The global resale market is expected to grow 127% by 2026, according to retail analytics firm GlobalData. This is three times faster than the broader retail clothing sector. This growth will be fueled by the US, where the second-hand market is expected to more than double to 82 billion dollars by 2026 - 16 times faster than the broader retail fashion market.
US resale market recorded record growth in 2021, up 32% from the previous year. This report illustrates the recent growth seen in the resale market. Experts think this growth is fueled by growing consumer and investor demand for more sustainable apparel alternatives.
The younger generation particularly Gen-Z is most open to buying resale clothes. In a survey, 62% of Gen Z and Millennials said they look for an item second-hand before purchasing a new one.
This study also found that 58% of consumers say second-hand shopping has helped them in some way during a time of inflation. Meanwhile, 25% say they will consider buying more second-hand items if prices in apparel, footwear, and accessories continue to go up.
Another reason for the growth of resale markets is the online marketplace. 70% of respondents expressed that it is now easier to shop for resale fashion than it was 5 years ago. Online resale is the fastest sector of second-hand and is expected to grow by nearly four times by 2026.
High street retailers and storied fashion houses alike have stepped into resale in recent years. In the last few months alone, Hugo Boss, Ganni, Marks & Spencer, Lululemon, and Pacsun have all announced either the launch or expansion of their resale offerings.
This is the very beginning of the resale clothing trend, and if global inflation keeps going it could become the first choice for many consumers. The resale trend is also positive for clothes to be more environmentally friendly as re-using clothing keeps it from being thrown to waste.
Photo Courtesy: Canva
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