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Secondhand fashion industry is thriving, set to overtake fast fashion this decade

Source: Pixabay/StockSnap

Consumers are increasingly turning towards secondhand clothing and new studies suggest the market for pre-loved items could even become bigger than ‘fast fashion’ by 2029.

Fashion Forecast: in with the old, out with the new

According to the latest annual fashion resale report by US secondhand clothing retailer thredUP, the secondhand clothing market is booming. Thredup reports that, over the past three years, resale has grown 21 times faster in the US than ‘apparel retail’. The value of the secondhand market, which is currently worth $24bn (£18bn/€21.3bn)) there is expected to reach $51 billion (£39bn/€45.5bn) in five years.

It has experienced a boom in recent decades, as fashion-conscious shoppers became accustomed to having the latest look. But it also results in many tonnes of clothing, much of which is made from non-recyclable fabrics, being sent to landfill.
‘Fast fashion’ focuses on regularly changing clothing ranges, cheaply made garments and low prices It has experienced a boom in recent decades, as fashion-conscious shoppers became accustomed to having the latest look. But it also results in many tonnes of clothing, much of which is made from non-recyclable fabrics, being sent to landfill. Source: Pixabay/Pexels

A sea change in fashion for old and young alike

The latest annual fashion resale report by US secondhand clothing retailer thredUP suggests that the resale market will overtake fast fashion if it continues to grow at this rate.

Meanwhile in the UK, in a poll conducted by waste management agency Businesswaste.co.uk, 45% of the 1,500 respondents said they would buy pre-owned clothes.

When asked what would encourage them to buy more secondhand clothing, 90% of respondents to the UK survey said that friends or family doing so first would encourage them to make the shift. 

While both younger and older fashionistas were seemingly happy to shop secondhand – 80% of 16-21 year olds and 91% of people aged over 60 respectively – the overall rate averaged at 45%.

Interestingly, of those who said they would be happy to buy secondhand garments, they reported charity shops still carry a slight stigma. Only 62% said they would be happy to buy from charity shops.

Source: Positive.news

From big retailers to small retailers, seed stage investors to large buyout firms, and from the New York Times to Netflix, everyone seems to be talking about the future of resale.
Resale is on the move! From big retailers to small retailers, seed stage investors to large buyout firms, and from the New York Times to Netflix, everyone seems to be talking about the future of resale. Source: Thredup.com

Resale is on the move!

From big retailers to small retailers, seed stage investors to large buyout firms, and from the New York Times to Netflix, everyone seems to be talking about the future of resale. — reports thredUP, the US secondhand clothing retailer.

Like all major movements and category disruptions, mainstream adoption happens over time, and this category is just getting started.

The last few years of growth in the resale market have been driven by the early adopters (the same ones who first adopted Airbnb or Lyft or DoorDash), but now the skeptics are starting to come around. 

At thredUP, they’re seeing first-time thrifters moving to platforms like theirs in droves. Not surprisingly, the younger generations are leading this charge, with millennials and Gen Z adopting secondhand 2.5x faster than other age groups.

Even traditional retailers are starting to embrace secondhand. The resale customer is no longer somebody else’s customer, they are everybody’s customer. Mass market or luxury, if people can find a high-quality product for much less, they’ll choose used. As the line between new and used apparel blurs for consumers, a powerful transformation in retail will unfold.

To view or download a free copy of the report click HERE 

Source: thredUP.com

thredUP’s Annual Resale Report contains research & data from GlobalData, a third-party retail analytics firm. GlobalData’s assessment of the secondhand market is determined through consumer surveys, retailer tracking, official public data, data sharing, store observation, and secondary sources.
The rise of resale thredUP’s Annual Resale Report contains research & data from GlobalData, a third-party retail analytics firm. GlobalData’s assessment of the secondhand market is determined through consumer surveys, retailer tracking, official public data, data sharing, store observation, and secondary sources. Source: thredUP.com

Reasons to Rethink Fast Fashion

While inexpensive fashion finds might seem easy on your budget, the world is paying a high price for fast fashion:

  • Fast fashion exploits overseas workers.
  • Fast fashion contributes to the decline of homegrown manufacturing.
  • Fast fashion is environmentally disastrous.
  • Fast fashion can wind up costing you more than “real” clothes.
  • Fast fashion’s low quality changes how you think about clothes.
  • Fast fashion collaborations trick you into paying for the name.
  • Fast fashion distorts your sense of value.
Source: Lifehack.org
Resale offers the wardrobe-rotating fun of fast fashion without the guilt or waste. By driving preferences away from disposable fashion towards higher-quality clothes, reuse is a boon for our personal style and the planet.
Secondhand Will Be Larger Than Fast Fashion Within 10 Years Resale offers the wardrobe-rotating fun of fast fashion without the guilt or waste. By driving preferences away from disposable fashion towards higher-quality clothes, reuse is a boon for our personal style and the planet. Source: thredUP.com
Resale can play a key role in making fashion circular. Raising the average number of times clothing is worn is the most direct way to design out waste and pollution and capture value.
Paving the Way for a Circular Fashion Future Resale can play a key role in making fashion circular. Raising the average number of times clothing is worn is the most direct way to design out waste and pollution and capture value. Source: thredUP.com
Make an Impact

READ HOW FRANCE IS SET TO BAN STORES FROM THROWING AWAY UNSOLD CLOTHES

Europe throws away four million tons of unsold clothing on an annual basis. Now France looks set to pass a law requiring stores to donate the items to charities for distribution to the needy.