South Africa, May 15 -- But one part of the market is doing the opposite. The global pre-owned luxury market is outpacing the growth of new luxury sales by 7%.

"Luxury is still in demand, but today's shoppers are calling the shots," says Michael Zahariev, co-founder of Luxity.

"Escalating prices, greenwashing, and concerns around quality have dimmed the spotlight on traditional luxury, prompting buyers to be more intentional about their purchases by going the pre-owned luxury route."

Who's buying designer resale?

Luxury resale isn't just for the rich. Luxity's latest figures show that while high-net-worth individuals love pre-owned for limited-edition pieces, vintage gems, and brands unavailable locally, more everyday shoppers are tur...