The Second-hand market is Expected to Double by 2027
Photo by Karina Araújo on Unsplash
ThredUP is an online marketplace for secondhand clothing and accessories. Recently the 11th annual report came on which provides insights into the state of the secondhand fashion industry.
Here are some key highlights from the 2023 report:
The secondhand clothing market is expected to nearly double by 2027, reaching $350 Billion, which is 3X faster on average than the global apparel market overall.
By 2024, 10% of the global apparel market is expected to be made up of secondhand apparel.
Resale will see accelerated growth in 2023, growing at 26%, and continue momentum into 2024, growing at 33%.
52% of US consumers shopped for second-hand apparel in 2022.
Gen Z is driving online resale growth of Gen Z who bought secondhand apparel in the last 12 months and made at least one purchase online—more than any other generation.
Value Is the number 1 driver influencing purchasing behaviour across apparel. 47% of Gen Z refuse to buy from non-sustainable apparel brands and retailers.
Buying and wearing secondhand clothing instead of new reduces carbon emissions by an average of 25%.
Overall, the report suggests that the secondhand fashion industry is thriving, with increasing demand from consumers who are looking for sustainable and affordable fashion options. That the young generation is the driver and brands and stores need to consider the increased demand for businesses with high ethical values.
