Second-Hand Clothing Market Snapshot
“The Second-Hand Clothing Market is estimated to increase at a CAGR 15.98% from $ 14.44 Billion in 2023 to $ 38.78 Billion by 2030.”
second-hand clothing are not new and have been previously owned by someone else. The secondhand clothing market is projected to double its size by 2030.
Thredup predicts that the fashion industry is shifting towards a more sustainable approach, with the resale sector expected to grow faster than traditional retail over the next decade. Used apparel is predicted to double in size by 2030, compared to the $40 billion fast fashion industry. The resale sector is expected to develop 11 times faster than traditional retail, with a projected value of $84 billion by 2030.
The second- hand clothing market encourages the reuse of longer, reusable clothes, promoting a circular economy and reducing waste, gaining popularity among sustainability-focused companies. The global market for used apparel is established by wealthy nations' donation of items, making up 10% of the global apparel trade but only 5% of its value. However, most apparel in some countries is imported from other countries.
After the Industrial Revolution in the 19th century, mass production of new clothes in countries like the UK began, leading to an increase in demand and population growth.
This led to a surge in the market for used clothes, with charitable organizations being the primary sources. The largest importers of used clothes are poorer nations in South Asia, Southeast Asia, and Africa, while the largest exporters are wealthy European and East Asian nations.
Critics argue that the textile industry faces environmental concerns and ethical issues related to garment waste. They argue that it drives down apparel prices in destination countries, hindering local companies' competitiveness.
However, advocates argue that it provides affordable apparel and creates employment outside the textile industry. Some countries have attempted to protect their textile industries by restricting or banning the import of worn garments, but these efforts have not always been successful.
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Key Benefits
Sustainability: By purchasing and selling used apparel, you can reduce waste and the negative environmental impacts of the fashion industry.
Affordability: Second-hand clothes are often cheaper than new clothing for individuals on a limited budget.
Unique Style: Used apparel often offers unique qualities that add personality and individuality to your wardrobe.
Support for Charities: When you buy used clothing from a thrift store, you are contributing to a charitable organization.
Growth Drivers
The article discusses the increasing penetration of online shopping platforms that offer second-hand clothing, which is expected to contribute to the growth of the Bolster market.
The fashion industry is embracing digital resale due to increasing consumer demand and online marketplaces like Tradesy and Poshmark. Resellers aim to become the distribution channel for luxury brands, seeking direct partnerships and strategic alliances.
Digital marketplaces like The RealReal and Vestiaire Collective offer authorized luxury consignment, allowing customers to purchase and sell designer brands like Hermes, Chanel, and Louis Vuitton.
Online platforms are becoming a popular choice for manufacturers to expand their customer base and boost revenue. This has led to increased availability of used clothing from home, resulting in a significant growth in the market for used garments over the projected period.
Market Restraints
Second-hand clothing is often cheaper than new items, appealing to consumers on a tight budget, particularly in developing nations where accessibility is a crucial factor.
The market for used apparel is gaining momentum due to increased awareness of environmental issues and the need for sustainable fashion, as customers seek alternatives to the fast fashion industry's negative impact.
Second-Hand Clothing Market Segment Analysis
The online retailers segment is projected to grow at a CAGR of 21.1% in the secondhand clothing market, driven by the rise of e-commerce platforms and the trend of buying used clothing online. Businesses specializing in used clothing are considering shifting their focus from physical thrift stores to online marketplaces to expand their customer base and boost sales.
Consumers of all ages are becoming more accustomed to online shopping, with Millennials and Gen-Z preferring online retail over traditional brick-and-mortar stores, driven by the rise of smartphones.
Women are increasingly using secondhand websites to save costs and get higher-quality items at lower prices than new items. They are also becoming more conscious of the environmental benefits of reusing clothing, choosing to wear used items to limit the amount of clothing that ends up in landfills.
Competitive Landscape of the Second-Hand Clothing Market Analysis
New Developments in Second-Hand Clothing Market
July 17, 2023 (NASHVILLE, Tenn., AND OAKLAND, Calif) — Journeys Announces “Journeys Second-Hand,” a Resale Program Enabled by thredUP’s Resale-as-a-Service®
Journeys, the teen retail leader under Genesco Inc., and thredUP, one of the largest online resale platforms for apparel, shoes, and accessories, announced “Journeys Second-Hand,” a resale program geared towards serving Journeys shoppers with more fashion and apparel options in an environmentally-conscious way. “Journeys Second-Hand” allows customers to shop secondhand apparel directly from Journeys’ website and resell gently-worn items for Journeys shopping credit.
APRIL 5, 2023- thredUP’s 11th Annual Resale Report Reveals Consumers Continue to Embrace Secondhand Amid Economic Uncertainty
March 23, 2023- Kream Raises $168M As Secondhand Retail Sees Its Best Funding Year Yet
Kream, a secondhand clothing marketplace, announced on Thursday it raised $168 million in Series C funding, according to TechCrunch. The fresh funding put its valuation at $742 million and was led by Altos Ventures, a longtime investor in the company. SoftBank Ventures Asia, Samsung Securities, Naver and Mirae Asset Capital participated in the round.
