Secondhand Apparel Market Value to Surpass US$ 67,522.9Mn in 2030
The global secondhand apparel market is anticipated to register a CAGR of 11.0% during the forecast period of 2020-2030. In 2019, global sales of secondhand apparel are anticipated to be contributed by Dresses & Tops as compared to other products. It is expected to reach US$ 67,522.9 Mn [Market Value] by the end of 2030.
The affordability and availability of secondhand clothes for people living in poverty coupled with considerably increasing market competition in domestic apparel industries and rise in secondhand shoppers are the driving factors for the growth of second hand apparel market during the forecast period. Additionally, over the last few years, shifting consumer's interest from unorganized to organized market and significantly increase in the global trade of used clothing which has created employment in the domestic market such as in transporting, repairing, cleaning, recycling, clothes, etc. This, in turn, is driving the global secondhand apparel market over the forecast period.
Second Hand Apparel Market - Key Research Findings
- The global second hand apparels market will expand at a CAGR of 11% over 2020-2030.
- The Shirts and T-Shirts and sweaters, coats and jackets segments are likely to register growth.
- The women consumers are likely to continue to dominate the market.
- Kenya is one of the potential markets in the Middle East and Africa, that is likely to contribute significantly to the market growth in the region.
- Growth is likely to unfold due to an increase in sales from independent small stores and increasing e-Commerce penetration in the developing regions.
- Well established companies are making long term investments in the second hand apparel market.
Key Factors Shaping Second Hand Apparel Market
Inexpensive fast fashion perception of millenials contributing significantly to the growth of the market:
The changing preferences of millenials are likely to contribute significantly to the second hand apparel market growth during the forecast period. Millenials prefer buying clothes that match best to their personal values and social causes. Millenials are more environment friendly and are open to adopting new changes. They consider fashion very closely as they perceive it as a way of expressing their personality. Trends in the fashion industry keep changing and millenials love to keep pace with the updating fashion trends in the industry. But high expenses acts as a major concern for many of the millenials, and so the second hand apparel segment is gaining more popularity among millenials as it helps them keep up the pace with the frequently changing trends in the fashion industry with minimum expenses. This inexpensive fast fashion perception of millennial is likely to contribute significantly to the growth of second hand apparel market during the forecast period.
The current COVID-19 outbreak has caused certain temporary disruptions in the supply chain due to countrywide lockdowns that is likely to impact the supply of second hand apparels in the market temporarily. Whereas, the demand for the second hand apparels in the market is likely to boost after the lockdowns are lifted as an increasing number of women and millenials will come out on a shopping spree.
The concept of sustainable fashion driving the growth of the second hand apparel market:
Increasing awareness of the environment has significantly influenced the individual buying preferences over the course of time. The consumers in the market are increasingly looking for products that are environment friendly and also have less impact on their health. This sustainability aspect is gaining popularity in the fashion industry as well. Sighting this popularity, industries are increasingly marketing their fashionable clothes as sustainable products. The sustainability factor is driving the growth in the second hand apparel market as individuals who are more environment conscious prefer buying second hand apparels as these do not require any additional resources as the newly manufactured clothes and also they are less expensive and are equally fashionable than the newly manufactured clothes in the market.
Women’s increasing preferences for Second Hand Apparel driving demand in the market:
Most of the women are more conscious about their fashion and clothing as compared to men as they perceive that their fashion statement reflects their status and so many women restrain themselves from repeating the same clothes. Women over the past years have majorly contributed to the growth of the fashion industry. They always like to keep up with the newly emerging fashion trends in the market but many cannot because of affordability issues and so second hand apparels are the solution for them that helps them afford fashion. This is likely to fuel growth in the second hand market during the forecast period.
Second Hand Apparel market : Structure Analysis
- Some of the market players are Thredup Inc., The RealReal, Poshmark, Vinted, Micolet, Percentil.ma, Thrift+, Chikatex, Hun Tex Recycling Kft, British Used Clothing Company, eBay Inc., A&E Used Clothing Wholesale, Mobacotex, Tradesy, StockXHigh e-Commerce penetration is a major factor contributing to market growth.
- The companies are more focusing on promotions to attract consumers to buy second hand apparels. The company ThreadUp Inc., offers gift cards and coupons to attract and retain the existing customer base.
Base year considered
Actual estimates/Historical data
2015 - 2019
2020 - 2030
Value (USD) Bn
Product type, sales channel, sectors, End Users and regions
North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa (MEA)
Thredup Inc., The RealReal, Poshmark, Vinted, Micolet, Percentil.ma, Thrift+, Chikatex, Hun Tex Recycling Kft, British Used Clothing Company, eBay Inc., A&E Used Clothing Wholesale, Mobacotex, Tradesy, StockX.
Revenue forecast, company share, competitive landscape, growth factors, and trends
Dresses & Tops Holds Dominance with35.3% Share
Nowadays, the fashion trend is changing very frequently and people are getting influenced by celebrities to wear trendy clothes. Although, everyone cannot afford to buy exclusive clothes from the retail market. Thus, they preferred to buy clothes from secondhand market which also helps in reducing the demand for fast fashion. Moreover, the demand for formal dresses among women is growing at a significant rate across the globe due to the rise in the working women labor force is also one such trend driving the demand for global secondhand apparel across the globe.
Opportunities Abound in Developing Regional Markets
Middle East & Africa is expected to account for the highest share in the global secondhand apparel market by 2030. As most of the population in the sub-Saharan African countries wear secondhand clothes due to low-income levels and living standards. Moreover, rural communities have also started to incorporate secondhand clothing into their daily lifestyle which will increase the demand for secondhand apparel in the region. Sub-Saharan Africa has been a dominant country in the Middle East & Africa secondhand apparel market in terms of consumption.
