According to a new report, the global fashion resale market is expected to grow 127 percent by 2026, three times faster than apparel retail in general.
Driving this growth is the US, where the second-hand market is expected to more than double to $82 billion by 2026 – 16 times faster than the broader fashion retail market.
The US resale market has already seen record growth of 32 percent in 2021. That’s according to a new study by resale platform ThredUp, conducted by independent retail analyst GlobalData.
The market for used fashion is only going from strength to strength, driven by the growing demand from consumers and investors for more sustainable clothing alternatives.
The younger generation remains the most open to buying used fashion: 62 percent of Gen Z and Millennials say they look secondhand before buying anything new.
The study also found that 58 percent of all consumers agree that buying second-hand has helped them during times of inflation. Meanwhile, 25 percent say they will consider buying second-hand items if prices for clothing, shoes and accessories continue to rise.
Rise of second-hand marketplaces
Another reason people buy more second hand clothes is online marketplaces. 70 percent of those surveyed stated that it is easier to buy used products today than it was five years ago.
In fact, online resale is the fastest growing area of secondhand retail and is expected to grow almost fourfold by 2026.
“The last decade of resale has been dominated by marketplaces, but brands and retailers are driving the next wave of second-hand sales,” said James Reinhart, co-founder and CEO of ThredUp.
Both large retailers and well-known fashion houses have entered resale in recent years. In the last few months alone, Hugo Boss, Ganni, Marks & Spencer, Lululemon, and Pacsun have announced the launch or expansion of their resale offerings.
The ThredUp report also found that 52 percent of retail executives believe offering secondhand will become a “must have” for retailers, while 88 percent of those who currently offer secondhand say it helps drive sales increase.
“We are still at the very beginning of this trend, but the accelerated adoption of resale is a positive signal with tremendous benefits for the planet,” added Reinhart.
This translated article originally appeared on FashionUnited.uk.