Sustainability, Traceability and environmentally friendly product is now the new consumer demand therefore thrifting and second-hand clothes shopping is slowly becoming the new norm. According to a study on US second-hand market, the resale sector got back in the loop during the pandemic and has since then picked up speed and is coming closer to the level of fast fashion. Second-hand is now a $36-billion market, projected to reach $77 billion by 2026 and resale is an emerging growth channel for apparel retailers. It is expected to take over the fast fashion apparel market by 2030.
According to the Resale Report, based on analyzing 3,500 consumers; Over the course of the next 5 years, resale sector will grow up to 11 times faster when compared with the growth of the retail sector. 33 million consumers in 2020 bought second-hand apparel for the first time; and 76 per cent of those first-time buyers plan to increase their spending on second-hand in the next five years.
In the last 10 years, 6.65 billion items of apparel have been recirculated via the second-hand market. CO2e worth $116 billion pounds have been conserved due to thrifting alone, Consumers have saved $390 billion by buying second-hand.
