Tag: Canvas8

South Korea –  Rather than splurging on brand-new designer items, a growing number of South Koreans, particularly younger generations, are embracing the flourishing second-hand market for luxury finds, according to a report by Canvas8.

Canvas8 reports that South Korea’s resale market for second-hand luxury has experienced remarkable growth, surging from ₩4t ($2.9b) in 2008 to a projected ₩43t ($31.2b) by 2025. Major platforms like Karrot, Bunjang, and Joonggonara, each boasting millions of active users, have propelled South Korea to become one of the world’s leading markets for second-hand goods, outpacing other major economies in both scale and cultural significance.

To explore this growing trend, the report examined potential economic factors and evolving consumer attitudes shaping the market.

The report highlights that the rise of second-hand luxury in South Korea is driven not only by evolving consumer preferences but also by broader economic trends. With the nation’s economy slowing, tighter budgets have made pre-owned luxury goods, often available at a fraction of retail prices, an appealing and practical alternative to brand-new items.

This economic shift is particularly evident among South Korea’s Gen MZ—a term referring to millennials and Gen Z born between 1980 and 2005—who are leading the charge toward second-hand luxury. This trend underscores a significant transformation in consumer values, as status, savings, and eco-consciousness emerge as the new currency in the country’s thriving resale market.

“While GDP growth remains strong at around 2.5–2.7%, it’s mostly driven by the export sector… The unfavourable economic situation makes many people reconsider their consumption patterns with regard to luxury,” Dr. Irina Korgun, PhD., a professor at Hankuk University of Foreign Studies, explained. 

The report also highlights that younger generations are driving this shift in mindset. Rather than seeing luxury purchases as symbols of lifelong ownership, they are adopting an “experience-first” approach—enjoying luxury items before reselling them, thereby making high-end fashion more accessible and dynamic.

Jaewha Choi, CEO of Bunjang, said, “These generations ‘experience’ luxury goods and quickly resell them rather than patiently save to buy new products and ‘own’ them forever.” This preference for accessibility and sustainability is reshaping the market and challenging traditional notions of luxury consumption.

Beyond economic factors, Canvas8 also found that a growing sense of environmental consciousness is also driving the appeal of second-hand luxury. Sustainability, along with the thrill of the hunt, plays a pivotal role in shaping consumer behaviour. 

Seah Joo, director of business development at Madeleine Memory Inc., remarked, “Consumers enjoy the hunt to find second hand products. It shows the diversification of preferences in Korean consumers as well as the sentiment that puts self-satisfaction over attention.”

Moreover, South Korea’s second-hand market is becoming an increasingly lucrative opportunity for savvy resellers. Beyond savings, some are now treating resale as a strategic investment.

Another key finding of the report is that, despite the growing enthusiasm for second-hand shopping, concerns over the security of online transactions are rising, particularly as fraud cases increase in the country.

Canvas8 found that in 2023, more than 1.34 million counterfeit products were imported into South Korea, with bags, shoes, and electronics being the most commonly targeted items. The rise in fraud cases has prompted platforms like Bunjang to strengthen their security features.

Shinae Lee, head of communications at Bunjang, emphasized, “We’ve been eliminating buyer risk, solving pain points throughout the whole e-commerce journey on our platform, and educating our consumers, to change people’s perception that second hand shopping is risky.”

The report highlights that with growing environmental awareness and the appeal of affordable luxury, South Korea’s second-hand market is set for continued growth. Platforms like Instagram and TikTok have redefined second-hand items, transforming them from symbols of financial struggle into sought-after vintage treasures.

Canvas8 further notes that brands are recognizing the potential of the second-hand luxury market. Major department stores like Lotte, Shinsegae, and Hyundai have created spaces for pre-owned luxury goods to cater to Gen MZ shoppers, who value exclusivity and sustainability and represent key future purchasing power.

Nick Morris, UK-based founder and managing director of Canvas8, said, “As the second hand luxury market evolves, it’s clear that South Koreans are no longer just looking for high-end goods—they are redefining what it means to shop for luxury, with an eye on both sustainability and security. With a growing market, rising consumer education, and innovative platform solutions, pre-loved luxury is here to stay in South Korea.”

Singapore – Global behavioural insights practice Canvas8 has further strengthened its Singapore presence with the appointment of Andrea Ng as APAC insights director and the promotion of Hannah Langton from regional partnerships director for APAC to regional lead for APAC.

Ng joins Canvas8 to expand the practice’s insights offer in the region, whilst Langton will continue to build on her existing remit to strengthen Canvas8’s regional office in Singapore and spearhead the company’s entry into key APAC markets such as the Philippines, India, Australia and New Zealand.

In her most recent role as insights director at Kadence International (Singapore), she was instrumental in enhancing qualitative consultancy and steering digital transition for brands during the COVID-19 crisis. Ng enjoys pinpointing underutilised research areas for brands, and devising methodologies and narratives to heighten the significance of insights for businesses.

Meanwhile, Langton has been with Canvas8 since March 2021 and relocated from the UK to Singapore in November 2022 to lead the practice’s Singapore and APAC expansion.

“This is such a dynamic time to be coming on board with Canvas8 in Asia; the practice is no stranger to the Asian business landscape and is set for exciting regional expansion,” Ng said.

Meanwhile, Langton commented, “I am simply thrilled to welcome Andrea as a member of Canvas8’s core team here in Singapore. Her passionate advocacy for cultural truths and representation in brand initiatives will be a considerable asset to our Singapore client offerings and stand us in good stead as we continue to roll-out our Insights-based client solutions across Asia.”

She further added, “Canvas8 sets itself apart by blending market research, strategic consultancy, and trend forecasting to provide forward-thinking, insight-grounded client solutions.”

Nick Morris, founder and managing director of Canvas8 has outlined the brand’s three primary challenges in Asia as follows: ramping up Canvas8’s regional talent pool, remaining sensitive to the cultural nuances of each individual market, and challenging the perception of traditional market research. 

These appointments come recently after three other recent hires in Canvas8’s new Manila office and a junior analyst hire in Singapore.

Manila, Philippines – Global behavioural insights company Canvas8 has recently expanded its operations to the Philippines, and has named three key staff hires. Therese Reyes takes over as lead editor for the APAC region, while Dren Pavia joins Canvas8 as junior sub-editor, and Gershom Mabaquiao as junior editor. 

In her new role, Reyes will work with specialists, journalists, and analysts to uncover insightful data and transform it into useful output for clients in a range of industries. She has gained experience reporting on a variety of topics, including current affairs, K-pop, international pop culture, life, and mental health, at VICE Asia before joining Canvas8.

Reyes and Mabaquaio will work together to create content about APAC’s cultural insights. Mabaquiao is a nonfiction author and aspiring folklorist. 

Lastly, Pavia has experience as a creative associate and story writer at Star Cinema, and as a script doctor for WeTV. Before switching to feature writing at Canvas8, Dren worked for Koreaboo, a US-based media outlet where he specialised in reporting K-Pop-related news.

Hannah Langton, regional partnerships director at Canvas8, said, “We are delighted to make these key staff hires in Manila, Philippines. Our three new team members have each proven themselves to be highly accomplished in their fields and will be a real asset to Canvas8 as we continue to expand our services across APAC. I’m glad to welcome them on board.”