Secondhand Apparel Market Witnesses Strong Growth as Millennial Exhibit High Demand, Finds Future Market Insights
Today, millennials account for around 30% of the global population and are becoming the most significant generational group for consumer spending growth, source of employment, and overall economic growth. Millennial generation have more spending power than the baby boomers and they like to spend especially on apparel. Moreover, they are becoming more conscious about the products they buy and demanding for high quality ethical and sustainable clothes at reasonable cost. Thus, young generation are now spending more on secondhand apparels and inclining towards online fashion reselling platforms to buy environmentally friendly clothes. Projected to rise at a CAGR of ~11 between 2020 and 2027, Future Market Insights foresees stable growth for the market.
Secondhand Apparel Market
A recent market study published by Future Market Insights on the secondhand apparel market...
“Prominent players in the global secondhand apparel market can gain significant profits by introducing novel brands, and adding unique environmental friendly used clothes to their portfolio. Companies are also seeking various opportunities to enhance customer engagement and also to retain them.” says an FMI analyst.
Key Takeaways from the Secondhand Apparel Market Study
- According to the report, various fashion retailers are incorporating various recycling programs and introducing new collections with eco-friendly fibres to retain the customers. Additionally, increasing consumer awareness of online resale platform and rapidly growing online start-ups to selling pre-owned branded and designer apparel as well as renting ethnic wear.
- Middle East & Africa region is expected to retain its dominant position in the global secondhand apparel market, due to high consumption of used clothes in the Sub-saharan Africa countries such as Kenya along with high import of used clothing from the U.S. and Europe. Around 80% of the population in the Kenya wear secondhand apparel in 2018.
- Among product type, the shirts & t-shirts segment is expected to exhibit a comparatively higher CAGR in the global secondhand apparel market in the near future, owing to changing consumer preference which is creating a demand for formal and casual shirts among working women labour force.
The retailers in the secondhand apparel market are considerably shifting their focus from traditional thrift stores to online used clothing platform to boost their sales and increase new customer base. As, e-commerce is now gaining popularity among retailers to alters consumers shopping preferences and experiences. There are also many start-ups entering online platform to sell pre-owned clothes by offering the convenience of one-click solutions, home deliveries, and various other attractive features to customers. Consumers’ particularly young generation are also buying used clothes from online retailers due to large brands options, unique items, and better customer service. This above mention factors are boosting the demand for secondhand apparel market over the forecast period.
Who is winning?
Some of the key players operating in the secondhand apparel market are Thredup Inc., The RealReal, Poshmark, Vinted, Micolet, Percentil.ma, Thrift+, Chikatex, HunTex Recycling Kft, British Used Clothing Company, eBay Inc., A&E Used Clothing Wholesale, Mobacotex, Tradesy, StockX, among others.
Several secondhand apparel companies are significantly spending more on promotional activities, expand their physical stores presence, and entering into strategic partnership with prominent apparel retailers to cater to growing consumer demand for fashionable apparel. This will allow companies to increase their brand awareness and also allows them to gain competitive advantage.
- In 2020, Thredup Inc. entered into a partnership with Macy's and JCPenney Company, Inc. and other retailers to increase customer base. Company is also planning to expand its physical presence by establishing new automated distribution centers and storefronts.
Get Valuable Insights into Secondhand Apparel Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global secondhand apparel market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2027. The study divulges compelling insights on the secondhand apparel market based on the product type (dresses & tops, shirts & t-shirts, sweaters, coats & jackets, jeans & pants, and others), sector (resale, and traditional thrift stores and donations), end-user (men, women, and kids), and sales channel (hypermarkets/supermarkets, specialty stores, independent small stores, departmental stores, and other sales channel) across six major regions.
About Consumer Products division of FMI
Expert analysis, in-depth insights, and strategic recommendations - the Retail & Consumer Products team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 500+ reports, the team has analyzed the consumer goods industry lucidly in 80+ countries for over a decade. We provide end-to-end research database on retail & consumer products market and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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