* This data is only a representation. Actual data may vary and will be available in report.
Rapidly Growing Trend of Buying Secondhand Apparel among Millennial Shoppers to Further Drive the Market Growth
As millennial generation continues to outpace boomers in the coming years, thus companies are constantly evolving innovative strategies to retain their attention such as continuously auditing everything from pricing strategy to redesign their stores or enter into the online platform. In addition, millennials shoppers significantly exploring trendy, low cost, classy style outfit and thus, they are considerably shifting their focus towards secondhand apparels as the market has a large variety of vintage fashion. These are some of the factors which are expected to fuel the market growth in the near future.
Dresses & Tops holds leading revenue share
Shirts & T-shirts to showcase noteworthy CAGR
Traditional Thrift Stores and Donations to see high demand
Demand for Resale is on rise
Independent Small Stores to remain top in sales channel
Online Retailers is expected to show a higher CAGR
How Growth will Unfold
The resale segment is estimated to expand at a significant CAGR in the global secondhand apparel market during the forecast period. This segment is expected to create a higher incremental opportunity in the global secondhand apparel market during the forecast period. This is attributed to the fact that around 80 percent of the people across the globe buy, use, and wear secondhand products and shifting their focus towards well-merchandised and high-end resales. Consumers are also shifting away from traditional thrift stores to e-commence platform for purchasing secondhand apparel. Moreover, growing trade of resale apparels worldwide along with expanding textile and clothing recycling trend which will lead to sustainable fashion and an environmentally friendly alternative to purchasing new clothes.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Secondhand Apparel Market: Global Industry Analysis 2014-2018 & Opportunity Assessment 2019-2027
A recent market study published by Future Market Insights on the secondhand apparel market offers global industry analysis for 2014-2018 & opportunity assessment for 2019-2027. The study offers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical, as well as current growth parameters, the growth prospects of the market are obtained with maximum precision.
Secondhand Apparel Market Taxonomy
The global secondhand apparel market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
- Dresses & Tops
- Shirts & T-shirts
- Sweaters, Coats & Jackets
- Jeans & Pants
- Traditional Thrift Stores and Donations
- Specialty Stores
- Independent Small Stores
- Departmental Stores
- Online Retailers
- Other Sales Channel
- North America
- Latin America
- East Asia
- South Asia & Pacific
The executive summary of the secondhand apparel market includes the market country analysis, proprietary wheel of fortune, demand-side and supply-side trends, opportunity assessment, and recommendations on the global secondhand apparel market.
Readers can find the detailed segmentation and definition of the secondhand apparel market in this chapter, which will help them understand basic information about the secondhand apparel market. This section also highlights the inclusions and exclusions, which help the reader understand the scope of the secondhand apparel market report.
The associated industry assessment of the secondhand apparel market is carried out in this section. The macroeconomic factors affecting growth of the secondhand apparel market are provided in this section and the impact of these macroeconomic indicators on the secondhand apparel market is analyzed. The processing overview and technological advancements in the secondhand apparel market is also provided.
Profit margins at each level of the secondhand apparel market are analyzed and readers can find detailed information on top importers and exporters as well as the value chain of the market.
The drivers and restraints impacting the growth of the secondhand apparel market are explained in this chapter. Opportunities and ongoing trends in the secondhand apparel market are also comprehensively discussed.
This chapter includes detailed analysis of the historical secondhand apparel market (2014-2018), along with an opportunity analysis for the forecast period (2019-2027). Readers can also find the incremental opportunity for the current year (2019 - 2020) and absolute $ opportunity for the forecast period (2019-2027). This chapter provides details about the secondhand apparel market on the basis of product type, sector, end-user, and sales channel. In this chapter, readers can understand market attractive analysis for all segments. This chapter explains how the secondhand apparel market is anticipated to grow across North America, Latin America, Europe, East Asia, South Asia and Asia-Pacific, and the Middle East and Africa.
This chapter includes a detailed analysis of the growth of the secondhand apparel market in the North America region, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends, opportunities, and market growth based on product type and countries in the North America region.
Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the secondhand apparel market in the Latin America region. This chapter also includes growth prospects of the secondhand apparel market in leading LATAM countries such as Guatemala, Honduras, Chile, Nicaragua, and the Rest of Latin America.
Important growth prospects of the secondhand apparel market based on its end user in several countries such as Ukraine, Russia, Netherlands, Poland, Hungary and, Rest of Europe are included in this chapter.
This chapter includes a detailed analysis of the growth of the secondhand apparel market in East Asia region including the important growth prospects of the secondhand apparel in several countries such as China, Japan, and South Korea are included in this chapter.
This chapter includes a detailed analysis of the growth of the secondhand apparel market in the South Asia region, along with a country-wise assessment that includes, India, Malaysia, Thailand, Pakistan, Australia, and Rest of South Asia and Pacific. Readers can also find regional trends, restraints, and market growth of countries in the South Asia region.
This chapter offers insights into how the secondhand apparel market is expected to grow in major countries in the MEA region such as GCC Countries, Sub-Saharan Africa, Northern Africa, and the Rest of MEA, during the forecast period 2019-2027.
In this chapter, readers can find detailed information about tier analysis and market concentration of the key players in the secondhand apparel market along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of leading manufacturers in the secondhand apparel market, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report 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.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the secondhand apparel report.
This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information, on the secondhand apparel market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Sales Heads
- Production Managers
- Distributors Heads
- Sales Executives
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near-term and Long-term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity Of Assumptions
- Industry Publications
- Industrial Week
- Industrial Product Review
- Industrial Magazine
- Industry Associations
- Secondary Materials and Recycled Textiles Association
- Textile Recyclers and Exporters Association
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Trade Websites
Primary Interview Splits