The second-hand apparel global market would reach $350 billion by 2027 nearly double that in 2023 according to the annual resale report by thedUp which is an online resale platform based in the US.
The report revealed that about 33 percent of the retailers surveyed expressed intent to cut production if resale proved successful. Online resale is expected to grow by 21 percent in the US in the next five years.
Meanwhile, US consumers are also preferring secondhand apparel over new as revealed by a survey conducted by GlobalData in December 2022. It sought the opinion of 3,012 American adults over 18, about their behaviors and preferences for second-hand apparel.
The survey revealed that 52 percent of consumers bought second-hand clothing in 2022. Archroma April 2023.
According to the survey around 37 percent of consumers spent a higher proportion of their apparel budget on second-hand apparel in 2022. Experts say resale is blossoming globally, and even the largest retailers in the world are adopting more circular business models.
Lower prices of second-hand apparel was the key driver for the consumers to think second-hand first. The awareness on global climate issues also played a part in resale’s potential to reduce fashion’s impact on the environment.
Around 88 brands have already launched dedicated second-hand outlets and more are likely to join. Second-hand continues to be one of the fastest-growing segments in apparel, and online resale in particular is seeing solid growth.
The thredUp have also launched a new online tool called the Fashion Footprint Calculator, along with the release of the annual report. The calculator essentially a quiz that informs their quiz taker of their fashion impact from a set of answers given in response to 10 questions asked.
Second-hand apparel is the new trend
