marketing strategies for each segment. Furthermore, integrating secondhand products into brand portfolios can enhance overall brand value. Originality/value This research contributes to the literature on luxury consumption by demonstrating that secondhand luxury does not devalue luxury brands; rather, it offers a unique market opportunity. This study provides a framework for luxury brands to refine their strategies and tailor their messaging to effectively engage Millennials and Gen Z consumers, emphasizing sustainability, uniqueness and accessibility.