Secondhand clothing sales set to be 10% of global fashion market in 2025

Secondhand clothing income are projected to correspond 10% of nan world manner marketplace by adjacent year, arsenic consumers progressively move to “pre-loved” garments amidst nan costs of surviving situation and sustainability concerns.

According to a study by GlobalData for resale master ThredUp, world income of pre-owned apparel grew by 18% past twelvemonth to $197 cardinal and are expected to scope $350 cardinal by 2028.

The maturation of nan secondhand marketplace outpaced wide manner retail, pinch nan US secondhand marketplace increasing 7 times faster than nan manner unit sector, which saw level income successful 2023. James Reinhart, nan co-founder and CEO of ThredUp, noted that nan resale assemblage has shown resilience successful challenging economical conditions, arsenic consumers prioritize worth erstwhile facing higher expenses.

The study recovered that complete half of each shoppers had purchased secondhand items successful nan past year, pinch younger generations, peculiarly procreation Z and millennials, starring nan trend. Almost 40% of consumers cited affordability of higher-end brands arsenic a logic for shopping secondhand.

Digital platforms for illustration Vinted, Depop, and ThredUp are driving nan maturation of online resales, expected to much than double successful nan adjacent 5 years to scope $40 billion. Additionally, mainstream acceptance of pre-loved manner is rising, pinch initiatives for illustration nan reality TV show Love Island featuring contestants promoting secondhand style.

Older shoppers are much inclined to shop successful beingness stores specified arsenic kindness shops and boutiques, while mainstream retailers for illustration Selfridges and Primark are exploring hosting secondhand sellers successful their stores.

Childrenswear and designer brands are experiencing important maturation successful nan secondhand market, pinch much labels collaborating pinch resale specialists to connection pre-loved products online aliases successful stores. This inclination is besides motivated by impending authorities aimed astatine reducing accelerated manner waste.

Despite robust income growth, online manner resale platforms person struggled to move profits. Vinted and Depop reported important pre-tax losses contempt income growth. However, ThredUp expects to break moreover this twelvemonth arsenic income proceed to emergence and profit margins improve.