Driven by the younger generation, second-hand and resale are experiencing a revival like never before – thrifting is in! According to a study by the resale platform ThredUp, the fashion resale market will more than double by 2026. It’s definitely a retail trend that’s here to stay.
For brands, resale via their own or a third platform is a great opportunity to win new customers. And they might even get a taste of the new product the next time they make a purchase. A win-win situation for everyone involved and for the environment. For today’s used clothing day, FashionUnited has compiled the most important initiatives in this direction.
studies
Brands and retailers should definitely read resale platform Recurate’s Circular Fashion Is Now report, which examines who is buying secondhand, which price segment is most in-demand and how they can best benefit. Without giving too much away, the bottom line is that the re-commerce/circular fashion market offers “endless benefits”.
Second-hand luxury is also a steadily growing area; according to a report by the management consultancy Bain & Company, it reached a value of 28 billion euros worldwide in 2020. While in the 1980s and 1990s pre-owned fashion and luxury items were of particular interest to collectors, the internet and the websites with used luxury items that emerged in the early 2000s have expanded the market.
Today the market for second-hand luxury is growing faster than the luxury market with new items and suppliers are adapting and expanding their offer. For example, the luxury resale platform Rebag, which recently expanded its range to include shoes, clothing and accessories. Online luxury fashion retailer Fwrd, part of the Revolve Group, launched a new resale initiative, Fwrd Buyback.
A study by the market intelligence agency Mintel in September 2021 specifically examined the German market: more than half (55 percent) of fashion consumers there currently buy second-hand clothing. Quality and cut play an important role when shopping for fashion, as does more inclusive petite or plus size clothing that flatters every body type. More sustainable materials are also on the rise.
brands and retail
In terms of brands and other companies bucking the trend, there are quite a few; Here is a selection of the latest initiatives: Just a few days ago, fast fashion giant H&M announced that it wanted to include second-hand products in the German online store, and outdoor outfitter Globetrotter is expanding its second-hand range in selected branches. The US outdoor specialist Eddie Bauer also launched ‘(Re)Adventure’, a rental service and the resale of used products.
Armedangels, The North Face and Ganni have been successfully operating their own resale platforms for several months. Mytheresa and Vestiaire Collective expanded their resale service to the USA and the latter also to South Korea, respectively, and launched a resale platform together with the Italian fashion company LuisaViaRoma. Decathlon also now offers its second-hand products online.
Finally, a look at an area that the second-hand trade has long overlooked – the lingerie market – as buying used underwear is a daunting prospect for many. But the lingerie world is becoming increasingly interested in the second-hand market and might manage to win over even the most reluctant. After all, underwear consists not only of briefs and boxer shorts, but also of nightgowns, bras and socks. And all of these are parts where some barriers can be removed.