Regional Analysis of Global Second-Hand Clothing Industry
North America
The U.S. second-hand clothing market is expanding due to increasing conscientious consumers, online retailers, and prominent providers of pre-owned clothing. Vintage clothing is a strategy to address labor and environmental issues in the fast fashion and outsourcing era. The trend of vintage clothing is driven by the belief that design trends resurface after a long absence and that vintage clothing has more character than contemporary clothes.
Australia
The growing demand for designer clothing has led to a surge in the market for used clothing, resulting in a significant demand for international secondhand clothing stores.
This growth is expected to be accelerated by the entry of international consignment stores into Australia, as multinational labels are more confident in expanding their presence in the country due to increased customer exposure.
Segments Covered in the Second-Hand Clothing Market Report
Segment by Type
- Thrift Stores
- Resale Platforms
Segment by Application
- Men’s Clothing
- Women’s Clothing
- Kids Clothing
Market by Region
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Frequently Asked Questions
What are some applications of Second-Hand Clothing?
Saving money. One of the most obvious and well-known benefits of buying secondhand is the cost savings.
What is the expected growth rate of the Second-Hand Clothing market over the next 7 years?
Second-Hand Clothing Market is estimated to increase at a CAGR 15.98% from $ 14.44 Billion in 2023 to $ 38.78 Billion by 2030.
Who are the major players in the Second-Hand Clothing market and what is their market share?
ThredUP, Poshmark, The RealReal, Tradesy, Buffalo Exchange, eBay, Mercari, Alibaba Group, are prominent players operating and dominating in the market.
Who are the top 3 Second-Hand Clothing Market Key Vendors?
ThredUP, Poshmark, The RealReal, are key players in the Second-Hand Clothing market.
Which geographical areas dominate the worldwide market for Second-Hand Clothing?
North America region are emerging as the top regional markets for Second-Hand Clothing solutions.
1.SUMMARY
1.1. Second-Hand Clothing Market Overview
1.2. Key Insights
1.3. Report Scope
1.4. Research Methodology
1.5. Frequently Asked Questions
1.6. Chapter Outlines
- DECISION-MAKING SUMMARY
- INTRODUCTION
3.1. Overview of Second-Hand Clothing
3.2. Key Historical Events
3.3. Structure
3.4. Biochemical Interaction
3.5. Target Indications
3.6. Advantages of Second-Hand Clothing
3.7 Challenges associated with Second-Hand Clothing
3.8. Future Perspectives.
- MARKET LANDSCAPE
4.1. Methodology
4.2 Second-Hand Clothing: Developer Landscape
4.2.1. Analysis by Year of Establishment
4.2.2. Analysis by Company Size
4.2.3. Analysis by Location of Headquarters (Region-wise)
4.2.4. Analysis by Location of Headquarters (Country-wise)
4.2.5. Analysis by Year of Establishment, Company Size and Location of Headquarters (Region-wise)
4.2.6. Most Active Players
- COMPANY
5.1. Company Overview
5.1.2 Management Team
5.1.3. Product Portfolio
5.1.4. Recent Developments and Future Outlook
- PARTNERSHIPS AND COLLABORATIONS
6.1. Partnership Models
6.2. Second-Hand Clothing: Partnerships and Collaborations
6.2.1. Analysis by Year of Partnership
6.2.2. Analysis by Type of Partnership
6.2.3. Analysis by Year and Type of Partnership
6.2.4. Analysis by Type of Partner
6.2.5. Analysis by Year of Partnership and Type of Partner
6.2.6. Analysis by Type of Partnership and Type of Partner
6.2.7. Analysis by Type of Partner and Parent Company Size
- ACADEMIC GRANTS ANALYSIS
7.1. Methodology and Key Parameters
7.2. Second-Hand Clothing: Academic Grants Analysis
7.2.1. Analysis by Year of Grant Award
7.2.2. Analysis by Amount Awarded
7.2.3. Analysis by Funding Institute Center
7.2.4. Analysis by Support Period
7.2.5. Analysis by Funding Institute Center and Support Period
7.2.6. Analysis by Type of Grant Application
7.2.7. Analysis by Purpose of Grant
- PUBLICATION ANALYSIS
8.1. Analysis Methodology and Key Parameters
8.2. Second-Hand Clothing: Publication Analysis
8.2.1. Analysis by Year of Publication
8.2.2. Analysis by Type of Publication
8.2.3. Analysis by Type of Conjugate
8.2.4. Analysis by Target Indication
8.2.5. Analysis by Copyright Holder
8.2.6. Word Cloud: Emerging Focus Area
8.2.7. Most Active Publishers: Analysis by Number of Publications
- SUCCESS PROTOCOL ANALYSIS
9.1. Methodology and Key Parameters
9.2. Key Assumptions and Scoring Criteria
9.3. Success Protocol Analysis
9.4. Assessment of Approved Second-Hand Clothing
- Appendix 1: Tabulated Data
- Appendix 2: List of Companies
- ThredUP
- Poshmark
- The RealReal
- Tradesy
- Buffalo Exchange
- eBay
- Mercari
- Alibaba Group
